Australian Real Estate Body: Blockchain Will Revolutionise the Industry

Blockchain in Real Estate

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Categories: Cryptocurrency

Australian Real Estate Body: Blockchain Will Revolutionise the Industry

Opportunities and Disruptionsfor Real Estate report, released this week, details how the Aussie real estate industry can utilise blockchain tech to stay ahead of the game in an unstable market.The report is the result of a collaboration between REIA, REINZ (its New Zealand counterpart), and the RMIT (Royal Melbourne University of Technology) innovation hub.

REIA president Hayden Groves predicts that “fully integrated Web3 technology” will allow the industry to cope with rising interest rates, and housing affordability and supply issues.And according to Professor Jason Potts, co-director of RMIT University's Blockchain Innovation Hub, blockchain has the potential to make the customer experience more positive: however, Groves stresses that research is only as good as adoption, and that A. The implementation strategy is yet to be decided.

He wants “agents and agencies to be trusted members of their communities” with property transactions and blockchain offering the potential to “completely improve and grow trust in a real way”. This is only the latest chapter of real estate’s exploration of blockchain in the industry. In September 2021 Jones Lang LaSalle Incorporated (JLL), a multinational commercial real estate company, made a deal with blockchain platform VeChain to promote more sustainable practices in the sector.

Recently, REIA Western Australia launched 'Compulsory Blockchain Training' for its real estate agencies. The May 2022 initiative sought to aid industry adoption and growth as crypto and blockchain move into the mainstream.

Blockchain is a revolutionary financial and technology solution. This module will teach you everything you need to know about blockchain, including its history, applications, and implications for the future.

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