Blockchain Technology in Real Estate: Potential Future and Challenges

Traditional real estate transactions are conducted offline physical engagements with various entities or parties. Blockchain technology can enable online marketplaces to support real estate transactions along with many other benefits. Blockchain technology can address several land and property-related challenges. Real estate transactions involve several stakeholders including brokers, government property databases, escrow companies, attorneys, property evaluators, and property management companies. Using blockchain technology can reduce many expensive functions. Over the last few years, blockchain development trends have also emerged in the real estate industry and are on the rise in many countries. Blockchain technology can transform the commercial real estate market by making it more advanced and innovative. But at the same time, it faces several challenges in the real estate sector. In this paper we have discussed the potential use of blockchain in the real estate sector along with the challenges it is facing.