{"id":7585,"date":"2021-09-08T20:26:39","date_gmt":"2021-09-09T00:26:39","guid":{"rendered":"https:\/\/www.teranet.ca\/insights\/the-rise-of-digital-ledgers-blockchain-and-real-estate\/"},"modified":"2024-07-05T13:35:04","modified_gmt":"2024-07-05T17:35:04","slug":"the-rise-of-digital-ledgers-blockchain-and-real-estate","status":"publish","type":"post","link":"https:\/\/www.teranet.ca\/fr\/insights\/the-rise-of-digital-ledgers-blockchain-and-real-estate\/","title":{"rendered":"The Rise of Digital Ledgers: Blockchain and Real Estate"},"content":{"rendered":"

The tech world is always on the lookout for the next big thing — that game-changing technology that will revolutionize the way we live and work and disrupt entire industries. While many of these paradigm-shifting technologies never quite live up to the hype, one has managed to make its way into everything from payments and investments to supply chain systems and real estate: the blockchain. In this post, we look at the basics of blockchain and explore a few ways its revolutionizing real estate.<\/p>\n

What exactly is the blockchain?<\/strong><\/h3>\n

The blockchain is a simple technology that supports complicated use cases. At its core, a blockchain is a list of transactions stored in a digital ledger.<\/p>\n

Two things set blockchains apart from traditional digital ledgers and databases. First, blockchains are distributed across multiple copies. Distributed systems ensure there can be no single point of failure, such as a database becoming corrupted or disruption to a cloud-based storage system.<\/p>\n

Second, many of the most popular blockchains, including Bitcoin and Ethereum, are public. Anyone can access the blockchain and review its records. More importantly, anyone can download a copy and set up a live version of it. Creating a new instance of a blockchain (also known as a node) adds to the strength of the blockchain. The new node is updated along with the thousands of other copies across the internet.<\/p>\n

While blockchain technology is seemingly everywhere today, its origins date back only a few years, to a mysterious 2008 whitepaper written by an anonymous developer known as Satoshi Nakamoto<\/a>. From there, Bitcoin and its blockchain were released as open-source software in 2009, and the rest is history. No one is quite sure if Nakamoto is an actual person or a group of developers. Either way, the blockchain and cryptocurrencies are as common now as that jar of loose change we all keep on the counter.<\/p>\n

Blockchain in action today<\/strong><\/h3>\n

Blockchain is synonymous with cryptocurrencies \u2014 especially Bitcoin. It\u2019s one of the best-known cryptocurrencies, used for everything from digital goods such as in-game add-ons to real-world products like cars and houses (more on that later). You\u2019ll soon be able to buy movie tickets and popcorn<\/a> for the latest summer blockbuster at AMC cinemas.<\/p>\n

Manufacturers \u2014 especially in industries like automotive and aerospace \u2014 are using blockchains to improve the visibility into supply chains that involve multiple vendors and points of manufacturing. Walmart has tested a private blockchain from Hyperledger to track products from supplier to store<\/a> to alert consumers about product recalls. A recent PwC survey of manufacturers<\/a> showed that 62% of respondents said they had a blockchain-related project underway.<\/p>\n

Blockchain and real estate<\/strong><\/h3>\n

Blockchain is changing more than payments and supply chains. We\u2019re seeing new ways of using blockchain across commercial, industrial, and residential real estate every day. In some cases, you can buy a house with Bitcoin, although Bitcoin still has to be converted into a traditional currency to complete the transaction.<\/p>\n

Here are a few examples of how blockchain is used in real estate today to improve security and transparency and speed up transactions.<\/p>\n