Blockchain is a defining innovation of the post-millennium tech revolution, and a heartening glimpse at what the future of tech-inclusive society could be. Initially contrived as a solution for the creation of a digital currency, blockchain has become a foundational implement in the generation of new tech opportunities – from finance to law, and even to the reintroduction of wolves into the UK.

Blockchain is something of an everything solution, describing a new fundament for the creation of a secure, decentralised tech future. However, it is still in relative infancy, with various industries and markets innovating to create space for the yet-nascent principle. The property trade is one such market, with blockchain presenting some unique solutions in a variety of different areas. What are these areas?

Blockchain and Property Title Management

One of the first ways in which blockchain could transform the property market is with respect to the management of property titles and land registry information. Indeed, HM Land Registry had already announced intentions to explore blockchain opportunities as far back as 2018, hinting at the potential efficiency and simplicity of involving the technology in the transferring of crucial data.

Blockchain is an immutable ledger, recording data which cannot then be altered or deleted. Using blockchain as the basis for handling deeds and land registry information reduces the risk of fraudulent behaviour, and can also improve efficiency when handling individual cases.

Smart Contracts and Real Estate Transactions

Another key area for blockchain integration is the signing and exchanging of contracts – a crucial part of every property-buying process, and one often log-jammed by high demand on both estate agents’ and solicitors’ time. Smart contracts enable seamless digital signatures and the secure transfer of data from node to node – again, immutably.

This is a process which could dramatically reduce the amount of intermediary effort in getting contracts exchanged. Conveyancers are not quite in the right law specialism to handle smart contracts, but digital assets lawyers would be a shrewd third party to involve to oversee the transaction and ensure its execution.

Blockchain-Based Property Marketplaces

Finally, and perhaps most transformationally of all, blockchain could be used in the creation of an entirely new property marketplace – incorporating the above concepts into a cohesive, decentralised network for the trading and purchasing of land and property. There are already examples of such marketplaces internationally, with some businesses establishing property ‘tokenization’ services wherein digital assets represent physical property.

These business opportunities are yet to fully take off in the UK, but represent a bright potential future wherein property purchasing is taken outside of its current context. Buying a new home or business premise could look extremely different should technology like this catch on, bringing about a new epoch of digital transaction. In a post-metaverse blockchain development era, the practicality of property market blockchain innovation could be the perfect primer.