The current slump in the value of cryptocurrencies may be giving investors cause for concern but the underlying technology could change the face of homebuying.
Blockchain could disrupt real estate according to Brandon Frere, whose Frere Enterprises helps businesses with their digital transformation.
"Blockchain is more than cryptocurrencies and ICOs," Frere Enterprises CEO Brandon Frere explained. "Really, it's a technology that could have so many applications that we've only scratched the surface of what it can do."
Frere says that the cost savings that blockchain brings will be a boom for homebuyers, especially millennials who may be deterred by transaction costs.
Blockchain enables transparent, immediate, and secure transactions, which Frere says could mean investors potentially using cryptos backed by housing assets to invest in real estate without the necessary closing costs of a traditional home purchase.
Blockchain to remain
Even with the current weakness in cryptos, Frere says blockchain is set to be part of real estate’s future.
"Everybody is waiting to see where cryptos go and what they do ... but we all know blockchain technology is here to stay," Frere commented, "and changing the housing market sounds like a great way for blockchain to continue as a disruptive technology."
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