Sweden is working with ChromaWay, Kairos Future, and Telia to create a land registry whereby real estate transactions are put on the blockchain. By doing this, all parties will be able to track the transaction. They have already worked with the banks to test it; now, they are planning to try it in the real world.
What has law firms' attention with the blockchain is how it changes the architecture of contracts. Specifically, rather than being a vertical system, it's open and distributed. Then there are smart contracts that have an impact on basically everything. Ultimately, some lawyers believe that they will revert back to being advisors rather than "documentation machines."
The blockchain could completely disrupt commercial real estate. One particular method is through investments. Today, it takes high net-worth individuals to acquire real estate. With the blockchain, individuals can invest where "fractionalization would allow you to directly own 1,10,000th of a shopping mall."
This is a short minute and a half video where Blythe Masters, CEO of Digital Asset Holdings, explains why Bitcoin might have inspired present day private blockchains, but that for the transfer of funds, there still needs to be a centralized institution in case something goes wrong while also keeping complete privacy.