Real estate markets look to blockchain as COVID-19 putting pressure on the Cointelegraph industry

A number of industries have been adversely affected by the COVID-19 pandemic, including the United States housing market, which is appreciated at $ 33.6 trillion. Recent findings from Zillow, an American online real estate database company, to exhibit that despite low mortgage rates, the coronavirus has slowed the US housing market considerably.

Also, the number of badly defaulted mortgages – those that have been past due for 90 days – is doubled from May to June, reaching its highest level in more than five years. In an effort to revitalize the real estate market, some real estate companies are turning to blockchain concepts, such as tokenization and smart contracts, to replace traditional processes.