Just under ten years ago Satoshi Nakamoto’s development of Bitcoin made waves as the first successful attempt to create a decentralised digital currency. Bitcoin was ground breaking in that, for the first time, peer-to-peer transactions could occur over the internet without the need for any financial intermediary, and in close to real time. While most of us have heard of Bitcoin, the real innovation was the technology which enabled its creation – blockchain.
Blockchain has been heralded by some as the dawn of a new age, technology potentially as revolutionary as the creation of the internet. While the extent of this ‘revolution’ is up for debate, it seems certain that the adoption of blockchain will impact many industries, real estate included. Blockchain has the potential to greatly reduce current inefficiencies in real estate, making the industry ripe for disruption.