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Blockchain Beyond Finance: a look at the implementation of technology in real estate
The real estate sector has emerged as one of the key sectors in which the public and private sector are trying to implement blockchain technology. The goal is to improve efficiency and transparency by eliminating most existing documentation and other manual-intensive processes and moving to a digitized blockchain-based system.
In a report, the consulting giant Deloitte hailed blockchain technology as the "next big thing" in the commercial real estate sector (CRE). He said:
"Blockchain technology has significant potential to bring transparency, efficiency and cost savings to CRE owners by removing many of the existing inefficiencies in key processes: CRE companies and industry participants who evaluate an update or revision of their Current systems should have blockchain on their radar as its proven utility has the ability to bring significant value to the industry ".
It is important to note that almost all the efforts of governments around the world to use blockchain technology in this field are in cooperation with blockchain companies.
Brazil
In April 2017, Ubitquity, a blockchain-protected platform for estate registers, announced its partnership with a Cartório de Registro de Imóveis [Real Estate Registry Office] in Brazil to create the first pilot program for the official cadastral documents of the region.
China
In November 2018, the Chinese city of Loudi, located in the central province of Hunan, launched a blockchain-based platform for recording real estate data, CoinTelegraph reported a report from the People & # 39; s Daily. The platform is supported by the departments of land, taxes and buildings in the city. It will allow citizens to avoid queues and other bureaucratic processes when they send documents to these departments, starting from November 15th. However, citizens will also have the opportunity to apply through the traditional paper process.
Georgia
In February 2017, the blockchain technology company Bitfury Group collaborated with the Government of the Republic of Georgia in a move to expand the blockchain land titration project. The blockchain project was under construction in collaboration with the National Public Registry Agency of the Republic of Georgia (NAPR). The parties also signed a Memorandum of Understanding (MoU) in order to expand their blockchain solutions to other government departments.
Ghana
Bitland, an organization that aims to provide services to enable individuals and organizations to probe the land and record acts on the Bitcoin Blockchain, announced that the blockchain initiative is being piloted with 28 communities in Kumasi, Ghana, with the intention of expanding through Africa continent.
Honduras
In 2015, Honduras worked with a Texas-based company, Factom, to develop a permanent and secure land record system using blockchain technology, according to Reuters.
India
The government of the Indian state of Andhra Pradesh collaborated with the Swedish startup blockchain ChromaWay to build a blockchain solution for the land registration system, reported IBTimes UK. The existing land registry system is widely centralized and vulnerable to improper or unauthorized manipulation. The Andhra Pradesh government seeks to address these challenges using blockchain technology.
South Korea
In November 2018 Blocko, AERGO's strategic technology partner that builds the AERGO platform, announced that it would provide a blockchain-based distributed storage platform to link real estate registers to government network data with a blockchain ledger for the Korean Ministry of Land , Infrastructure, and Transport, reports ZDNet Korea.
Sweden
In March 2018, the Wall Street Journal reported that Sweden's Lantmäteriet, the country's land authority, was going to test the blockchain technology for real estate sales. In June, Lantmäteriet announced that together with SBAB, Landshypotek Bank, Telia, ChromaWay, Evry, the Swedish tax agency, the Swedish real estate agency and Kairos Future, completed a digital property transfer using blockchain technology .
Zambia
Doctors Land Governance (MLG), a subsidiary of blockchain property rights of the e-commerce giant Overstock.com, has signed a Memorandum of Understanding (MOU) with the Government of Zambia to develop a systematic systematic governance program for the region. interior of the village.
Speaking of start-up blockchain, in addition to the aforementioned companies including ChromaWay, Ubitquity, Bitfury and others, another startup that led the effort is Propy, a California company that aims to solve problems related to the purchase of property across borders. The company raised $ 15 million in its sale of PRO tokens last year. Some of the main initiatives of this company include
In addition, Hdac Technology AG, a block-based IoT-based platform supported by Hyundai, has signed a Memorandum of Understanding (MOU) with Dream Global Partners in August 2018. The collaboration is aimed at expansion and 39; integration of blockchain-based real estate companies around the world.
In October 2018, the colossal real estate Colliers International started a partnership with the Smartlands Platform securities issue platform in an attempt to jointly build a Stellar-based real estate tokenisation project.
In November 2018, the startup blockchain Harbor launched its institutional platform for the tokenisation of private securities. According to the announcement, the first offer on the platform is a REIT tokenized (real estate investment trust) of Convexity Properties – a DRW company, which represents $ 20 million of private equity in The Hub at Columbia, a premise outside the campus, high-school student housing that serves the University of South Carolina.
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