Hello everybody! Welcome back to Suburban Snacks, where we not only inform you of current Real Estate topics but we also review a different food item every month! This month’s snack is… sour punch bites! Before we review the snack, we’ll be informing you on how blockchain and cryptocurrency are influencing the Real Estate market! So for anyone who doesn’t know, what is Blockchain and Cryptocurrency? According to Realtor Magazine, cryptocurrency is a digital form of money that allows transactions to be verified and records to be maintained by a decentralized system using encrypted databases. And blockchain technology enables the existence of cryptocurrency. It is a shared, unchangeable ledger that facilitates the process of recording transactions and tracking assets in a business network. So how do these technologies affect the Real Estate transaction? Propy, a real estate transaction platform, has already completed over $4 billion in real estate transactions on the blockchain. Recently, the company seamlessly transferred ownership of a Tampa, Fla., condo in 15 minutes! Real Estate professionals believe that transactions completed on the blockchain move so quickly because of the lack of credit and background checks. Unlike traditional funding, cryptocurrency does not use these processes to purchase assets. Though more risk is involved when background and credit checks aren’t completed, using cryptocurrency and the blockchain opens the world of real estate up to a pool of buyers that might have otherwise been ineligible. It’ll be interesting to see how not only Real Estate, but the world adapts to this new technology! If you are a buyer who is interested in purchasing a home then we at Suburban would love to help! Do you like sour punch bites? Let us know in the comments below. That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to get into contact with us feel free to check out our website at suburbanrealestategroup.com. Also, make sure to click the link below to follow us on Facebook. Thanks for watching, my name is Cade Olof and we will see you in the next one!