Bitcoin Entrepreneur Jeff Garzik Sees Major Role for Blockchain in Real Estate

Jeff Garzik, bitcoin entrepreneur and founder of Bloq, a code-for-hire service, gave an overview of blockchain’s application to real estate at the International Blockchain Real Estate Association (IBREA) Conference in Newport Beach, Calif. A video of the conference is available on Youtube.
He explained blockchain technology’s benefits to the real estate business: automated payments, fraud reduction, no bad checks, more data on properties in real time, more trust in the property information, and more auditable transactions.
Garzik is also building a real estate decentralized autonomous organization (DAO) which is areal estate investment fund on a blockchain. He is also an IBREA board member.
Blockchain’s Unique Strengths
‘You reduce fraud, you reduce bounced checks, chargeback fraud,’ he said of blockchain technology.
Credit cards are a ‘pull’ payment method, whereby any merchant who has a person’s credit card information has the ability to pull money from the card. Blockchain payment systems, by contrast, are mostly ‘push,’ meaning ‘you give permission for every transaction; no one else can pull money from you ..so it’s much more secure,’ Garzik said.

This post was published at Crypto Coins News on 12/07/2016.