Cryptocurrencies such as bitcoin are now beginning to be seen in the real estate world. Bitcoin and other cryptocurrencies such as litecoin and ether, are blockchain technology which create blocks of code which are then used to create a record of each transaction and its access point. This technology has the potential to be more secure and efficient.
A few luxury homes are now listed with a bitcoin price tag, and the real estate industry is seeing more rentals with the blockchain technology. In fact, there is a New York company that enables renters to pay rent with bitcoin, ether, or litecoin with an app. The app also doubles as a support platform to enable renters to create maintenance requests and track their progress. It thus benefits both the tenants and the landlords.
Recently, a large brokerage in Boston partnered with ShelterZoom, a real estate technology platform, to enable buyers and their agents make home offers using blockchain technology. ShelterZoom’s website describes the company as a “real-time, multi-party real estate platform that uses blockchain technology to make buying, selling and renting property more transparent, efficient, secure and profitable.”
Bitcoin and other cryptocurrencies’ usage and acceptance is increasing but it remains to be seen if the real estate industry as a whole will fully adopt this technology.
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