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Are you confused about this new technology called blockchain? Do you spend hours wondering how is this chain created and why is it called blockchain technology? Why is it so special? What all industries are using it or can use it? If the answers to any of the above questions is yes, then worry not and keep reading. We will start with what is blockchain? And why is it making waves in the world of technology. Let's start with the definitions of blockchain for both layman and technocrats. In layman's language – Blockchain is nothing but an ever-growing secure, shared record-keeping system in which each user of the data holds a copy of the records, which can only be updated if all parties involved in a transaction agree to update. Now let's see what the same thing means in technical language – Technical definition: Blockchain in technical terms is a peer-to-peer, distributed ledger that is cryptographically secure, append-only, immutable and updateable only via consensus among peers. Too technical for you to understand? Worry not – it means the same thing as defined in layman language, but since it is for technocrats it has more technical terms. If you are still…
In 2009, a mysterious person (or persons) named Satoshi Nakamoto published a white paper that introduced the world to bitcoin-a digital payment system that eliminated the need for financial institutions. For the cryptocurrency to work, transactions would need to be recorded in a database known as the blockchain. In 2011, the first bitcoin "bubble" took place when a single coin reached a value of $31.00. In December of 2017, the value of a bitcoin reached a high of over $19,000.00, indicating the success of blockchain technology's first primary use case and opening the door to further innovation. This presents an opportunity in the commercial real estate space. Historically known to resist change, a new generation of startups are building applications on top of the blockchain that will disrupt the industry and force us to rethink the concept of value.     WHAT IS A BLOCKCHAIN? THE SIMPLE VERSION   Steve Weikal is Head of Industry Relations at the MIT Center for Real Estate. He also lectures and conducts research on innovative new technology and business models that disrupt the traditional ways of developing, transacting and managing real estate. Weikal describes the blockchain as a trusted, general ledger. "In a building, all the information (mortgage documents,…
Built by Berlin-based startup Quorum Control, Tupelo brings benefits of blockchain technology to the mainstream in the form of custom-built chain trees for ownership, with backing from groundbreaking Silicon Valley investment firm Initialized Capital. BERLIN (November 1, 2018) - Tupelo, the first ownership-based distributed ledger technology (DLT) platform, launched its TestNet today, opening a new, faster pathway for blockchain-like technology to be utilized in real-world applications. The platform is owned and operated by Quorum Control, a six-person startup of dedicated builders focused on driving DLT adoption. To accomplish its goal, Quorum Control sought and secured traditional equity investment from experienced and successful venture capital firms instead of undertaking  an initial coin offering (ICO) for funding. Quorum Control is committed to the development, testing and refinement of a new application of DLT that contains many characteristics of blockchains but includes a more efficient consensus algorithm. When Tupelo has been proven effective as a tool for real-world business applications--like real estate title insurance transfer and supply chain transparency--Quorum Control will undertake an ICO. Backed by Experienced and Proven VCs Led by Initialized Capital San Francisco-based Initialized Capital led Quorum Control's $2.9 million funding round, bringing well-established and influential Silicon Valley resources to…
imbrex and TruSet are partnering to collect and curate real estate contracts for each state using blockchain technology. TruSet's blockchain platform specializes in the collection of high quality reference data. Imbrex's real estate transaction closing room, Escrow Commons, is a transparent closing room where individuals on the buying and selling side of a real estate transaction can exchange transaction documents, clearly identify and assign action items, and process escrow, deposits and transaction funds. Both teams saw this as an excellent opportunity to employ TruSet's technology and community to advance the collection and curation of essential real estate data.   In the residential real estate industry, states use unique standards for purchase and sale agreements (PSAs). Some states, such as California and Colorado, do not require attorney involvement and contracts are standardized by local governments. In other states, like New York, where legal representation is more customary, contract frameworks vary. This lack of standardization creates confusion and inefficiencies in real estate markets and provides a tremendous opportunity for the large group of technologists and real estate agents around the country to curate the contracts using community consensus. Imbrex will utilize the TruSet community curated purchase and sale agreements for each U.S.…
