🔥 TOP STORY
XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found
XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found

Time-Consuming Property Deals Becoming Remnant of Past Because of Blockchain

  • Alex Morris
    📰 News

    The title insurance industry is safe for now, but the disruptive force of Blockchain is too big to ignore

Time-Consuming Property Deals Becoming Remnant of Past Because of Blockchain
You may also like:
Contents

In a recent op-ed style article, Bloomberg reveals that Blockchain, the disruptive technology that underpins cryptocurrencies, could be a boon for speeding up property sales. A lot of countries, including Dubai, Bermuda, and the US, already utilize Blockchain to make the home-buying experience less onerous and time-consuming.

👉MUST READ Bitcoin Acceptance in Real Estate Is Growing Worldwide

The global disruption

Clarence Mingo, real estate agent form Ohio, states that Blockchain is already making waves of her state. It reduces the transference of ownership rights to a few minutes (or even seconds). Subsequently, that could potentially eliminate fees that are paid at the closing of each transaction. Apart from reducing the cost of buying a house, Mingo also emphasizes the fact that the tamper-proof technology could also eliminate numerous security issues that are typical for the real estate industry.

Notably, this use case of Blockchain extends far beyond the 'Buckeye State' — numerous countries around the globe (from Bermuda to Ukraine) are already becoming part of the ongoing Fintech revolution by creating decentralized title registries. Earlier, U.Today also reported that Blockchain had been adopted for property registration in Mexico.

No need for a middleman

The gradual decentralization of the real estate industry could make title insurance providers obsolete. There is no need for a third party to make sure that you are purchasing a legitimate piece of property when all data is recorded on a distributed ledger where it cannot be altered. Moreover, pricy contractual arrangements could be easily replaced by smart contracts.

Still, industry expert Marc Shaw is certain that the real estate niche won’t see rapid changes due to the fact that it would take up to 15 years to put all the relevant information from title companies’ databases on Blockchain. The title insurance companies will actually increase their efficiency, so their extinction is rather questionable.

Legislators are getting on board

At the same time, a slew of startups in the likes of Propy are already cooperating with the government on property sale solutions. Recording deeds on Blockchain requires changing the law, but local legislators are already working on the issue. Case in point: the state of Vermont that is already exploring the use of Blockchain in government records.

👉MUST READ Abandoned Australian Party Island Will Be Given New Life With $300 Mln Token Offering

Subscribe to U.Today on Twitter,and get involved in all top daily crypto news, stories and price predictions!
👓 Recommended articles
something-wide
something-wide

10 Major Blockchain Trends in 2019

  • Alex Morris
    📚 WikiCoin

    From the Internet-of-Things (IoT) convergence to startups for the unbanked — find out what to expect from Blockchain in 2019 with U.Today. It’s been more than ten years since Blockchain was introduced in Satoshi’s famed white paper. The technology has expanded far beyond cryptocurrencies, disrupting plenty of industries. We will reveal why Blockchain will stay no matter what happens to Bitcoin.

10 Major Blockchain Trends in 2019
You may also like:
Contents

While cryptocurrencies took a hammering, 2018 was huge for Blockchain, the technology that underpins Bitcoin and a myriad of other coins. Blockchain has plenty of use cases outside of the cryptocurrency space with IBM, Oracle, and Amazon and other multi-billion dollar companies trying to capitalize on the disruptive technology. Now, it’s time to find out what major Blockchain trends will define the current year.   

STOs replacing ICOs

 Security tokens (STOs) have been a hot topic in the crypto space, and it looks like they will continue to be hot now that Overstock’s tZERO announced the launch of the new STO platform on Jan. 21. The Blockchain-powered platform will provide any company with the opportunity to raise funds by launching its own STOs. Prior to that, the startup made an announcement about the completion of its utility token distribution.
10 Major Blockchain Trends in 2019
STOs, which combine the best features of the stock market and cryptocurrencies, arose as a fully regulated alternative to ICOs, which turned out to be the passing fad of 2017.   

Tokenization creating more investment opportunities

The launch of the Estonia-based DEX, which buys the shares of the biggest companies in the world in the form of ERC20 tokens, proved that 2019 is all about tokenization. The Ethereum-powered startup will allow non-US investors to engage in the US stock market without any limitations pertaining to their location or investment amount.  
10 Major Blockchain Trends in 2019
Crypto startup Zilliqa also recently introduced Hg Exchange, a fully regulated exchange that allows accredited investors to buy US stocks.   

Tokenization already became a pervasive trend in 2018, going far beyond the stock market, but this is the year when pretty much everything will be tokenized – art, wine, real estate, etc.

👉MUST READ Blockchain in the Supply Chain: Applications, Benefits, and Prospects Going Forward

Blockchain and IoT forming an alliance

Back in January, leading digital security company Gemalto released a report that states that 23 percent of responders think that Blockchain technology could be a boon for securing IoT-powered devices. Meanwhile, almost 91 percent of businesses who do not utilize Blockchain consider making use of the technology in the future.

