Consider buying a house. Across the world, the process of purchasing real estate is somewhat similar. You hire an agent who shows you properties, negotiates with the owner, the owner arranges for paperwork for the property, you pay the broker commission, you prepare all the paperwork to get a mortgage, you sign the deed, and finally get the keys.
It’s a long and arduous process that can sometimes take months and cost thousands of dollars. All this in a world where you can buy a similar amount of Apple (AAPL) shares for free and within seconds on your Robinhood app. Real estate transactions are just one of many sectors where bureaucracy, middlemen, lack of structure, and convoluted rules are creating friction for ordinary buyers and sellers.
It’s precisely this sort of inefficiency experts hope blockchain technology might be able to weed out in the near future. The often overhyped technology that powers the world’s most well-known cryptocurrency, Bitcoin (BTC), may never achieve most of the outlandish things people think it is capable of, but it can already has a track-record of immutability, low costs, high security, and decentralization. All these factors can eliminate middlemen and eradicate the need for fragmented silos of paperwork.