Blockchain becomes increasingly interesting and receptive, not only among tech-savvies but the general public.
Personally, I believe that blockchain is here to stay, and it’s much more than just cryptocurrencies, that some people merely associate blockchain with. I’m pretty sure that we will see blockchain in all kinds of industries, ranging from law, real estate, banking, product compliance, and more.
Cambodia is a perfect example where blockchain could help the local population immensely, even if it might take some time.
In the late 70’s, Cambodia experienced big problems when Khmer Rouge fighters destroyed many land titles during the genocide. This left a big part of the population empty-handed, with no proof of property ownership. Up till now, Cambodia still experiences issues with land grabbing.
OpenLedger ApS is a Copenhagen based company and one of the pioneers to introduce blockchain services in real estate. Therefore, I decided to invite Mihail Romanovsky, the company’s CMO (Chief Marketing Officer), to let him explain more about how blockchain works, and what impact it will have in the real estate industry.
Let’s see what he has to say.
1: First, thanks for having you Mihail. Before we get into the details, can you explain briefly what blockchain is and how it works technically?
Sure! So a blockchain works like this; It’s like a database that all its users agree on. When a new version of the database exists, that all the users agree is accurate, and that’s recorded immutably in an encrypted format – that’s called a block.