Canada and blockchain


#1

Canada and blockchain
Blockchain is essentially an online ledger that manages recorded transactions. What makes it innovative is that the ledger is distributed, meaning anyone connected to the network has a copy of it. The implications of this in commercial real estate are numerous, from purchasing to leasing to management.

Technology and real estate experts alike say blockchain technology has an important place in the commercial real estate market with its ability to streamline processes, reduce fraud and cut costs (and middlemen).

Transaction fees and services in both Canada’s residential and commercial real estate spaces – such as legal costs, land-transfer taxes and real estate commissions – make up about 2 per cent of Canada’s economy,

High-cost processing fees are also a challenge in Canada’s global commercial real estate transactions, which could be reduced through the adoption of blockchain.


#2

Imagine if real estates are now runned by the blockchain than it will resolve lots of issues. We can track the previous owners and we can verify if we are dealing with the right person. The only problem is what if your wallet is hacked. But this is only my point of view for applying blockchain to real estates.


#3

The technology of blockchain has great opportunities, which we do not even know about. And remember 1990 year, the Internet technology is slowly spreading around the world. Today, without the Internet, many people can not imagine their lives.


#4

Blockchain will change the world for better. Just like we didn’t know about internet and now we can’t live without it, in a few years or say one or two decades, we won’t be able to imagine our lives without blockchain. It’ll bring transparency in every business including real estate and solve many problems with looks unsolvable with the traditional methods.


#5

Through blockchain technology, this dilema of Canada and even other nations on planet Earth will be minimized. From costs to hassle and burden of selling/buying real properties. Blockchain technology is a much needed innovation in real property industry. This will help a lot in the end to end process of transactions involved in buying/selling end even leasing. Transparency and trust will rapidly increase, if blockchain is implemented since no one can deny what is on the public ledger, timestamped and signed. Plus the processes compared to traditional ones will be much more efficient, and can be done even remotely and timely. We are just hoping, government agencies adopt this technology too, to be more parallel with the government, since we will deal with them, speaking of legal compliance.