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Revolutionizing Real Estate: Blockchain's Impact on Property Transactions

Discover how blockchain technology is reshaping the real estate industry, tackling issues like slow transactions, high fees, and fraud. Learn about decentralized leadership and the potential for rapid growth. Explore the key components of blockchain and its applications in property titles, tokenization, and smart contracts. Find out how blockchain can bring transparency and efficiency to real estate transactions. Stay ahead in this ever-evolving landscape with blockchain innovations.

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Revolutionizing Real Estate: Blockchain's Impact on Property Transactions

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  1. How Blockchain Could Transform the Real Estate Industry By: Elisa Arko and Ashley Gault

  2. Allthe Buzz! • Blockchain is part of a brave new world of technology • News and noise • Laws are changing • Tech companies are forming • Conferences are being held • Blockland in Cleveland

  3. Cleveland is Open for Blockchain Business • Decentralized leadership will lead to rapid growth • Attract companies and people to make Cleveland a global thought leader. • Solutions Conference for Business and Government • Determine pilot programs

  4. Problems to Solve • Takes too long to close • Property title mistakes • High fees • Fraud

  5. Blockchain: What Is It? A blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. It is that great big spreadsheet in the sky ...

  6. Blockchain: Key Components • First and foremost, it is a technology. • Internet 3.0. • It replaces the need for third-party intermediaries, such as banks, by allowing direct peer-to-peer transactions. • It allows us to trust and interact directly with our data.

  7. Current Transactions TAMPERABLE

  8. Blockchain Places TRUST in the Network Three key components: • DECENTRALIZATION/DISTRIBUTION • CONSENSUS • IMMUTABILITY

  9. Decentralization Blockchain Conventional

  10. Result of Decentralization: Distribution

  11. Consensus: Adding a Block

  12. Immutability Genesis Block/ Block 1 Hash: AB1234 Block 2 Previous Hash: AB1234 Block 2: CD5678 Block 3 Previous Hash: CD5678 Block 3: EF91011

  13. Immutability: Altering a Blockchain Block 3 Previous Hash: CD5678 Block 3: EF91011 Block 2 Previous Hash: AB1234 Block 2: CD5678 Block 4 Previous Hash: EF91011 Block 4: GH1213 Genesis Block/ Block 1 Hash: AB1234 CHANGE: BA1664

  14. Public vs. Private Chains: Do You Have Permission?

  15. A New Age for Real Estate – 3 Applications • Property Title • Tokenization • Smart Contracts

  16. Property Title • Every city has its own way of storing property data (online vs. paper). • Examples: • First American – sharing of title commitments. • Amazon-like shopping carts for residential transactions.

  17. Smart Contracts Software code to facilitate transactions Example: Escrow

  18. India’s Land Registry on Blockchain • $700 millionin bribes to land registrars • Natural disasters • Lend to no reliable record of land ownership. • No reliable record of land ownership • Haryana Pilot Study

  19. Process of registering property in Haryana

  20. India’s Key Takeaways Blockchain can solve several key problems with paper-based registries. Successful blockchain implementation requires skill and talent. A gradual transition will bridge the digital divide. Blockchain land registries cannot fix a broken system. Blockchain-enabled land registries are just the beginning.

  21. Tokenization = Liquid Asset • Digital representation of an asset. • Ownership is verified within Blockchain, then trading can commence. • Example: • St. Regis Hotel in Aspen 18.9 % of St. Regis • $1 per token – 10,000 tokens

  22. Summary • Blockchain can change the way we do business. • Blockchain is an infrastructure technology. • Blockchain is still in the research and development phase.

  23. Questions?

  24. YOUR OPINION MATTERS! Share your thoughts on this session by filling out the session survey. Use the mobile app or check your email each day for links to the day’s sessions.

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