Enterprise Ethereum Alliance Releases Report on Blockchain Use Cases in Real Estate
Adrian Zmudzinski's original article for cointelegraph.com reduced by 55%
The Enterprise Ethereum Alliance has detailed several blockchain use cases relevant to the real estate industry in a report shared with Cointelegraph on May 23. The document is reportedly the result of several months of work by the group's members, which includes over 50 real estate companies. The report describes four use cases, the first of which is the idea of tokenizing properties to allow for more granular investment in an official way.
The EEA also believes that blockchain has the potential to shorten the process of recording and transferring properties while increasing transparency and making land registries trustless. The last use case described by the EEA in the document is a standardized property data system that would allow for automatized property data sharing without giving up control over it. The report also cites Vermont's pilot program made in cooperation with global blockchain real estate marketplace Propy Inc, which completed the first entirely blockchain-based real estate deed in the U.S.
in March of last year. As Cointelegraph reported in April, two major United Kingdom banks - Barclays and Royal Bank of Scotland - have joined a trial using blockchain to streamline real estate purchasing after rethinking the technology's potential.
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