Cryptocurrencies and blockchain – game-changers in real estate transactions
CRYPTOCURRENCIES ARE AN INCREASINGLY COMMON MEANS OF CARRYING OUT TRANSACTIONS QUICKLY, SECURELY AND AT REDUCED COSTS, WITHOUT THE INTERVENTION OF ANY INTERMEDIARY ENTITIES. ESSENTIAL BUSINESS DISCOVERS MORE
Although the European Central Bank and Member-State governments — including the Portuguese – are wary, blockchain and cryptocurrencies are a fact of life and are here to stay.
And Residential Real Estate, arguably one of the main drivers of the Portuguese economy, will be revolutionised by blockchain technology in the same way that it is transforming so many other sectors of the economy such as banking.
Crypto-Certified Agent and
Legal Services Advisor for Legacis,
José Branco, who was the guest speaker at the regular Real Estate Network Meet-Ups organized by the Estoril-based luxury estate agency Brightman Group, says that while for much of the general public the use cryptocurrencies and the concept of blockchain still remain a complex and even controversial subject, they will increasingly become a common means of carrying out property transactions and not only.
Speaking at the Liquid Lounge on Wednesday evening (12 October), José Branco explained to a group of 30 estate agents, business owners and investors that in short a blockchain transaction is “a digital transaction that is recorded on a public ledger”.
Blockchain is a peer-to-peer network that is above the internet and was introduced in 2008 as part of the proposal for Bitcoin, the virtual currency system that moved away from central bank control for the issuing of currency.
Read full content in ESSENTIAL BUSINESS
