The Benefits of Blockchain in Property Saleson
The technology at the heart of bitcoin and other virtual currencies is Blockchain, an open and incorruptible digital ledger of financial transactions.
Each party on a Blockchain has access to the entire database and its history. The data is held on multiple servers and no one party controls the data or information. Every party verifies the records of its transactions. Once a transaction is entered and the accounts updated, the records cannot be altered.
It is possible to create a private blockchain, shared between parties who have an interest in the transaction.
This technology can be used to record all stages of a residential property sale; offer, acceptance, exchange and completion including all legal documents digitally signed, although at present sales must be registered manually with the Land Registry.
The benefits being:
- Using blockchain technology significantly speeds up the process to exchange
- Total transparency
- Savings in cost
There is no doubt, particularly with residential sales, that we will see the use of blockchain technology increase.