“I really do feel that blockchain and real estate have a synergistic relationship,” said Garzik. “I do believe that it’s a dawn of a new era in real estate.”
Kyle Torpey discusses the central arguments made by Jeff Garzik at the first International Blockchain Real Estate Association (IBREA) conference in Newport Beach, California. Garzik is a co-founder of Bloq and advisory board member for the IBREA.
I, too, saw Jeff deliver his remarks and was blown away by his thorough coverage of the synergies between blockchain tech and emerging opportunities in real estate.
Kyle said it best:
In addition to the blockchain’s usefulness for managing property titles, Garzik also pointed out how the technology can remove the need for third parties in real estate transactions. “Blockchain and Bitcoin essentially recreate or reinvent a business process where you don’t need a counterparty to securely transfer assets between two people — and that includes [physical assets],” he stated. Garzik noted that the blockchain has the ability to shift trust in real estate transactions from a fallible person, who could be corrupted or bribed, to a trust-minimizing network like Bitcoin. In fact, transactions involving smart property can be made atomic, meaning the property title and the cash can be swapped at the same exact time.