The news last week that cyber outlaws are sneaking into agent email accounts and duping homebuyers into wiring money to illicit bank accounts screams out for industry action to verify the parties in a home transaction. Suddenly, it is evident that the industry is not keeping up with cyber thugs and must move quickly to create a safe digital real estate system.
- Blockchain authenticates participants, verifying everyone's identity -- buyer, renter, seller and the property.
- One app is using blockchain to help smooth the subleasing process when rental tenants must move on, verifying the property, new and old tenants.
- Blockchain can make the industry safer for agents by verifying and qualifying buyers before they meet with an agent, and it can also protect consumers from fraud.