The real estate industry has entered the blockchain. Real Estate Tech Entrepreneur Alan Krawitz has been keeping his investment eye on real estate’s transition onto the blockchain. Here are the practical applications Krawitz is already seeing throughout the industry:
Due Diligence Research
Blockchain technology is being utilized to store digital documents of property-related paperwork. This has made property documents more easily accessible, for both investors and professionals in the real estate industry. Alan Krawitz is currently working on developing a platform for multi property owners and investors to more easily store their portfolio of properties on the blockchain, by organizing property-related documents in one place.
Property Search
The blockchain is revolutionizing how brokers, tenants, owners, buyers, investors and sellers navigate the landscape of property information. You might think that there are already useful sites for searching for rentals or properties for sale. While that is true in many cases, Alan Krawitz knows all too well that the most critical data is largely stored on sites where information is blocked by a paywall. Many high fees and subscription rates get in the way of accessing accurate information regarding property listings. Being that the blockchain is decentralized, the property search potential of this technology is more accessible than any other current platform.
Investing
Real estate investing is also being reshaped by the blockchain. Through the tokenization process, investors are able to monitor their investment vehicles via the blockchain with time-stamped and immutable data. This largely reduces the risk of fraud, which is unfortunately quite common in the real estate investing industry.
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