The real estate market in Los Angeles and elsewhere continues to change thanks to the advancements being made in technology. A particular change that appears to becoming to real estate is the increasing use of cryptocurrency. This form of currency may come in handy not only for residential real estate but also for purchasing properties featuring commercial leases.
Real estate appears to be the ideal sector for embracing blockchain-driven innovation. In the past, completing real estate transactions via digital channels was never the norm. After all, these types of transactions have traditionally be conducted face-to-face with a wide range of entities.
However, blockchain is opening up a number of ways in which to change this. For instance, the smart contracts available in today’s blockchain platforms currently allow for the tokenization and trading of real estate using Bitcoin and other cryptocurrencies. With blockchain technology, those completing real estate transactions essentially no longer need an expensive broker to facilitate their transactions. Instead, they can use the blockchain — a peer-to-peer, distributed network — instead. A major benefit of this is that the blockchain may make property data much more accessible and centralized.
Whether properties featuring commercial leases are purchased with cryptocurrency or with traditional cash, the process itself can seem daunting. This is particularly true for those in Los Angeles who have little experience with the dynamic and competitive commercial real estate market. Fortunately, an attorney can provide the guidance needed to navigate these types of transactions correctly and confident in the Golden State.