The number of IoT-powered devices is expected to reach 26.66 bln in 2019, but less than half of all businesses can detect whether their device experienced a security breach.   
10 Major Blockchain Trends in 2019
IBM also illustrated the benefits for this convergence with the help of their game-changing platform Watson IoT. Apart from bringing more security to the table, Blockchain significantly simplifies the task of managing different devices and increases the efficiency of the transaction.

👉MUST READ Bitcoin Profit Review: Too Good to Be True

Wall Street transitioning from dabbling to actions

The fact that cryptocurrency prices took a nosedive in 2018 doesn’t mean that the global financial industry is going to suddenly give up on Blockchain. As U.Today reported earlier, Bakkt, the ICE-backed exchange, was supposed to go live in January, but its launch was eventually delayed due to the longest government shutdown in history. Speaking of other ‘big-fish’ players, NASDAQ and the NYSE plan to launch Bitcoin futures while also being keen on Blockchain. Since the crypto hub died down, there is a good reason to believe that 2019 will be the year of exciting developments in the Blockchain space.
10 Major Blockchain Trends in 2019

More decentralized exchanges appearing on the horizon

Decentralized exchanges, while actually living up to Satoshi’s vision, have numerous usability issues that take a toll on their popularity. There is no centralized authority that manages the users’ funds, but it’s also a double-edged sword problem – there is no way to revert a certain transaction if private keys are stolen or lost. Keep in mind that there are certain degrees of centralization. Case in point: the Bancor DEX, which suffered from a $13.5 mln hack, though Charlie Lee later claimed that no decentralized exchange can lose its funds.   
10 Major Blockchain Trends in 2019
With that being said, major crypto startups – from Binance to Tron – have launched their own DEXs in order to spearhead the shift towards decentralization in the crypto world.     

Governments will continue looking into Blockchain

The wide variety of Blockchain applications are being explored by governments across the globe (even those ones who are openly hawkish towards cryptocurrencies). China cracked down on Bitcoin, but this country is hell-bent on becoming the leader in the Blockchain race. Shanghai, Guangzhou and other major cities are all supporting Blockchain developments. As reported by U.Today, the Ministry of Industry and Information Technology (MIIT) launched an initiative to incentivize business who are working with the DLT technology. Moreover, there are specific Blockchain guides in China for educating government officials.
10 Major Blockchain Trends in 2019
Estonia is yet another country that is focused on the e-Estonia program that will digitize the government. Meanwhile, Dubai could become the very first government that is powered by Blockchain. The implementation of Blockchain could help Dubai save up to $1.5 bln per year by cutting the red herring and creating a fully paperless government.

👉MUST READ Blockchain Certification: How to Get Certified in Blockchain Technology

Blockchain-powered startups banking the unbanked

Africa, where a substantial part of the population remains unbaked, represents a breeding ground for different startups that utilize Blockchain technology in order to increase economic inclusiveness. The Rohingya Project went even further by using Blockchain to restore the identity of stateless Rohingyas and give them access to banking services.  
10 Major Blockchain Trends in 2019

Real-word use cases beyond fintech  

It is worth noting that Blockchain is the most disruptive technology of the last decade, but it remains unknown to the general public. Yes, along with Bitcoin, Blockchain was one of the buzzwords in the tech space, but it’s all about real-world adoption. According to PwC research, 84 percent of companies have dipped their toes into Blockchain, but they are not ready to embrace it due to numerous ‘trust issues.’ Those who will be able to integrate Blockchain into their businesses will turn out to be the true winners of 2019.
10 Major Blockchain Trends in 2019

Scalability becoming one of the main issues

Without a doubt, scalability is one of the major bottlenecks of Blockchain, which poses a major hindrance to mainstream adoption. That became very evident when CryptoKitties, one of the best-known dApps, created congestion on the Ethereum network. Bitcoin and Ethereum are only able to handle seven and 25 TPS (this level of scalability doesn’t hold a candle to mainstream payment processors in the likes of VISA).
10 Major Blockchain Trends in 2019
Hence, many promising solutions, such as sharding and sidechains, are expected to be implemented in 2019. Bitcoin’s Lightning Network (LN), for example, is witnessing growing popularity with major industry players, with an eye-popping 830 percent surge in half a year. LN will significantly boost Bitcoin adoption while solving scalability pain points.   

Blockchain jobs will become more common

Despite Bitcoin, the major use case of Blockchain, taking a hammering in 2018, the number of Blockchain-related jobs continued to grow throughout the year. Moreover, as reported by CNBC, the salaries of Blockchain engineers skyrocketed to $175,000 per year, which means that they receive the highest salaries in the software development niche on par with AI specialists. According to Hired CEO Mehul Patel, ‘there’s a ton of demand for Blockchain.’ On top of that, Upwork, the leading freelance platform, had a 35,000 percent uptick in the number of Blockchain freelancers (it’s the fastest-growing freelance sector).
10 Major Blockchain Trends in 2019
However, earning a six-figure salary is not an easy feat. Blockchain developers have to code in numerous languages, including Go and Solidity. As mentioned above, major companies do not want to miss the boat on Blockchain, so they are striving to hire talented programmers.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.
👓 Recommended articles
something-wide
something-wide