Ragnar Lifthrasir is a real estate fintech entrepreneur and President of the International Bitcoin Real Estate Association. He is extremely interested in the idea of using the Bitcoin blockchain to increase overall efficiency in the real estate industry, and he’ll be discussing this topic at the upcoming Blockchain Agenda Conference in San Diego.
Lifthrasir recently shared some of his thoughts on Bitcoin’s future role in real estate with Inside Bitcoins. In short, he believes that the blockchain will offer many improvements over traditional options for record keeping in the real estate industry.
The Blockchain Can Save the Real Estate Industry Significant Amounts of Money
When discussing the advantages of the Bitcoin blockchain for property title management, Ragnar Lifthrasir was quick to point out the current costs associated with title insurance and title fraud:
“Putting property titles on the Bitcoin blockchain will bring the real estate industry out of its existing 18th century technology. Title insurance is a $20 billion industry. It’s estimated that the total annual cost of fighting and resolving title fraud is $1 billion.”
Lifthrasir also noted how easy it is for a criminal