$20M Commercial RE Sale through Blockchain: Is this the future of Real Estate?
I'm a neophyte when it comes to Blockchain technology, so I always curious when a story comes up in my news feed about it (and, of course, how it relates to real estate). Check out his story from Fortune magazine online and let me know what you think.
In the first offering of its kind, U.S. investors can now acquire a piece of South Carolina real estate in the form of blockchain tokens. The tokens represent ownership in a luxury student residence called The Hub, pictured above, which is located near the University of South Carolina in the state’s capital.
The offering is significant because it amounts to the first tokenized REIT in the U.S. This means the owner, Convexity Properties, is providing a traditional real estate investment but one that uses blockchain—a tamper proof ledger technology run across disparate computers—to parcel out stakes. Read more.