Ever since Bitcoin hit the market in 2009, the media have been buzzing about blockchain, the concept that made cryptocurrency possible. A glance over the tech headlines yields copious, often breathless speculation on its potential to revolutionize the way we do, well, anything and everything—and the real estate industry hasn’t been immune to its siren song. For as much as blockchain is discussed, however, it is still little understood, and the hype swirling around it is apt to leave lay people scratching their heads over exactly what it is, how it works and whether it can deliver on tech gurus’ lofty promises.
What Is Blockchain?
Before delving into blockchain’s potential applications in the real estate world, it’s worth going back to the basics. At its core, a blockchain is simply a way of recording a series of transactions, but it differs from your typical ledger is in howthat information is stored, as well as where.