This document discusses how blockchain technology can revolutionize the real estate industry. It begins by explaining blockchain and how it provides a solution for money transfers by allowing fast, low-fee, peer-to-peer transactions without an intermediary. Blockchain principles like distributed ledgers and miners are also outlined. The document then explores several potential applications of blockchain in real estate, such as digitizing property titles to provide a single source of trust and streamlining transactions. Smart contracts are discussed as enabling online property crowdfunding and trading of shares. Finally, the document proposes a decentralized "Wikipedia for real estate data" to solve problems with inconsistent property listings information.
Call Girls in Sarai Kale Khan Delhi 💯Call Us 🔝8264348440🔝
Blockchain and the Future of Real Estate Industry: Is Revolution Coming?
1. BLOCKCHAIN
AND THE FUTURE
OF REAL ESTATE INDUSTRY
Is Revolution Coming?
Presented by Denis Nemtsev
Founder & CEO, hipflat.co.th
Property Portal Watch Bangkok – 2018
2. MY BACKGROUND
Software developer since 1990s
Real estate broker in Thailand for 5 years
Founded Hipflat (www.hipflat.co.th) in 2013
4. PROBLEMS BLOCKCHAIN ATTEMPTS TO SOLVE:
MONEY TRANSFER
Trusted 3rd Party
$10 $10 - fee
A B
Requires a trusted 3rd party
May take 3 days
Incurs high transfer fees
A B $10
…
…
10. BLOCKCHAIN IS NOT JUST
FOR DIGITAL CURRENCY
BLOCKCHAIN & REAL ESTATE
Part 2
11. BLOCKCHAIN FOR REAL ESTATE: DIGITIZED TITLES
Tracking property ownership is a paper-heavy
process, susceptible to forgeries and clerical errors
70% of the world’s population lack access to land
titling (World Bank)
Real estate title fraud (corrupt officials)
Problems:
12. BLOCKCHAIN FOR REAL ESTATE: DIGITIZED TITLES
Digital identity of a property may include its history,
location and title details
“Unhackable” public record, a single source of
trust, which can be easily audited
Pilots: Sweden, US’s Cook County, Republic of
Georgia, Ukraine, Ghana
Blockchain Solution:
13. BLOCKCHAIN FOR REAL ESTATE: TRANSACTIONS
Property transaction is a complex multi-step
process
Involves many 3rd parties:
- Brokers
- Government recorders
- Title insurance companies
High costs
Problems:
- Escrow companies
- Inspectors and appraisers
- Notary publics
14. Remove many intermediaries
Speed-up and streamline the process
Reduce costs
Enables safe and secure online property
transactions
Blockchain Solution:
BLOCKCHAIN FOR REAL ESTATE: TRANSACTIONS
15. WHAT IS A SMART CONTRACT
Computer program stored on a blockchain
Open and easily auditable code
Permanent and can’t be altered after
deployment
Self-executes, in a predictable way, when
certain conditions are met
16. SMART CONTRACTS FOR REAL ESTATE:
PROPERTY CROWDFUNDING
Buy a fraction of a property with $100
Invest online in properties around the world
Automatic and transparent distribution of
dividends
Enable liquidity by allowing trading of shares
backed by real estate
17. TYPICAL PROBLEM IN EMERGING MARKETS
This is a condo in Bangkok,
where I want to buy a unit.
Online search results:
Portal #1: 391 listings for sale
Portal #2: 353 listings for sale
Portal #3: 669 listings for sale
But the total number of units
in this condo is 361
18. HIPFLAT PROPOSED SOLUTION:
GLOBAL DECENTRALISED “WIKIPEDIA” FOR REAL ESTATE DATA
An open network of buyers, sellers, agents,
developers, banks, landlords and tenants
Members submit and independently validate
information
Self-governed mechanism, that rewards valuable
contributions and punishes bad behaviour