The blockchain technology in real estate sector: Experience and prospects

Abstract

Based on the study of existing practice and specific examples of the use of innovative blockchain technology in real estate transactions and its management, the article gives the basic concepts of this technology, analyzes foreign and domestic experience of its application, examines its sphere of use in the real estate market, substantiates main advantages and shortcomings, as well as the process of various mechanisms for financing real estate transactions. It was revealed that when using the blockchain system, all real estate transactions proceed faster, safer and cheaper. Thus, the objectives of the article include studying and summarizing the Russian and foreign practices of using blockchain technology, as well as determining the main ways and options for its further development and improvement, as a highly effective and promising financial and economic mechanism for participants in real estate transactions.