I once again participated excellent Propteq: Europe event in London, which brings together a number of prop tech enthusiasts, entrepreneurs, investors and people from the industry in general. There was a number of well-run theme sessions, two of which I co-hosted. Having spent the day in the midst of exchanging ideas and discussing emerging topics, two of the things stood out: AI and blockchain. Even though arguably much hyped, these two will most likely have the most profound impact on the real estate industry than anything else before – or ok… maybe except for the electricity. What do I base my conclusions upon? I think AI is in its infancy but there are already working adaptations of machine learning. One can easily think repetitive transactions of similar character in great quantity, like mortgage applications, to be handled by an algorithm – and BTW, one of the biggest banks in the Nordics is already exploring of moving its mortgage application process into an AI assisted process, where the offer could be generated by AI and given automatically to the customer. Same goes for customer / service requests from a building, where an algorithm can combine a lot of data from building automation…
The world of real estate investment has evolved since the internet has embraced every single aspect of today's world business. It's important, in 2019, to understand how the real estate investment's world is embracing new technologies and, most importantly, why. It's crucial, in fact, to break down each individual variable which, when combined, to understand the future of the technological field applied to real estate investment. Let's analyse how. Investments and Monitoring Via Blockchain The blockchain has become quite a trendy subject since crypto values have become commercially powerful a couple of years ago. The recent usage of blockchain-based features from banks like Santander and more has, in fact, resulted in a "standardization" of this very matter, which has also resulted in a vast flux of investments in and from big companies who always placed themselves as big, powerful players within this sector. The Power Of Front-End Development And Real Estate Investment Sites Real estate investment, since it moved online, has always been a fundamental part in every front-end developer's portfolio, given how requested websites and applications/calculators are either in the front-end sector in general and, most importantly, in a general business one. The fact that many eCommerce developers have…
Yet another MIPIM is over. Thank you for the interesting discussions about real estate and proptech's new twists and turns – and of course huge thanks for the organisers for making it all happen! You might have heard my thoughts and comments from the casting videos I made at MIPIM – but to wrap it all up, here's my small recap of what went down in Cannes this year. Probably many participants noticed during the first days that technology has noticeably matured: more day-to-day activities take place and substantial companies like Schneider and Siemens are entering the industry. MIPIM Innovation Forum proved that real estate is now more or less about energy savings, smart buildings and IoT. Even though they were emphasized at the event, I still think they're not really on top of the game for the time being. I think everyone has heard about this and is probably talking about it – blockchain. The subject we all know, was of course highly discussed at MIPIM. There's no doubt that it will have a major impact on the development of real estate and property technology industries. One thing that really surprised me at MIPIM PropTech startup competition was the fact that…
imbrex celebrates a year of platform growth and innovation to create the world's first decentralized residential and commercial real estate marketplace. From pre-listing coordination through transaction, imbrex streamlines and secures the buying and selling process. In its first calendar year, imbrex (https://imbrex.io) has broken into and positively disrupted the real estate marketplace, while redefining core concepts for brokerages, residential and commercial agents, and consumers alike.   Founded by real estate veteran and tech entrepreneur Stephen King, imbrex introduced first-of-its-kind solutions to simplify listing, buying, and selling real estate. imbrex leverages the Ethereum blockchain, an open source environment that stores data in a cryptographically validated and secured immutable ledger, to offer maximum security and compliance for effortless transactions.   All information on imbrex is shared via Inter Planetary File System (IPFS), a peer-to-peer distribution protocol. Listing and transactional data is never stored on a third-party server, ensuring first of its kind ownership, control, and security of information.   Stephen referenced Buckminster Fuller to describe imbrex's impact on the market.   "'You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.' We're building a new way for the real estate…
Rare and exclusive conversation with Brad Greiwe, Co-Founder, Fifth Wall and Josh Stein, CEO, Harbor about Stein's pioneering new startup that is destined to be one of the leading platforms for blockchain technology in the real estate industry. New York, NY (May 8, 2018) -- CREtech (cretech.com), the leading event, content and connectivity platform for the commercial real estate industry, has announced that Fifth Wall's Co-Founder and Managing Partner, Brad Greiwe and Harbor's CEO, Josh Stein, will be the Keynote Speakers for CREtech San Francisco  on June 21. Fifth Wall is an investor in Harbor, a blockchain technology company that aims to revolutionize the world's largest capital market with innovation in crypto-securities compliance. Brad is currently the Co-founder and Managing Partner at Fifth Wall. Fifth Wall Ventures is the largest venture capital firm focused on technology solutions for the Built World. Fifth Wall is connecting the world's largest owners and operators of real estate with the entrepreneurs and innovators redefining how the world interacts with its physical environment. With $250M in assets under management, Fifth Wall is backed by CBRE, Lennar, Hines, Equity Residential, Prologis, Macerich, Host Hotels, and Lowe's Home Improvement. Fifth Wall invests in businesses from all sectors…