The organiser of the first DC Blockchain Real Estate Meetup considers distributed ledger’s future in the sector very promising. The technology is likely to entail buy-in from many actors and eliminate huge losses from fraud.
Advantages brought out by blockchain lead to the technology being increasingly adopted in industries other than banking and finance. Distributed ledger is already actively used in various spheres, such as legal services sector, art and retail. Real estate sector also begins to recognise the potential of the distributed database. The first meet-up devoted to the discussion of potential use of the blockchain technology for the ends of real estate took place on 31 January 2016 in Washington, DC. CoinFox asked Matt McKibbin, Director of Sales and Business Development at Ubitquity LLC, a blockchain-secure storage platform, to share his thoughts about the meeting and the blockchain’s potential for the industry.
CoinFox: Was the meeting fruitful in finding new ideas for blockchain’s application in the sector? How many participants attended the meeting?
Matt McKibbin: The first meeting only had two participants who up even though 13 people RSVPed to the event. 5 people messaged me privately and said they were unable to make it due to last minute scheduling conflicts. That being said meetups take time and effort to gather attendees. The next meetup is scheduled for March 17th at 7pm.
CoinFox: What will the distributed ledger’s introduction to the market entail? In what possible ways will it change the market?
Matt McKibbin: The introduction of a distributed ledger for real estate will include buy in from many different organizations. Not only will title insurance companies need to participate but home builders, realtors, and even county recorders. It can potentially change the market by reducing fees for title searches and preventing fraudulent conveyance of ownership a billion dollar a year problem in the US alone.
CoinFox: In your opinion, how long will it take for real estate companies to implement the distributed ledger in their activity?
Matt McKibbin: I think you will start to see platforms launch as early as the second quarter of 2016. As these companies launch and test different models we may see some larger traction in 2017. There will definitely be pushback from different entrenched interest groups who may feel their business models could be disrupted as blockchains and distributed ledgers have the potential to cut out the middle man in a transaction.
I think the future for applying blockchain technology to real estate and land administration in general is very bright. Any industry where keeping track of ownership is important will be disrupted by blockchain technology as it streamlines the process and helps to greatly reduce the possibility of fraud.
Matthew McKibbin, apart from his activity with Ubitquity LLC, currently holds the position of Partnership Consultant at d10e (formerly Coin Congress Events). Previously he was involved with many recognised players on the bitcoin and blockchain market, such as Factom, BitPay, Uranium Disposition Services LLC and Bitnation.
Anna Lavinskaya
