There is no turning back from technological transformation and the pandemic has convinced us all that it is a road of no return. Technological disruption has entered the property market to stay and revolutionise its processes. ‘The standstill caused by lockdown has made everyone aware that it is a road of no return.’ This is what Tecnotramit’s CEO, Vicenç Hernández Reche, said in a recent interview. He also stated: ‘If a year ago we were talking about single tech, such as blockchain, AI, or big data, we will now start to talk about how these solutions will combine to create other tools.’
Blockchain is the technology that will have the biggest impact on the course of the property market disruption. The technologies that will affect the construction sector will not be the same as those that affect the transactional one, but blockchain will be the common disruptive element. It is often related to cryptocurrencies only, but it is also involved in smart contracts and digital signature processes. In this sense, new tech will be connected by blockchain. This will provide traceability to the sector’s entire value chain.
On the other hand, cryptocurrencies are a fundamental element for financial disintermediation and democratisation. This will impact how property is bought and sold. At a time when there hasn’t been much volatility, low but stable interest rates, and equity markets slowly rising, a disruptive element has joined the market. Both volatility and opportunity to make money have been created, attracting a lot of attention. This has always happened, but cryptocurrencies should not be mistaken for the entire blockchain as a much broader concept. Cryptocurrencies should not be confused as a mere speculative element either as these currencies are part of property market transactions.
At this point, it is necessary to remember there is no technological disruption without a culture change in the organisation of a property sector company. ‘People are reluctant to change. Many people fear for their jobs when digital transformations are involved, but this process shouldn’t be seen as a threat but an opportunity. There is nothing worse than fear to prejudice change. The market will progress radically, but people must not be forgotten as they are essential in a service-based industry,’ as stressed by Vicenç Hernández Reche.