From blockchain to smart contracts, how Real Estate can benefit from digital innovation

Angelica Donati recently inaugurated her collaboration with Blog Italia of AGI | Agenzia Giornalistica Italia. The aim is to investigate a variety of proptech related themes, and explain the impact that digital technologies can have on the Real Estate sector and on our daily lives.

The first article is dedicated to blockchain, one of the most talked about technologies today, yet perhaps also the least thoroughly understood.

Indeed, blockchain is not just the foundation for all cryptocurrencies (such as Bitcoin); it is also the building block for so-called “smart contracts”, that have many possible applications possible in our sector: from purchase and sale contracts to rental contracts, through the various agreements that are part of everyday project management in real estate or construction.

In  future, blockchain may become the backbone not only of our new payments systems, but also of a host of real time transactions, occurring at lightning fast speeds with quasi inexistent error margins.

This technology is still in its early days, both for real estate and other sectors. Plenty of time, work and investments into research will be needed before it is operational and effective. The main obstacle we need to surpass is that of building a consensus between  parties and government institutions, to legitimise the transactions taking place with this new digital system.

“Proptech” – or for “property technology”, technology for the real estate sector – is gaining increasing relevance as a topic both in public debate and within the industry, but many still struggle to understand its real potential.

Therefore it is ever more important that we study trends in technological and digital development, assessing the opportunities and challenges that still need to be tackled and understanding the need for governance.

 

Read the full article on Blog Italia – AGI.

 

2018-07-20T09:56:57+00:00 26 June 2018|Proptech & Innovation, Real Estate|0 Comments