{"id":16182,"date":"2018-05-01T10:15:06","date_gmt":"2018-05-01T09:15:06","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=16182"},"modified":"2018-05-01T10:15:06","modified_gmt":"2018-05-01T09:15:06","slug":"how-blockchain-could-change-everything-property-market","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-gb\/news\/how-blockchain-could-change-everything-property-market\/","title":{"rendered":"How blockchain could change everything for the property market"},"content":{"rendered":"

The word “blockchain” first rose to prominence amid the soaring Bitcoin prices last year which created overnight millionaires across the world, but the revolutionary technology can be used for a lot more than just currency trading.<\/strong><\/p>\n

As most people are probably now aware since it has been a trending hot topic across many lines of business for several months, blockchain<\/a> is a technology that allows a digital, distributed ledger to immutably record and share information. It is virtually incorruptible, as all the information is continuously reconciled in a database across multiple locations.<\/p>\n

Moving away from Bitcoin<\/h4>\n

Branching out from how it has been used traditionally for cryptocurrency<\/a> trading, the technology is now finding a place in a number of different markets, including property.
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\nOne company in the sector that uses blockchain is online execution platform Clicktopurchase, which allows property transactions<\/a> to be completed quickly and easily online. The platform uses blockchain technology to enable a legally binding exchange of contracts to be done electronically and instantly at the point of sale, as well as offering a real-time online auction<\/a> to sellers operated either by a live auctioneer interacting with bidders, or an “artificial intelligence-operated real-time auction”.<\/p>\n

The swift processing of blockchain technology<\/a> means that the process takes place much faster than traditional property sales, and all transactions are recorded in the Clicktopurchase blockchain for total transparency and security.<\/p>\n

Protection against fraud<\/h4>\n

Neil Singer, CEO of Clicktopurchase, said: “When you have purchased a property using Clicktopurchase, you have absolute proof of the right to ownership<\/a>. When you come to sell, a buyer can completely rely upon your record. Intermediaries will have a reduced role, solicitors will have less to check and it raises questions as to the future need for the land registry<\/a>.”<\/p>\n

One of the major risks faced by many in the property industry is fraud, which currently totals more than \u00a31bn a year due to false ownership claims on properties<\/a>. While conveyancers using traditional methods can only do relatively basic checks, a blockchain land registry would solve this by creating a digital “fingerprint” of property owners – and this is something that could work in conjunction with platforms such as Clicktopurchase and others who branch into proptech <\/a>offerings and blockchain in the future.<\/p>\n","protected":false},"excerpt":{"rendered":"

The word “blockchain” first rose to prominence amid the soaring Bitcoin prices last year which created overnight millionaires across the world, but the revolutionary technology can be used for a lot more than just currency trading. As most people are probably now aware since it has been a trending hot topic across many lines of… Read more »<\/a><\/p>\n","protected":false},"author":1069,"featured_media":16194,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8,6],"tags":[343,341,54],"class_list":["post-16182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alternative-investments","category-uk-housing-market","tag-cryptocurrency","tag-newsletter","tag-proptech"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/16182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=16182"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/16182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/16194"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=16182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=16182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=16182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}