It has been a bad year for cryptocurrency bitcoin with investors losing sums of money from hacking attacks and scams. While it is unlikely to catch on as a mainstream mode of payment for the next year, blockchain which is the ledger like technology that bitcoin runs on is expected to be explode in the coming year of 2016, Benzinga reports.
Blockchain applications across the board
Blockchain can be beneficial to several industries such as finance and music. It will help make transactions more secure and easy to follow. Companies are also looking to acquire the services of blockchain firms in improving their industries.
Blockchain for real estate
Real estate is one of the many industries that are expected to make great use of blockchain. With blockchain, real estate transactions are expected to get a major makeover by automating the process for title transfers which will make it safer and faster. With that, it would help alleviate cases of fraudulent titles and would probably make the real estate industry fraud proof.
At the present system, false title documents are really easy to create, and making it easier for criminals to create title ownership for a property to themselves. Each year, the real estate industry spends around $1 billion to fight such crimes, and a blockchain-run system could significantly cut that hefty cost.
Better price comparison
House hunters are also going to greatly benefit from the use of a blockchain-run system. It will help make price comparison a lot easier and more effectively.
Right now, property owners have all the chance to keep lease prices private which makes it difficult to find comparable sales figures.
But, with a system like blockchain, storing all the necessary data will be made easily accessible and available for both buyers and sellers.
Bitcoin is an innovative payment network and a new kind of money. It promotes fast peer-to-peer payments and worldwide transactions.