With physical documentation, there is always a significant risk, whether it be physical damage, loss or tampering. However, in an increasingly online world, a secure blockchain can speed up processes and keep records safer. As part of the Lega Legale 100 webinar series, Michela Garcia Gilbert, President and CEO of the Gilbert Garcia Group, has addressed the way in which this technology can be adapted to serve the real estate sector.
Give the definition of the blockchain, Garcia That said, the blockchain was a "peer to peer register", a continuously growing list of records that was cryptographically protected through a network. He explained to the audience that the data of a blockchain were impossible to change, leaving data from the past accurate. This data is available to everyone on the network, with the information encrypted with the public key of the interested party, available to everyone on the network and then decrypted with a private key available only to the interested party.
Continuing with explaining how the blockchain could be implemented in real estate, the webinar touched on topics such as the current system of paper titles, which has much room for errors and how blockchain was different and safer. The webinar explained that blockchain for real estate transactions meant that records were indestructible and could not be tampered with. By taking a look at the future with blockchain technology, the speakers said that personal closures would become a thing of the past, since everything would be available through the network.
The webinar also provided information on how blockchain could help businesses financial services and the drawbacks of this technology today. A blockchain network requires a large amount of energy consumption, especially with the expansion of the blockchain. In addition, all stakeholders must be registered and work together to access the records, Garcia explained during the session. Another problem is the fact that blockchains are not currently regulated, which means that the verdict is still in place regarding privacy laws, intellectual property and other legal factors.
Click here to view the full webinar.