Deloitte explains how blockchain technology helps to change the real estate market

According to a study conducted by Deloitte analysts, blockchain technologies are increasingly helping to optimize the process of renting, selling and buying real estate and have great potential for development in the CRE (commercial real estate) sector in the future.

According to analysts, the use of blockchain technologies speeds up the valuation of real estate and allows selling apartments and houses faster. As for the lease procedure, thanks to the function of saving transaction history, owners and tenants can track all payments in real time and minimize personal communication.

Deloitte representatives also emphasized that CRE companies need to follow a three-step approach when using blockchain technologies:

• training
• cooperation
• implementation

These conclusions about the approach were based on communication with industry leaders implementing similar processes. Otherwise, technological integration takes too much time and financial investment.

As a reminder, blockchain technologies are used to buy real estate in many countries. For example, the trend of buying apartments for virtual assets is already popular in Ukraine (the developer DIM has opened the possibility of buying apartments for cryptocurrency), the UAE, Portugal, Brazil, Canada, the UK, and the US. Newlink Capital has also recently presented a project of a new residential complex in Buenos Aires, Next Pampa 2.0, which will allow cryptocurrency mining and saving. As it became known, a bitcoin mining farm will be located in the basement of the high-rise building, with the profits from which it will be possible to pay for construction and repair costs. Solar panels will be installed on the roof of the building to provide all apartments with sufficient renewable energy.