In the process of buying and selling real estate, one essential task that must be accomplished is the transfer of a clean property title. That means, the property that is associated with the title must also be free of any liens or encumbrances.
There’s a new decentralized and distributed ledger system that is gaining in popularity and picking up speed that will revolutionize the way real estate is bought, sold, invested in, and transferred in the very near future. In fact, this distributed ledger technology (DLT), known as the blockchain, has already arrived and real estate transactions are currently being recorded on it.
Investopedia defines FinTech as a “portmanteau of financial technology that describes an emerging financial services sector in the 21st century.” In other words, FinTech is the use of technology to support electronic banking and financial services.