Bitcoin Entrepreneur Jeff Garzik Sees Major Role for Blockchain in Real Estate

By July 11, 2016Bitcoin Business

Jeff Garzik , bitcoin entrepreneur and founder of Bloq, a code-for-hire service, gave an overview of blockchain’s application to real estate at the International Blockchain Real Estate Association (IBREA) Conference in Newport Beach, Calif. A video of the conference is available on Youtube . He explained blockchain technology’s benefits to the real estate business: automated payments, fraud reduction, no bad checks, more data on properties in real time, more trust in the property information, and more auditable transactions.

Garzik is also building a real estate decentralized autonomous organization ( DAO ) which is a real estate investment fund on a blockchain. He is also an IBREA board member. Blockchain’s Unique Strengths

“You reduce fraud, you reduce bounced checks, chargeback fraud,” he said of blockchain technology.

Credit cards are a “pull” payment method, whereby any merchant who has a person’s credit card information has the ability to pull money from the card. Blockchain payment systems, by contrast, are mostly “push,” meaning “you give permission for every transaction; no one else can pull money from you ..so it’s much more secure,” Garzik said.

One of the key benefits blockchain brings to real estate is “deep data,” which refers to the ability to gain additional insight on properties and customers.

“It (deep data) allows you to make better investment decisions when you have more data stored on the blockchain. You have real-time auditing and real-time risk management…Ultimately that helps maximize sales.”

“The more data points you have, the better informed you are,” he said. ‘Deeper Data’ Benefits

Whether you are a developer or an investor, “deeper data is always better,” he said.Information veracity is another blockchain benefit. “Blockchains provide this beautiful timeline of transactions, filings, etc. so you have a greater amount of trust in these sets of data,” he said. “For example, when you go to […]

Leave a Reply

All Today's Crypto News In One Place