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For blockchain technology to gain widespread adoption in an industry as large as real estate, a lot has to play out first.
The prices of blockchain assets are crashing, the processes remain complex, and the U.S. government is eyeing new regulations of — and even its own alternatives to — the existing slate of private cryptocurrencies.
But some real estate professionals believe the fall of a variety of private tokens may only speed up the process of finding the winning products that could revolutionize the home transaction.
Teresa Grobecker of Grobecker Holland International and Kevin Cottrell of eXp Realty will join a panel at Inman Connect Las Vegas in August to discuss their independent firm Real Estate Consortia and its work to standardize the role of the blockchain in home transactions.
These two and their colleague Sheila Fejeran of eXp — all real estate practitioners and executives at Consortia — joined Inman on a video call in advance of the conference. Their responses below have been edited for length and clarity.
But first, because this is a confusing and quickly evolving space, let’s cover a few terms.
- Blockchain — A blockchain is a shared record of something, distributed across a large number of computer servers. Because the process is decentralized, it’s difficult for an outside actor to change the record, such as by hacking into a single computer server. There are multiple applications of blockchain technology, including the popular assets of cryptocurrency and…