Will Blockchain Technology Revolutionize Real Estate?

Performance Property Real Estate Question

Q: Bitcoin is all the rage now. Do you think blockchain technology will revolutionize real estate like many people are predicting? Sam, Cambridge, MA

A: There has been a lot of hype recently regarding Bitcoin and its underlying blockchain technology because a lot of money has been spent speculating on bitcoin. To your question–I’ll point you to the first and second rule of technology from a fellow named Bill Gates who knows a thing or two about technology:

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”

Unfortunately, real estate is not an efficient operation in most places in the US so technology applied to it without significant underlying changes will likely magnify the inefficiency. Title records are not centralized and there is a lack of widespread digitization in general in real estate. These entrenched factors make me skeptical that blockchain technology will revolutionize residential real estate anytime soon, but anything is possible.

Thanks for your question, Sam. For more real estate information and tips visit my blog at geraldlucas.com.

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Vaughn | Westfield, New Jersey

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Stephen Brunson | Plainfield, New Jersey

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Mary Elizabeth Robinson | Wilmington, Delaware

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Berkis Castro | Clifton, New Jersey

“Thank you so much for helping me. My property was haunting me for quite sometime. We tried for so long to sell but couldn’t. My family and I never thought we would resolve this problem so easily, but you facilitated the whole process and made it swift and painless. We can’t thank you enough for this.”

Sal Rizzo-Cascio | Jersey City, NJ

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Bridget Hieronymus | Jersey City, New Jersey

“I was not able to pay my mortgage and the Bank started the Foreclosure proceedings against me. I spoke with Performance Property about their process and they gave me hope. They were very diligent and did all the negotiations on my behalf. They were very professional, sincere and hardworking. I would recommend Performance Property’s services to anyone.”

Samuel Manoharan | North Bergen, New Jersey

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Gita Gorji | Hoboken, New Jersey

“Our loan modification was finalized. Got all the documents. Even got legal documents stating that foreclosure proceedings were cancelled. Our rate went from a 4.75 to a 3.4 and our mortgage payment went down almost $200 a month. So all is good. Thank you so much.”

Crystal | Totowa, New Jersey

“Finally the bank called me and said that my loan modification was approved! I thank you so much for your help it really meant a lot to me...I really appreciate you. Thank you Thank you Thank you”

Camille Perry | Newark, New Jersey

“Hey Gerald wanted to give you a heads up that they offered me a loan modification. Thanks for all your help!"

Robert Evans | North Arlington, New Jersey

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Carol Cunningham| West Orange, New Jersey

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Iradys Rivero| North Bergen, New Jersey

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Deborah Dowe| Plainfield, New Jersey

“I want to thank you for helping me to get the courage to work on this problem because I didn't want to face it. Your help with the phone call to the mortgage company & other assistance was so appreciated. Thank you so much."

Evelyn Rudnicki | Rochelle Park, New Jersey

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Jimmy Armstead | Roselle, New Jersey

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Virgilio Rodriguez | Paterson, New Jersey

“I followed the instructions Gerald from Performance Property gave me and I proved to my lender that I can pay back my mortgage.”

John Nikoe | Linden, New Jersey

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Ravinder Thota | Jersey City, New Jersey

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Jim Armstead | Roselle, New Jersey

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Amoy Frost | South Orange, New Jersey

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Dion Lowe | Rahway, New Jersey

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Melody Melendez | Elizabeth, New Jersey

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Amoy Frost | South Orange, NJ

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David Brown | Rahway, New Jersey

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