As explained in the prior three posts on this topic, blockchain technology has the potential to revolutionize the way we buy, sell, and develop property in Pennsylvania. By leveraging the benefits of blockchain technology, we can simplify and streamline those processes while making them more transparent. It can save time, money, and resources – benefitting property owners, municipal governing bodies, developers, and other stakeholders.
We discussed several ways that the blockchain and smart contracts can benefit our industry. For example: Smart contracts can automate pieces of the sales process, the process of obtaining permits and approvals, the release of plans, and the depositing and release of financial security, among other processes. By recording documents on a blockchain, we make them more accessible and accurate. By creating a shared database of information on the blockchain, we can reduce duplication among agencies and departments and reduce errors. This automatic and tamper-proof approach creates a clean record of transactions, reduces costs, and saves time.Continue Reading The Future of Real Estate Sales and Development in Pennsylvania with Blockchain Technology (IV of IV)