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I said for a while now that, in 10 years, almost all commerce will be done on the blockchain.  There are simply too many advantages to it over the traditional centralized system.

Real estate is one of the largest parts of most economies.  In the U.S. it, along with construction, can reach as high as 40% of the total GDP.  This industry generates trillions each year.  Unfortunately, both the entire real estate sector is very similar to how it was decades ago.  There are a few advancements but nothing radical.

That is going to change with newer technologies implemented.  In my opinion, virtual reality could really affect this market.  Another is autonomous cars and what that does to people's decision of where to live.

The other one is blockchain and that is already underway.

On February 20th, Vermont completed its first real estate transaction on the blockchain.  In fact, not only was it the first for Vermont but also the entire United States. 

This is a monumental breakthrough.  Blockchain makes all processes easier and more streamlined.  At present, most financial transactions have "friction" since there are so many layers to go through.  This causes not only higher prices as each layer takes a piece of the action but slows things down.  Eliminate those in the middle and you speed things up.

The deed is stored on the Ethereum blockchain using a smart contract.  It is not different than any other transaction on there.  

https://www.inverse.com/article/42072-vermont-real-estate-deal-first-in-us-to-blockchain

People find some of the numbers thrown out about the values of blockchains to be unrealistic.  The challenge is getting people to understand that we are starting to see the shift where hundreds of millions of transactions (even billions) will take place on the blockchain.  This means that those networks will be extremely valuable.  When you are looking at most of the world GDP being run on blockchain, this increases the valuations significantly.  

I like that this company, Propy, is using a public blockchain to do these transactions.  That is the golden nugget.  Startups that gain traction using the public networks will set the agenda.  We are already witnessing the idea of the banks and other entities trying to set up centralized "blockchains" they control.  This is going to happen for the next half decade as they try to hold onto their place in the world.

![](https://steemitimages.com/DQmUkeYyPoVRSa48GDuXTEkoR8U6PdTz9xksFjR5FxkiTw4/image.png)

We must all seek to use decentralized public blockchain as much as possible.  This is where the true revolution takes place.  Operation on these networks increased the traffic (and value).  It is also where we assist in the shift away from the central bank issued currencies.  This real estate transaction, at least the filing part, used ETH as the form of payment.  The USD was not involved in it  at this level.

Is this disruptive?  Absolutely.  Think of what this will do to title companies, as an example.  Will anyone need to do a title search when this woman sells the house?  It is all there on the Ethereum blockchain for all to see.  When the title changes hands again, the new smart contract will reflect that creating a public trail that anyone can follow.  

The story exemplifies another aspect of blockchain that people confuse.  Many are stuck in the mindset of "competition".  This is normal since the banksters put it there.  However, this company is using Ethereum for business.  Do you think they are suddenly going to pick up and move their business?  Also, we know ETH is a slower blockchain compared to STEEM and BTS, yet does it matter?  How long would it take for a title filing under the normal circumstances?  Does it matter if this transaction takes 5-10 minutes to be completed? 

As millions of people set up businesses on blockchain, we are going to see them all used for different purposes.  Ultimately, through interoperability, we are going to see people being able to move back and forth between the different blockchains.  Perhaps EOS starts the process on this end.

It is an exciting time to be involved in this arena.  We literally are watching the world change before our eyes.

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