Arizona-based RealBlock Introduced Blockchain In Real Estate Industry
Recently, RealBlock, one of the leading Arizona-based real estate blockchain companies confirmed the information about the incorporation of RealBlock’s blockchain enterprise. With this new establishment, the company aims to use blockchain in the real estate industry, which is very much transaction heavy.
Many leading industry experts have expressed great pleasure, and some even expect that Blockchain will further facilitate a faster, secure and cheaper transaction. It may also reduce the dependency on the number of intermediaries and middlemen.
RealBlock could perhaps bring a new change and revolution. Moreover, many expect that the right usage of blockchain has distributed ledger technology. RealBlock could further help in the entire procedure of real estate closings and provide much-needed security along with the creation of an efficient database for every customer to mine.
Blockchain to replace the conventional processing methods
Professor Todd Taylor who is the founder of the Blockchain Lab at Arizona State University will head the RealBlock’s technical effort and the partnership with Title Security. Mike Boyd, Leader of RealBlock, declared: “The old, and trillion-dollar American scheme of processing and real estate dealings waste time and money. Realblock would change that.
It will offer escrow plus title firms through a new tool that would limit the time, save money, as well as increase the security of real estate closings. This would be the first real estate blockchain enterprise to address the compound legal, heading, due diligence. It would also solve a complete issue by including all the players in the deal.” In fact, Tom Sullivan, Title Security’s CEO, said, “We anticipate gaining some significant benefits of RealBlock
to reform the escrow and title business, as we are looking forward to out front.”
Arizona Will Utilize Smart Contracts Feature Of Blockchain
Arizona is at the legal forefront when it comes to the blockchain. A newly enacted law will further facilitate in having digital signatures on “smart contracts,” which is a noticeable feature of the blockchain. Arizona is the first state that has successfully validated electronic signatures, and so many industry experts are looking forward to supporting and perform the real estate transactions with “smart contracts” in coming days.
In fact, in one of the recent articles published in Forbes magazine states – this Blockchain technology will make entire information in real estate more accessible, and may even decrease the threat of fraud. This technology will create a more efficient procedure for purchasing and selling the property for every individual involved.
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