Traditionally, real estate has been a bit stagnant and stubborn to changes. However, Forbes reported that it is fast catching up with the rest of the world due to technological disruption. A lot of processes are being added every day, thanks to artificial intelligence (AI) and blockchain-powered platforms.
These technologies do more than just add value and efficiency to the different processes in the industry. It also brings an opportunity to improve the industry by providing services which were previously unavailable, such as bringing more entry-level investors in real estate. Real estate agents and other participants in real estate will need to shape up fast if they don’t want to be left in the dust.
Business models are being improved day by day with the entry of blockchain and AI in real estate. Alex Rampell, a general partner at Anreessen Horowitz, said that home-buyers and sellers are growing accustomed to the changes bought about by the rapid technological development. On-demand deliveries and quick resolution are now the processes new real estate players are becoming used to.
The world’s heavy reliance on data is one of the many reasons why blockchain is currently becoming a fast-rising phenomenon. Everyone’s data has always been used by corporations in forging a path towards where they wanted to go. The Next Web reported that this makes data more valuable these days, even more, valuable than oil.
Data is being used in many ways than just for decisions. Google, Amazon, and even Yelp! need them for major products–Google maps, Amazon Prime, and Yelp’s public reviews and commentary platforms all have used for data. This isn’t including data for social media posts which ‘influencers’ and people with a heavy reliance on them need.
Blockchain is a critical development in making sure that these data can be used in proper ways. The platform is also a good area where data can be used in a secure and transparent environment. The public can easily access these data, while criminals can be kept on their toes by transferring one block of data to another should one block become compromised.
Real estate is starting to recognize the importance of data as well as placing processes on easy access through blockchain. The argument for removing the human process will always be there, but for the time being, real estate agents are needed in order to ‘train’ the AI to accept processes just the way they should be done.