Blockchain, if deployed correctly, will create massive opportunities for agents to continue to show how valuable they are to the buying and selling public. Double down on knowledge, and let the tech do what it can to help you grow as a professional.Jack Berube, CEO – MERGED RE
As with any new technology, things are going to change. However, Blockchain is not a new technology, rather just the latest buzzword that represents the idea of using a tried and true technology to create life altering, and much needed process and security improvements. Whether you have a plan to incorporate blockchain products into your business, or are still figuring things out, or plan on ignoring it, here’s some information that should help dispel common myths floating around among us.
Myth – Blockchain is only good for cryptocurrencies like Bitcoin.Blockchain’s best and most well-known implementation is Bitcoin, but that is hardly the end of it. In-fact there are thousands of publicly running blockchains, and an unbelievably high number of private chains.Applications running on these blockchains range from currencies to supply chain management to private messaging and more. All of these blockchains are specially tailored to meet the specific criteria needs for their industries. From a real estate perspective, Blockchain is positioned to help protect the value proposition of the real estate agent.
Myth – Blockchain is here to replace the real estate agent?Let’s cut right to the chase. New and emerging technologies are always threatening the status quo. Andcandidly, the status quo in our industry is chaotic, fraught with challenges, and easily bogged down withfraud and frustration. Blockchain is a fantastic tool for cutting through red tape, smoothing the transactionprocess, and minimizing risk. However, Blockchain will never be that personal, human touch that walks withyour clients through their rst or fth prospective home. The concept of a paper deed might be replacedwith a smart contract and a digital entry on a public blockchain. Title insurance might be running a simplesearch on that blockchain. The closing table might be digitally signing a contract with your digital ID fromyour phone. These conveniences are all made possible through blockchains. Does this make our jobseasier? Absolutely! The whole process becomes simpler and easier to manage. But wait, if it’s easier doesthat mean the competition will get erce? Yes. Technology might be the rising tide making all agents moreefficient, it also means if you’re not on the boat it will be hard to keep your head above water. If utilizedproperly, Blockchain creates opportunities for the real estate agent to stay more focused on client facingactivities.
Myth – Smart contracts are just as legally binding as regular contracts.Blockchains like Ethereum have been built that allow developers to deploy programs that run on the block-chain itself. These programs, labeled smart contracts, act as complicated independent programs thatexecute automatically when the specified criteria are met. Like a vending machine, if you insert money thenmake a selection the output is a tasty treat. However, also just like a vending machine the contract is only asgood as the engineer who built it. Some developers like to argue that smart contracts are legally binding,since they allow anyone to look at the code and make a determination as to whether the code is valid. So,caveat emptor, if you can’t read code then you should hire an expert to gure it out for you. Net net of it all -don’t worry about the “smart contract” replacing a binding, well thought out contract any time soon. Atleast for the purchase of a home.
Myth – Blockchain is only good for techies.This might have been true a couple years ago, but blockchain has been ramping up its public appearances.Like an iceberg, for every little bit you see above the surface there is 7x that out of site. In some cases, you might not even know you’re using blockchain. There are mobile games, and social media platforms that run exclusively on blockchain, but you wouldn’t know it. It’s true that the techies are the ones implementing the technology, but that doesn’t mean you aren’t already using it.
Myth – Blockchain can fix anything.There are some overeager enthusiasts that think blockchain will replace governments, solve world hunger, and any number of other incredible feats. And, like the internet itself, it is impossible to imagine what ispossible with this technology. Blockchain is not the solution for everything. It’s just another tool in the toolbox, albeit it is a power tool.
In SummaryLike it or not, Blockchain technologies are here to stay. There is just too much upside when it comes to process efficiency, document security, protection from payment fraud, and just sorting through the general“he said, she said” that is so commonplace among society today. When it comes to the real estate world -you will be wise to consider the many benefits of using a properly built blockchain platform product that is focused on reducing the busy work, increasing security and helping you stay focused on what matters most- The Client.
ABOUT MERGED RE
MERGED RE is built by real estate pros, for real estate pros. Offering a simple to use and affordable activities management platform, MERGED RE is committed to helping real estate professionals, consumers, service providers and authority groups to “simplify and secure” the real estate transaction. The MERGED Marketplace provides a trusted environment for collaboration and relationship engagement long after the initial transaction. Built of a platform of blockchain technology, MERGED introduces never before seen levels of document and relationship security – keeping all participants to the transaction aware and in control of their data, while mitigating risk for all parties. If you are a US or Canadian real estate agent, and want to leverage the commitment of MERGED RE to your business success – then visit https://earlyaccess.mymerged.re and sign up for a FREE ACCOUNT for one year.