If this is the first time you’ve heard the term “blockchain,” don’t worry, you haven’t missed anything … yet.
Skepticism and confusion continue to surround blockchain technology, especially its relation to real estate. In order to demystify the relationship, I’ve composed a three-part series that will provide a basic understanding of this potentially game-changing technology from the perspective of a real estate professional.
When explaining blockchain technology and its implications, it’s no longer enough to merely define what is a blockchain. To provide valuable context, it is also important to include the history of its evolution within the real estate conversation.
Blockchain is a term used for an encrypted software technology that manages information, specifically the records of transactions. What makes blockchain a transformative concept is that the ledger is distributed, which means that every computer connected to the network has a complete or partial copy of the ledger.
Furthermore, the ledger is constantly being updated through the efforts of multiple competing parties (“miners”) working through an established consensus system. It is called blockchain because each ledger update adds a block of data to the previous block, creating an immutable and auditable chain of all transactions that have occurred. Read more from forbes.com…
thumbnail courtesy of forbes.com