Buying Miami Real Estate with Crypto Currency
F rom blockchain driven smart contracts to crypto currency transactions, technology is reshaping the global real estate market. The massive digital transformation that is taking place is starting to have a major effect on the real estate industry, especially in places like Latin America and Miami, FL.
At Josh Stein’s Mexico City based real estate agency Vive Polanco, Blockchain has played an important role in decentralizing property listing databases and adapting smart contracts.
Blockchain technology offers a unique form of shared record keeping and is designed to make it difficult, if not impossible to tamper with. The technology uses a decentralized peer-to-peer platform, helping to combat corrupt information and boosting resistance to fraud. Blockchain also limits the use of intermediaries, such as brokers and escrow companies. This not only streamlines the process, but also dramatically reduces costs and saves time.
In Mexico, there is a major lack of standardized processes and poor communication between the major real estate listing platforms. This causes the property data to be inaccurate, outdated and incomplete. The real estate data can also be fragmented across the different platforms, which causes further inefficiencies.
By implementing Blockchain technology, Vive Polanco has resolved these issues and allows for a property to exist on a single decentralized database. This also means brokers have more control over their data and it makes it more difficult for the data to be interfered with by other agents or any third parties.
Vive Polanco is hoping to become a fully blockchain-based property listing platform in the next few months. All the data is encrypted and is stored on a blockchain.
Another huge advatange of Blockchain is the use of digital identities, which means the entire process can be digital and online, enhancing security and reducing the chance of manual errors, increasing efficiencies and lowering costs. The next goal is to digitize contracts for sale that are authenticed by blockchain technology.
Interested in learning more about blockchain technology?
Learn more about selling your home using crypto currency with Josh Stein.
Have questions about blockchain technology and crypto currency? Our team of real estate experts are available to help you with anything you need. Whether you’re interested in buying, renting or selling a home, we’re here for you 24/7. Give us a call today +1 (305) 695-8257 or email us at email@example.com
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