From Sweden to Ghana, countries across the world are exploring the potential of blockchain technology (powered by cryptocurrency) to facilitate land registry and perhaps, ease real estate transactions. Here’s exploring the promise and pitfalls of this technology, as it stands today
Budget 2018 offered a word of caution from the finance minister for those considering crypto investments, while also expressing the government’s openness to exploring the use of blockchain in the move towards making India a digitised economy. The last couple of years have seen increased interest and real investments by individuals across the world in this alternate currency model. Since this system thrives on being a peer-topeer transaction system that eliminates intermediaries such as banks, there are many players in the global cryptocurrency market—Bitcoin and Ethereum being two of the most known names, and new players entering the field almost every day. With many global companies such as Microsoft and Expedia accepting payments in these currencies in some international markets, the popularity of this technology only seems to be increasing. So what exactly lies ahead for this technology in India and how can it add value to the real estate sector?