Blockchain and its potential to transform real estate
Inmobiliare | August 15, 2022 |

Although the blockchain has become popular due to its relationship with the world of cryptocurrencies, the reality is that this tool has come to transform more than one sector, including real estate.

But, what is the blockchain and what is its role in Real Estate? In an interview for Inmobiliare, Sergio Ortiz, Director of Technology and Artificial Intelligence at Dicio, explained that it is a network of digital nodes that allows records to be stored immutably and securely.

In the real estate industry, the spectrum of application of this tool is infinite, ranging from transactions in crowdfunding companies, to digital leases.

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In this sense, he added that using a blockchain network together with other innovations such as facial recognition with artificial intelligence makes the process more transparent and reduces the elements that disrupt interactions in the sector.

One of the applications of blockchain in the real estate sector is in contracts for goods and services, including leases.

The director of Dicio explained that there are several steps that involve artificial intelligence, biometric data and facial identification, which manage to shield these transactions.

In addition, the technological market in Mexico has taken a step forward in the legal validation of these processes, thanks to the certification granted by the Ministry of Economy (SE).

Ortiz indicated that, once the contract is completed, the information is packaged in a file and stored in the blockchain, and then sent to the public body.

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“There they are in charge of placing a virtual seal on the documentation packages. This somehow offers legal authentication. This is how entering into a lease works,” he said.

The expert added that the security of these operations is such that there are references that show that in order to modify a registry in the blockchain, the entire world energy capacity is needed for several months.

Although the technological service offered by the SE is an advance, Sergio Ortiz stressed that one of the challenges of the blockchain is to continue making its way hand in hand with the legislation.

In addition, he stressed that paradigms must be broken in society and understand that traditional processes "have holes" that give way to illicit acts, such as real estate scams.

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