"Walk in with your eyes open:" Navigating blockchain and CRE
Proponents of blockchain say it could profoundly change and disrupt the commercial real estate business. But even those looking to create businesses with the technology admit there are still some significant hurdles that need to be overcome.
Blockchain is the system on which cryptocurrencies like bitcoin is built. Put simply, the cryptocurrency is the what and blockchain is one of the hows, said Andrew Ackerman, the managing director of Dreamit Ventures, a venture fund and accelerator focused on startups.
“What blockchain lets you do is transfer something from one person, without a central ledger and registry, without any doubt that it’s legit,” he said.
Some say it is best to think of it like a database that is accessible to everyone. Basically, it provides a way to record all parts of a deal. It is said to provide a secure, transparent list of transaction steps across a network of individuals and companies.
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