Transformation of the real estate market on the basis of use of the blockchain technologies: opportunities and problems

Abstract

The real estate market is influenced by the global growth trends, such as the growth of the transaction costs and new technologies of the fourth industrial revolution. The types of the transaction costs of the real estate market are analyzed in the paper. The characteristics of the blockchain as a new information technology that allows reducing transaction costs are considered. The essence of the blockchain as a value-communication technology that allows transferring not only information, but also value using mobile networks and the Internet, is substantiated. The types and classification of the blockchains are considered. The directions of real estate transformation on the basis of introduction of the blockchain technologies are shown. Some unresolved issues, as well as the dangers and challenges of the development of the blockchain technologies, are indicated in this article.