How Real Estate Investment Is Moving
The role of blockchain and artificial intelligence in
property investing going online
We’re used to seeing industries change their traditional approach to suit the ever-growing technological world.
From retailers moving their operations online to industrial companies using robots to pick stock, there are endless
opportunities to embrace new technology for the better.
The same relates to real estate, an industry that is always ready to take on new developments to benefit their
way of working. Thanks to blockchain¹ and artificial intelligence², the real
estate sector is being forced into the future; in the best way possible.
|The new technology of blockchain and artificial intelligence are helping many
business to make their
online presence highly effective and impenetrable, with the use of encryption.
What Does Real Estate Investment Online
The traditional route of selling your home involves finding the right estate agent to represent your property,
then working with them to secure a new place. A team of residential conveyancing solicitors will then finalise the deal and check over the new
property to ensure it’s ready to be moved into. In some cases this process can take months, years even, to
finally complete but it’s all the industry has known - until now.
The introduction of blockchain based applications have the potential to change everything. There are a few
businesses who are already ahead of the curve, like New York based Shelter Zoom, who have moved the real estate
process completely online through their application.
Is This Move Safe?
Whenever personal details across the web are discussed, there’s always a concern about how safe and secure the process can be. So, is the move of real estate investment online
safe? Well, there are measures in place. One, for example, is that all of the user’s personal information and
records are encrypted to make sure no one else can access it. What’s more, all documents are sent and signed
through the online portal, however as of yet, no monetary transactions will actually take place online. This
should go some way in reassuring clients that this online process is safe and viable.
|Although blockchain technology was developed and utilized by cryptocurrencies, it is
the other uses
for it that have almost unlimited potential on online business, including real estate
What Impact Has Blockchain Had?
Blockchain has the capabilities to impact practically every sector. The only thing holding it back is the
industries and their willingness to accept it. When it comes to real estate, the affect could be monumental as the
process could be made much easier. The application that Shelter Zoom have pioneered features a step-by-step real-time system
with notifications about what stage the deal is at. Information from each party is shown, such as when the
estate agent’s documents are submitted and whether the solicitors have signed and returned the paperwork. If
this proves useful, there’s no reason why it won’t be rolled out on a wider scale.
The Future Of Real Estate Online
Those who have funds to invest in properties overseas will no longer actually need to be physically present at
the viewing when the process is moved online. They could simply view the property by using artificial intelligence
supported virtual reality tools, and make an offer then and there. After this, the online application can be used
throughout the process. It will completely change the real estate sector. Once real estate agents become more
confident with using this method, there benefits to the industry are endless.
¹Blockchain technology is a revolutionary new technology that allows people to move money
and data without a trusted middleman. When established, this all-in-one encrypted method of moving money and data
will make transactions faster and cheaper.
²The Artificial Intelligence or AI is another reloutionary technology that's becoming
essential part of our lives. It's already being used in the likes of Google search, amazon's Alexa, Apple's Siri,
etc. Many large companies started implementing AI in 2017, with that figure more than doubling in 2018. In the next
few years it's likely to become a necessity, similar to internet use today.
Jennifer Ranking is an experienced writer who takes her experiences from copywriting
to construct her articles. Originally from the UK, she likes to write on a variety of topics including travel,
health and business having worked with several businesses in the past through her freelance work.