Three Blockchain Techniques To Keep Agents “Out Of Orange Jumpsuits”
Hello, people. Welcome to the REH Real Estate Youtube channel. Teresa Grobecker and Sheila Fejeran made their case on Inman Connect. A company is preparing for a dramatic shift to a fully blockchain-based financial system, and they are serious enough to make this transition before 2020.
For years, it has been difficult to make sense of blockchain’s impact on real estate. However, one company is acting on the premise that the switch to blockchain transactions could be the first to happen. We are preparing a data backbone that can support the radical changes in financial transactions. If you want more of this content, Real Estate Heaven Fan, subscribe to the REH Real Estate Youtube channel and hit the notification bell.
Two real estate CEOs addressed an audience of professionals at Inman Connect Las Vegas on Friday. Here are some key takeaways from their presentation:
In a world influenced by cryptocurrency, the inevitability of a new digital currency is evident.
For months, the US Federal Reserve has been floating the idea of creating a digital currency.
In an executive order in March, US President Joe Biden called for the government to investigate this matter further, a necessity given the need for a possible new currency.
The blockchain community has watched this development closely. Some see this so-called “Fedcoin” as a potential threat to the existing Bitcoin crypto assets.
Businesses in the economy will change due to the potential of new currencies and their impact on the digital revolution, including real estate.
And while it is not clear how US regulators will take to the idea of a new digital currency, Grobecker does believe this concept is only a matter of time. There have been no proposals formalized that would make Fedcoin permissible.
“But whether you love blockchain or hate it, what you really need to know is that when Fedcoin comes along, all transactions will be on the blockchain,” according to Grobecker. “So it is important that we adapt and adopt this as a business practice so that we are ready to serve our customers when this upheaval happens. And here we are today.”
They are committed to keeping agents front and center.
Many Consortia executives have promised for years that their platform would aim to keep agents at the center of real estate transactions should the market undergo a shift.
Grobecker argued that when real estate transactions are recorded on a decentralized blockchain, it would need an agent to supervise the actions of property owners.
The consortium has developed a process whereby human agents receive secure places within the blockchain.
According to Fejeran, “Consumer protection is the number one goal, but once that is achieved, the focus shifts to agents and companies who serve consumers.”
Agents performing token payments are at a major risk.
As blockchain assets are regulated by local law, agents face new legal risks.
She stated, “What most people sitting in this room probably don’t realize is that when you start selling homes as NFTs, you’re actually crossing the line with what’s considered SEC guidelines and regulations. is.”
To ensure that agents are not entrapped, the AI also includes educational materials to help avoid being “put in an orange jumpsuit,” said Fejeran.
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