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Blockchain technology and artificial intelligence (AI) are reshaping the real estate industry by increasing transparency, efficiency and accuracy while reducing risks and unnecessary costs.
According to a recent article in The Financial Post, “How blockchain and artificial intelligence will reshape real estate”, new technology will change the way real estate operates by making data easily accessible to interested parties. Blockchain aggregates information about a property, from previous owners to structural details, cutting down on wasted time and money by eliminating intermediaries.
Machine learning algorithms also improve predictive analytics by eradicating human error and bias when determining the value of a property. Accuracy is especially important, amplifying the need for high quality algorithms and data that blockchain can provide. According to The Financial Post, AI is a replication of how the human brain operates, so it strongly relies on this data in order to be effective.
As much as blockchain and AI are taking over the real estate industry and real estate professionals need to ensure they are prepared, it is understandable that people still have a lot of questions and uncertainty. Real estate is an industry full of emotions and many wonder how AI could ever truly replace this. How do you feel about blockchain and AI? Are you prepared to embrace it or do you need to learn more before you will be ready to utilize it?