Research has shown that it is primarily wealthy Americans who are driving the demand for new tech. With their larger disposable incomes, wealthy families tend to be the owners and adopters of the newest technologies.
Opulent People in the United States Are More Likely to Use Smart Technology
In the United States, wealthy people are more likely than the general population to own most types of technology. For example, 28% of affluent households report owning some kind of smart home tech, compared to 11% of the general population. Additionally, 20% of the U.S. affluent own smartwatches, compared to 11% of the general population.
New technologies such as blockchain tech are also coming into the picture. Unsurprisingly, communities of affluent folks are proactively testing the new technology. One such example involves the case of Michael Arrington, who completed two real estate transactions using blockchain tech.
Blockchain Tech Applies to Real Estate
In 2017, Michael Arrington, the American founder of TechCrunch and an influencer in Silicon Valley, initiated the first steps in using blockchain tech to conduct a real estate property transaction. Through Propy’s blockchain-backed application, he was able to purchase an apartment in Ukraine. Then, in 2019, using Propy’s Transaction Platform, Arrington completed the other transaction involving the sale of an SF apartment. These actions sparked interest among influencers in the blockchain and real estate spaces.
Propy Supports a Secure Real Estate Process
In the traditional real estate world, the property transaction process is unreasonably complicated, lengthy, expensive, and risky. Regarding the current state of the process, Arrington stated, “The traditional real estate sale process is arduous and broken… It’s an opaque, dated, and unnecessarily lengthy process, full of risks such as wire fraud.”
Propy believes that new tech is meant to make people’s lives more convenient and stress-free. By running communications through a permissioned blockchain-based application, Propy eliminates the risk of fraud and simplifies the real estate transaction process. As more affluent people are jumping on board, the benefits of using blockchain tech are becoming more tangible.