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Cryptocurrency is the hottest topic of discussion in nearly every industry these days. But commercial real estate is one industry that could transform completely as blockchain technology gains an increasing amount of popularity.
Five years from now, commercial real estate will look very different than how it looks today. The blockchain-driven innovations in the industry are nearly endless.
Third parties will no longer be necessary
One of the defining features of the real estate industry is escrow. Escrow companies act as third parties to protect everyone involved in the transaction. They handle all the documents and money until the transaction is complete. Blockchain technology could eliminate the need for this system, making real estate transactions quicker and cheaper.
Blockchain technology runs on a peer-to-peer network, which means cryptocurrency transactions are recorded instantly on every user’s computer. This creates multiple identical records, which…