Blockchain is now in the process of transforming real estate. Payments can now be paid to sellors of real estate using cryptocurrency. Earlier this year, the first apartment was sold in Spain using cryptocurrency. Purchasing apartments in cryptocurrency can help foreign investors in real estate, as one wouldn’t have to rely on funds from local banks to purchase the real estate. For certain types of major transactions one is often required to make them in the local currency on funds drawn from local banks. Cryptocurrency prices are determined by world markets, so once one has purchased the relevant amount of bitcoins one can use that to purchase the relevant real estate wherever in the world, provided that the seller and the broker accept bitcoins. Those who have already invested considered sums in bitcoin can cut out the currency exchange fees, and also cut out the bank wiring fees. Properties are currently being sold in NYC to those paying in bitcoins. Using bitcoins to purchase real estate has become popular in other parts of the world as well, as bitcoin investors seek to convert their investments into something tangible.

Cryptocurrencies can also be used to sell shares in buildings. The first test of this is in a buildings in Bushwick. Those who wish to invest in the building can be tokens, and the tokens represents shares of ownerships in the building. This is an interesting way renters can use to buy equity in buildings they live in. Buildings that need money for repairs or renovations can raise capital by selling tokens. This has not only the potential to completely change the ownership of private buildings, but this could even be applied to public housing. NYC’s NYCHA is a vast network of public housing that could be a city within itself. It has been neglected and chronically underfunded. NYC could issue tokens to residents of public houses. Tokens could represent their ownership stakes in the building, and the city could also raise funds to repair and renovate by selling extra tokens for capital repairs. Residents could chose to remain in public housing and a reasonable amount of money in rent (to be determined by a board elected by the owners of the tokens) or they could chose to sell the tokens and cash out of living in public housing. Cryptocurrency could be used to help reverse the devastating effect the so called wars on poverty and drugs, along with other forms of historical discrimination have had on minority communities in places like NYC.