1) it takes four months on average to transfer real estate in the UK. It’s about the same in most other counties.
2) with our system that is reduced to one KYCAMLCTF/source of funds check, and an atomic swap on Ethereum.
Two days and most, and instant if you pre-clear the money.
3) getter a property legally ready for that transaction takes some time of course, but that work is mostly reused in subsequent transactions.
4) this is of most utility to large property companies not invisible house buyers. Developers and REITs for example.
5) no, you cannot do this with a database, a database can’t clear a $1.2m payment in real-time or create legally binding digital signatures on electronic versions of paper contracts, at least not without a vast amount of middleware. It’s a real blockchain use case.
Right now there is no meaningful electronic trading venue for real estate. The closest you get is listed REIT stock on stock exchanges.
Roughly three trillion of transactions a year for real estate. It’s a worthy market.
Not, I think you’ll find, a solution looking for a problem. A very large market indeed which has so far not found an electronic trading system that suits its operational and commercial needs.
As MICA in the EU and other similar legislation around the world clear out the pirate finance people the blockchain will simply normalise as a standard technology for doing transactions. If we also see central bank digital currency — it seems certain in at least some jurisdictions - that removes another set of uncertainties.
The UK Law Commission recently published a 550 page consultation document on digital assets in the UK. As that rolls into legislation the grey area will evaporate and we would expect mass adoption for B2B use cases to begin.
That’s certainly the government’s intention.
Yes there are a lot of naive grifters in the blockchain space. There are also a lot of world class technologists and lawyers. There are people breaking the law, or breaking laws which should exist! And there are people creating the enabling legislation.
Because you’ve been listening to propaganda not thinking for yourself, you have pre-judged the situation without understanding what the legislative agenda from the larger governments will enable. And I don’t mean USA here, that’s just a mess, but the world is bigger than just America.