According to Realtor.com, players in the home sale and rental markets are considering the use of bitcoin and blockchain technology.
The industry has begun to explore how blockchain technology, which acts as a ledger for who owns bitcoin or other cryptocurrency, could simplify the way property titles are recorded and transferred. Blockchain could shift the process away from paper titles in town clerk offices to a secure, digitized recording system.
Several title-insurance companies and state governments are researching the potential move. Earlier this year, Arizona Gov. Doug Ducey signed legislation that enables local municipalities to use blockchain technology instead of the conventional recording method for property ownership and sales. Vermont also made moves to validate the use of blockchain in transactions.
Additionally, as early as next year, apartment-building managers who use ManageGo, a New York-based residential property technology company, will be able to offer tenants the ability to pay rent using three cryptocurrencies, including bitcoin, ethereum, and litecoin.
