Blockchain real estate. Several industries have lately discovered the sheer amount of positive utility the blockchain technology into their space. One of those industries happens to be the real estate industry. Real estate remains the largest asset class in the world. As per Fortune, London-based real estate advisor Savills tallied up the value of all global property, including commercial and residential property and forestry and agricultural land. By their calculations, the total global real estate valuation comes a whopping $217 trillion total, and residential property makes up about 75% of the total value.

Note: These figures were calculated back on 26 January 2016.

Yolande Barnes, head of Savills world research, said, “To give this figure context, the total value of all the gold ever mined is approximately US $6 trillion. This sum pales in comparison to the total value of developed property by a factor of 36 to 1.”

There was a critical conclusion that Savills made from their study. As Barnes puts it, “Real estate is the pre-eminent asset class which will be most impacted by global monetary conditions and investment activity and which, in turn, has the power to most impact national and international economies.” In simple terms, real estate has and will continue to play a huge role in the global economy.

However, as with most traditional legacy businesses, some issues are severely affecting the real estate industry. Let’s look at some of these pain points.