Technology

Blockchain will not solve any property headaches next week

It does have the potential to solve some at some point in the future - the ones it solves first are likely to be in the financial side of things rather than planning (and may be lender's problems: e.g. helping with credit checks / underwriting decisions)

Not many people are expecting planners to be early adopters. It could happen I suppose, but starting from here, I would say it is very unlikely that any part of the planning process will touch a blockchain anytime in the next 5 years

I agree with JP.

The property sector is notoriously resistant to change and adopting tech.

When I was posting nine years ago about the importance of the social web and social media for the property sector, I was pooh-poohed.

People told me networking was a joke and that landlords didn't need technology, they had their spreadsheets and their post-it notes.

When Nick and I started recording videos, we were pooh-poohed.  Now we have over 500 videos and 300K views and rising fast.

I am so glad we started all this 8 years ago but there is still a long way to go for the property sector to get on board with tech and leverage it for the benefit of consumers.

I completely agree. This is years and years off. But isn't it exciting to consider? I'm going to write about the finance sector next as the Fintech/Proptech market can be far more responsive than the public sector. I just feel excited about a more streamlined future.

For sure Nicole.  More efficient, more transparent ... what's not to love?

Back in March 2012, I wrote - Are you going digital in your property business? 

See also - Arthur Online, Echo Sign, and other useful Apps.

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Early investors in some of the associated technologies and products might do well enough (financially) to turn a modest investment into a sum that might help their property business later on.

Then again, they might easily lose the lot. Very quickly

(Disclosure: I hold some bitcoins and have investments in a couple of 'fintech' startups)

The UK’s Land Registry is intent on trialling ‘blockchain’ – the technology made famous by electronic currency Bitcoin. 

Full/source story

Good article here on this topic:

Will Blockchain transform the real estate sector?

More on the Swedish trial -https://www.trustnodes.com/2017/07/07/swedens-land-registry-successfully-completes-blockchain-pilot

Article - 2 minute guide to Blockchain ....

Blockchain is a database, but one which is secure and immutable. Which means it can be relied upon. Which means the data does not need to be checked by intermediaries. Which means intermediaries are not needed and can be removed from a process. Which means processes can occur far faster between parties, without the need for 3rd parties validating.

Full/source article

We already have ledgers and the main reason why there are hold ups is in making sure those that want access are allowed access. Do we really want anybody with access to the internet having access to all land registry data or data more personal such as landlords, their tenants, rents, contract details and so on. Distributed ledgers are fine as long as they are ringfenced with access on a secure basis by those who have reason to access the data. The point about blockchain is that inputs are irreversible which means its a way of avoiding corruption, but I don't think thats an issue with the majority of databases within property.