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The Blockchain Technology has been in the news a lot via Bitcoin and other cryptocurrencies (ETH, ...). Most Blockchain projects proud themselves as being "Disruptive" to the current way of doing business.
i.e. Bitcoin is expected to disrupt our current monetary system. There are currently lots of projects around leveraging Blockchain in the Real Estate, Utilities, Energy Sector, Pharmaceuticals, Transport System ... etc with the goal of eliminating the middle men and allowing for peer to peer transactions using Smart Contracts.
I know we are still years away from having this technology become part of our daily lives. However, it is important for people to be aware of it and understand the threats as well as the opportunities it will create around your job, career, industry, ... etc.
Here is a practical example on how it would disrupt the real estate industry. Anyone that has purchased a home knows the amount of money that needs to be paid to middle men: RE brokers, Attorneys, Inspection, Titles...etc. Imagine you purchased a home and there was only a computer between the buyer and the seller. Think about how much money your save. But also think about how many people (middle men) would lose their jobs ... Here are a few projects that are aiming to disrupt the Real Estate Industry. ATLANT, REXMLS. I'm sure there is a lot more.
If you have been wondering "what is blockchain", check this youtube cut.
Here is a practical example on how it would disrupt the real estate industry. Anyone that has purchased a home knows the amount of money that needs to be paid to middle men: RE brokers, Attorneys, Inspection, Titles...etc. Imagine you purchased a home and there was only a computer between the buyer and the seller.
Just out of curiosity, is the computer going to provide title insurance or are we just going to call "losing your house and your money because the seller didn't have clear title" an example of "disruption"?
Remember the days when nobody trusted online commerce? and e-Books and Blockbuster?
Lots of brick and mortar have now disappeared from the map. Amazon, eBay, Netflix. Airbnb, ... and soon Uber ...
Quote:
Originally Posted by vision33r
Think Napster, that was over 15 yrs ago. What has transpired from BitTorrent?
Do you trust file sharing tech move your money?
If the property data has been properly entered into the blockchain and we can confirm that it has not been tampered with....
Quote:
Originally Posted by Moby Hick
Just out of curiosity, is the computer going to provide title insurance or are we just going to call "losing your house and your money because the seller didn't have clear title" an example of "disruption"?
The value of those crypto currencies will need to stablelize first...Bitcoin is a good idea but no one is really interested in using it for its intended purposes.
People buy it solely for the hope of making a short term profit. Once the bubble burst, it will be like it never existed.
Even if the tech becomes mainstream, it won't change anything. It will destroy some jobs in certain markets while creating new ones in others.
Quote:
Originally Posted by henriInCary
Here is a practical example on how it would disrupt the real estate industry. Anyone that has purchased a home knows the amount of money that needs to be paid to middle men: RE brokers, Attorneys, Inspection, Titles...etc. Imagine you purchased a home and there was only a computer between the buyer and the seller. Think about how much money your save. But also think about how many people (middle men) would lose their jobs ....
Am I missing something here?? People can already do that. I don't see where bitcoin fit in this example. If you understand real estate enough, you don't need these middle men.
Using bitcoin as a form of currency have no impact on whether or not you'll need a broker, or an attorney, etc.. to help you out with your purchase.
Last edited by Liar_Liar; 01-02-2018 at 07:00 PM..
You seem to equate Blockchain Technology to Bitcoin. It is a typical confusion that people make. Both are not equal, although there is some good overlap. Bitcoin is an unregulated digital currency that was launched to bypass government currency controls and simplify online transactions by getting rid of third-party payment processing intermediaries. That was the original idea of the founder of Bitcoin. It took a while to find an infrastructure to actually implement it. Bitcoin was first release as open source. Blockchain was embedded in this first release. That's where the confusion comes from. As people understood Blockchain better, they started seeing the various areas of application for this technology.
The Blockchain Technology (2.0) has now been expanded into a lot of areas.
The Enterprise Blockchain has 3 main characteristics:
1. Asset over cryptocurrency: Blockchain can be used for a much broader range of assets than just cryptocurrency. Tangible assets such as cars, real estate can make used of Blockchains. Google EverLedger to see how it is used in the diamond industry.
2. Identity over anonymity: Private key cryptography is a key element of Blockchain Technology.
The goal here is to create a secure digital identity reference based on possession of a combination of private and public cryptographic keys. This combination can be seen as a form of consent, creating a digital signature. In turn, this digital signature provides strong control of ownership.
3. Selective endorsement over proof of work. This is where the smart contracts come into play.
You can look at smart contract as a meeting of the minds. A contract is the result of whatever the consenting parties to the contract agree to.
I hope it clarifies your understanding and clears the confusion.
Quote:
Originally Posted by Liar_Liar
The value of those crypto currencies will need to stablelize first...Bitcoin is a good idea but no one is really interested in using it for its intended purposes.
People buy it solely for the hope of making a short term profit. Once the bubble burst, it will be like it never existed.
Even if the tech becomes mainstream, it won't change anything. It will destroy some jobs in certain markets while creating new ones in others.
Am I missing something here?? People can already do that. I don't see where bitcoin fit in this example. If you understand real estate enough, you don't need these middle men.
Using bitcoin as a form of currency have no impact on whether or not you'll need a broker, or an attorney, etc.. to help you out with your purchase.
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Blockchain Technology
