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lockchain technology is transforming the real estate industry by providing a secure and transparent way to transfer and manage property ownership. A digital ledger or history of a property can be created using blockchain, streamlining the ownership verification process and reducing the potential for fraud.

    According to Alex Lange, vice president of strategy and innovation for the National Association of Realtors, blockchain technology will become increasingly popular in the next three to five years. Graham Simmons, shareholder and co-chair of the business law group at Norris McLaughlin P.A., notes that Lehigh Valley markets are still in the early stages of adopting blockchain, but there is growing acceptance and comfort with its use.

    Blockchain offers several advantages, including tracking a property's ownership history, speeding up title searches, and creating a decentralized record-keeping system. The combination of AI, IoT, and blockchain creates a convergence of technologies that makes it highly viable.

    Simmons explains that blockchain can be used to document commercial transactions, contracts, and titles for different assets efficiently without human intervention. Transaction changes, escrow, and title changes can also be done using blockchain quickly and securely.

    For real estate investors, blockchain offers alternative finance models, such as tracking ownership in a fund with tens of thousands of investors. Secondary markets with mortgages or mortgage-backed securities and assets could also benefit from blockchain technology.

    While some experts predict that blockchain will become widely accepted in the industry, others note that access to this technology is limited, particularly among older generations who may not be familiar with it. However, many property records have already been digitized, making it easier for blockchain to be implemented.

    It's worth noting that blockchain is separate from cryptocurrency, including bitcoin, which is nearly nonexistent in real estate transactions due to its volatile and unpredictable nature. Experts advise against using cryptocurrency for property purchases due to compliance concerns and the risk of nefarious actors exploiting it.