At Inman Connect Las Vegas earlier this month, executives behind the blockchain company Consortia discussed ways the business of buying and selling real estate could change overnight.
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For years, there have been voices in real estate that argued blockchain technology could be a game-changer for the industry.
At the Inman Connect real estate conference in Las Vegas earlier this month, Teresa Grobecker and Sheila Fejeran said their blockchain company Consortia is preparing as if that day is imminent.
Grobecker, the company’s chief executive, said that one of the pivotal moments could come if the federal government establishes its own digital currency, sometimes referred to in the crypto community as “Fedcoin.”
“So it’s a matter of adapting to this, adopting this as your business practice, so that we’re ready to service our customers when this great transformation happens,” Grobecker said. “And it’s here today.”
Teresa Grobecker of Consortia explains how blockchain technology could soon affect the real estate industry at Inman Connect Las Vegas. (Photo by AJ Canaria of Moxiworks)
What would the real estate industry actually look like if these changes come to pass? It’s not about virtual land investing, or marketing yourself as some kind of “metaverse” agent, they said. It’s about where data tied to the home transaction would be logged and stored — possibly via an unchangeable record, on a ledger that’s distributed across many computer servers.
“Where the industry is going, and what blockchain is going to do for the entire real estate [industry], is actually we are building Carfax for homes,” Fejeran said.
You can play the full session in the video at the top of this page.