Blockchain technology could help US real estate firms offer customers near-instant financing and mortgage deals, all but edging banks out of the process. The blockchain, which is a distributed ledger that records transactions in digital form, has been used to create bitcoin, an alternative cryptocurrency that was created by Satoshi Nakamoto in 2009. Banks could retain a role by offering value-added products and services. “You don’t have to trust a third party for that; you can trust the blockchain.” However, Piscini said the technology was still in its infancy and getting local governments, the courts and homeowners to accept it would take time.
Blockchain technology could help US real estate firms offer customers near-instant financing and mortgage deals, all but edging banks out of the process. The blockchain, which is a distributed ledger that records transactions in digital form, has been used to create bitcoin, an alternative cryptocurrency that was created by Satoshi Nakamoto in 2009. Banks could retain a role by offering value-added products and services. However, Piscini said the technology was still in its infancy and getting local governments, the courts and homeowners to accept it would take time.