We’ve often heard blockchain will change every aspect of our lives—and it’s honestly not far from the truth—especially if we view it from a transactional or processing perspective.
Blockchain was first conceptualized in 1991 by Stuart Haber and Scott Stornetta. But for about two decades down the line, there was no significant growth until Satoshi Nakamoto brought in the idea of decentralization with cryptocurrencies featuring Bitcoin.
Like every other trendy technology, it can be quite challenging to get your head around blockchain and how it applies in the mortgage space. That’s especially true if you’re not tech-savvy or you’ve conditioned yourself to the conventional centralized system for most of your time.
The hype we have previously experienced about blockchain and cryptocurrency is dramatically becoming a reality, thanks to this actionable invention of the twenty-first century—smart contracts.
Over the past few years, blockchain technology has extensively scaled from just implementing digital payments like cryptocurrency to becoming a boardroom agenda for most real estate entities.