Great attending today’s event Blockchain and other Disruptive Technologies: The Competitive Advantage for Entrepreneurship and Digital Transformation,”  produced by the Economic Development Bank of Puerto Rico (EDB). Event was held at the Puerto Rico Convention Center in San Juan.

The topics presented and discussed during the free seminar included blockchain-related regulations, new technologies and business models, “governance and digital identity,” the “functionality of smart contracts,” and blockchain applications in emergency situations.

“Blockchain is a technology that–correctly applied–will be essential to strengthen business competitiveness.  The objective is to maximize the use of this technology in a way that contributes to the recovery of Puerto Rico,” Secretary Manuel Laboy Rivera said.

“Technology is a key factor for entrepreneurship and a determining tool in emergency situations, which is why the Dictum Futurae, together with its lawyers, economists and engineers, who are experts in the digital economy, will bring the latest advances in business development to the Puerto Rican public, as well as applications in real island cases,” said the CEO and partner of Dictum Abogados and Dictum Futurae and president of Fifed, Vicente José García Gil.

The Blockchain Has Many Applications.

What makes the blockchain universal is how it can be implemented for just about any kind of transaction, record-keeping or agreement between one or more parties including the sale and purchase of real estate.

For real estate, the blockchain has the potential to change the way we do business. Smart contracts are being developed which will enable real estate contracts, escrows, property records (deeds, for example) to be completed and monies distributed without title companies or attorneys.

In the near future, it may be possible for a homebuyer to buy a home and complete the sale (along with escrow and title insurance) by clicking on a shopping cart on a website. The blockchain will ensure that the buyer gets the title or deed and the seller gets the cash. The blockchain will also record the title or deed to the appropriate public records, such as a county in the United States or similar.

Real estate professionals will continue to thrive in the era of the blockchain. The advice, knowledge and hand-holding of real estate professionals will always be an important part of a buyer or seller’s process. However, the handling of money and transactions will inevitably change, and that change is already underway. Real estate professionals will need to adapt their business models to understand and enable smart transactions on order to thrive in the era of the blockchain.

By placing property finance, listings and property management on the blockchain and by providing a multi-lingual platform with standardised regulatory compliant documentation, the market is opened to multiple nationalities, affordability levels and listing agents. Real estate finance, management and trade are thus facilitated and simplified.

Jorge Vila Publisher