Original Title: Will Blockchain change the Australian Property Market?
Will blockchain change the Australian property market?
preface
Do you believe that blockchain can help governments, businesses and ordinary people buy or rent houses? Is it possible to settle a house sale in 6 seconds?
The Real Estate Institute of Australia (REIA) has teamed up with the Real Estate Institute of New Zealand (REINZ) and the RMIT Blockchain Innovation Centre
The application of blockchain technology
.
Let’s take a look at what blockchain has done to the Australian real estate industry.
What is blockchain technology?
Blockchain has a decentralized, immutable ledger function that records financial transactions and assets in a corporate network and tracks or trades through the blockchain network in a highly secure manner, essentially maintaining a public ledger of transactions stored in interconnected digital blocks.
Because blockchain is structured around a decentralized ecosystem, there is no central authority that has the authority to control its operations, and no one person or organization owns or controls the blockchain network.
Currently, the characteristics of blockchain technology are used in business operations in many industries,
Automobile, telecommunications, retail, real estate and other industries
Are changing with the adoption of blockchain solutions.
How blockchain technology works
6 seconds to settle a home sale?
Real estate investment company Bricklet has used blockchain technology to allow instant settlement of home sales.
The company is offering instant property settlement for some homeowners, reducing the traditional six-week time of a home sale to six seconds on a blockchain-based platform
Help to speed up the home-buying process and reduce the cost of buying
.
Bricklet plans to do this through the Australian Property Co-Ownership Register, which will be a distributed ledger (a synchronous database across multiple sites) that creates an immutable record of transactions, And are promptly linked to each state’s land title registry database.
New South Wales (NSW) will be the first state to link to the database.
Darren Younger, Chief executive officer of Bricklet, said that the company will transform the real estate industry from the NSW Land Registry by using blockchain technology (such as electronic signatures and other tools) to register property ownership, saving cost and time for buyers, sellers and taxpayers.
Bricklet Chief executive Darren Younger
At the same time, Bricklet’s co-ownership registration will not compete with existing e-conveyancing platforms such as PEXA or Sympli, as new home ownership registrations will still need to be carried out using these operators, Bricklet can provide warnings for information such as co-ownership of properties and update property registers.
Victor Dominello, the NSW minister for customer service and digital government,
Blockchain has the potential to be a game changer for real estate,
The development of a joint ownership register is positive for facilitating access to home ownership and reducing costs, and if the property registration process can be enhanced and speeded up, that’s fantastic and it’s great to see it being used in NSW.
Victor Dominello, NSW Minister for Customer Service and Digital Government
Will it revolutionize the real estate industry?
Hayden Groves, President of REIA, said that with rising interest rates, declining housing affordability and a very limited supply of homes coming to market, realtors need to address these challenges with a faster, more trusted and more customer-focused experience,
The blockchain in Web3 technology will help Australian real estate practitioners solve these problems
To ensure Australian real estate agencies stay ahead of the curve in an increasingly competitive market.
The application of blockchain technology in Australian real estate agencies is still at an early stage, and REIA will strive to improve the opportunities for real estate practitioners to use blockchain technology.
REIA President Hayden Groves
Currently, the Real Estate Association of Western Australia (REIWA) is offering a CPD (Continuing Professional Development) accredited blockchain course, and real estate agents in Sydney are beginning to accept cryptocurrency payments and are beginning to adopt and use emerging smart contract technology for sales and rents.
The RMIT Blockchain Innovation Center has designed features for the real estate industry such as asset management, tokenized fractional ownership, loan and mortgage securitization and real-time accounting, as well as customer experience-based features such as expanded virtual reality storefronts, investor diversification into virtual real estate, decentralized lending and insurance. For example, the tokenisation of real estate assets,
It can reduce costs, increase liquidity and speed up settlement times, thereby providing customers with more choice
.
RMIT Blockchain Innovation Center
In the future, the center will provide more blockchain research for real estate applications of REIA and REINZ. Hayden Groves said it hopes agents and agents in the real estate industry will make extensive use of blockchain technology to improve and increase trust with their customers in property transactions.
conclusion
Blockchain technology is upending traditional real estate transactions, making processes in the real estate industry faster, cheaper and more secure (as long as they can be protected against hackers).
In the future, if blockchain technology can bring alternatives to the traditional processes such as house finding, commission, financing, loan, tenant and landlord decision making, property rights management, etc., and if we enter the era of trusting artificial intelligence instead of human beings, will the profession of real estate agent disappear?
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