The real estate market has been already disrupted by blockchain. That is true especially when it comes to real estate companies and startups that are looking for new and innovative ways to boost property sales and expand their markets.
Now, some of the world’s largest financial players such as RBS and Barclays are jumping on the bandwagon called “blockchain” to try to streamline the entire property buying and selling business.
The enterprise blockchain company R3, together with Barclays and the Royal Bank of Scotland (RBS), as well as around 35 other participants, has just completed a blockchain trial that may be the future of the property sale market: the trial helped to improve the speed of property transactions.
Over a test period of 5 days, the blockchain trial used information to carry out a series of simulated property transactions over blockchain or DLT. The end result was amazing: the entire process of buying and selling a property can be reduced from the usual time of 3 months to less than 3 weeks.
According to R3-affiliated Instant Property Network or IPN, the savings can be in the amount of $160 billion on an annual basis.
They key to this project is that R3 has made sure to bring representatives from all key sides of the process in order for the right cost reduction to be estimated.
According to press, other participants included companies such as Search Acumen and the law firms Squire Patton Boggs and Ashurst and Clifford Chance.