Cryptocurrency no doubt has been unpredictable in recent months. However, several commercial real estate brokers are making a prediction about cryptocurrency that very well could come true in the next decade: It will change how real estate transactions are handled in the future. For this reason, many real estate brokers in Massachusetts and elsewhere are beginning to explore the world of cryptocurrency more seriously.
Previously, people never transacted real estate and other high-value assets via digital channels. However, this may become the norm in the near future. That means no more in-person real estate transactions involving a variety of entities. Instead, buyers and sellers may use smart contracts, where real estate can be tokenized and traded in much the same way that Bitcoin is today.
Blockchain offers many benefits to the parties of real estate transactions. First, it can make transactions a lot more secure and improve their efficiency. Second, tracking and transferring title records may become easier with blockchain. Finally, blockchain might improve the accessibility and centralization of property data for buyers. Of course, the disadvantage of blockchain technology is that it may eliminate buyers’ needs for real estate brokers and agents to facilitate their property transactions for them.
The real estate market has long been a dynamic and complex beast in Massachusetts and other parts of the United States. The increasing use of cryptocurrency will no doubt complicate things even more, leading to an even more digitally focused real estate landscape. However, an attorney can help both buyers and sellers to complete their commercial real estate transactions successfully both now and in the future.