How Tokenization Is Transforming This $217 Trillion Dollar Real Estate Industry
The blockchain is revolutionizing the archaic brick and mortar business of real estate. While blockchain is being used widely to manage the legal documentation and sale records of properties, many are finding a new application for this technology. This new application refers to the method of tokenization, where physical assets are converted into digital tokens. These tokens represent a stake and grants the token holder fractional ownership in the tangible asset. Tokenization is already very popular in the art as well as the venture capital sector, but it is rapidly making headways into the real estate industry. One of the most prominent examples of real estate tokenization occurred last year when St. Regis Aspen Resort, a premium luxury hotel in the United States, raised over $18 million in a crowd sale. There have been other success stories of real estate tokenization that have managed to make property developers and sellers believe in the potential this system possesses. ...