In the wake of the Malta Delta Summit, upcoming blockchain legislation and the Malta Blockchain Summit, many newspaper columns have been taken up by news of the revolutionary technology.

Like the internet 20 years ago, blockchain innovation promises to be universal, having an impact across all industries and sectors irrespective of the nature of their operations. It is no wonder then that all business stakeholders have their ear to the ground to keep abreast with developments.

Several professionals may find themselves daunted by the dawn of blockchain and what it may mean for their businesses but we are all a little confused by what blockchain really is.

In simple terms, the blockchain is a group of computers each holding an identical, encrypted record of an event or transaction in a hack-proof ledger that is publically available. Validation of the transaction happens through consensus offered by each computer with that same record. The key feature of blockchain is that it allows transactions to happen without a middleman.

In real estate terms, these are exciting times. The human element in the real estate world – where the consultant develops a trustworthy relationship with the buyer or seller – will endure. This is important to all parties. However, the way transactions are made and records extracted, handled and distributed will change with the introduction of blockchain technology.

Smart estate agents are already adapting their business models to accept and facilitate this change in how transactions are carried out. The prediction is that buying a property in an established blockchain jurisdiction will be as simple as adding an item to a shopping cart on a retail website.

Frank Salt has teamed up with Angel Labs, a US-based investor accelerator, to launch Europe’s first blockchain-focused real estate tech fund. Both firms will be accepting proposals from promising blockchain entrepreneurs seeking investment to enable the launch of their ventures.

Grahame Salt, a director at Frank Salt Real Estate who heads its business development, said: “What Malta is doing for blockchain is outstanding, and we want to be the first to jump on the bandwagon. But we want to do more than that – for our country, our business and our industry. With our real estate industry tech fund related to blockchain, in collaboration with Angel Labs, we will be recognised as enablers of this amazing technology, putting both Malta and our company on the digital world map.”

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