The Role Of Blockchain Technology In Real Estate Transactions

The Role Of Blockchain Technology In Real Estate Transactions – This paper aims to investigate the feasibility of effective implementation of blockchain technology in the real estate sector, particularly applied to the application of trust law in

The book is focused on how to use blockchain as a trust tool, examining the main features and characteristics of this technology.

The Role Of Blockchain Technology In Real Estate Transactions

The Role Of Blockchain Technology In Real Estate Transactions

The paper proposes two potential determinants for the management of trust instruments in the real estate sector, especially among them

Blockchain In Real Estate: Use Cases & Challenges

Project. The first simple tip is based on the timing tool. The second significantly changes the classic trust model and introduces an automated level into the process.

The Role Of Blockchain Technology In Real Estate Transactions

Project, which, among other things, enables legal and tax flexibility for the establishment of funds for the benefit of people with severe disabilities.

This paper shows the potential of the combination of blockchain technology and the real estate community and the application of blockchain technology to

The Role Of Blockchain Technology In Real Estate Transactions

Blockchain Real Estate Technology: Exploring Innovators And The Impact

Project. Specifically, with the second solution, the paper proposes a platform that gathers many elements of blockchain technology into a network, such as time periods, smart assets, smart contracts, and connects them in order to provide services to people with severe disabilities. . .

Morena, M., Truppi, T., Pavesi, A.S., Cia, G., Giannelli, J. and Tavoni, M. (2020), “Blockchain and Real Estate:

The Role Of Blockchain Technology In Real Estate Transactions

Published by Publishing Limited. This article is published under a Creative Commons Attribution license (CC BY 4.0). Anyone may reproduce, distribute, translate, and create derivative works from this article (for commercial and non-commercial purposes), with full attribution to the original publisher and author. The full terms of this license can be found at http://creativecommons.org/licences/by/4.0/legalcode

The Power Of Blockchain Technology In Revolutionizing The Real Estate Industry

Since the publication of the seminal Bitcoin white paper (Nakamoto, 2018), interest in blockchain technology, the layer beneath cryptocurrencies, has grown. As mainstream companies initially misunderstood the Internet in 1994, mainstream companies and banks treated blockchain the same way until two years ago, which was considered a “banking nightmare” (Panetta, 2017).

The Role Of Blockchain Technology In Real Estate Transactions

Since the only reliable and everyday application of blockchain until a few years ago was Bitcoin, this technology was only seen as suspicious and dangerous without seeing its true potential.

In fact, it can be implemented in many fields and can be a game changer in the future.

The Role Of Blockchain Technology In Real Estate Transactions

Blockchain In Real Estate: Use Cases And Implementations

An important tool that describes how expectations arising from blockchain technology have evolved over time is Gartner’s Hype Cycle for Emerging Technologies (Figure 1). As you can see, after the initial download, which brought the blockchain to the peak of expectations, it is now at a reduced level. This proves that the development of real applications based on this technology is still in its infancy and that it will take more time, from 5 to 10 years according to Gartner’s chart, to spread reliably and efficiently across different sectors.

In this general context, the aim of the book is to analyze blockchain technology and evaluate how it can be implemented in the real estate environment.

The Role Of Blockchain Technology In Real Estate Transactions

In particular, the basis of the book is focused on how to use blockchain to apply real estate trust: more precisely, the book proposes two different solutions that can be applied to business.

Blockchain Real Estate Companies For Investors

(After us) of the Lombardy region in Italy, which uses the legal instrument Trust to guarantee assistance to people with severe disabilities.

The Role Of Blockchain Technology In Real Estate Transactions

After defining blockchain technology from a technical point of view and analyzing its prevalence in the world, especially in the field of real estate, the book considers what could be the best applications and the power of distributed ledger technology (DLT). Focusing on the implementation of a platform related to real estate transactions, the paper proposes two new solutions that can adapt the blockchain to a specific legal system known as Trust. The paper explains why blockchain can be improved by providing an analysis of the technical characteristics and connections between trust and blockchain. Two blockchain-based platforms can manage the Trust application, leveraging real-time in the first case and smart contracts and asset tagging in the second.

Finally, it shows the implementation and adaptation of such solutions to a practical case study on an Italian national project

The Role Of Blockchain Technology In Real Estate Transactions

Blockchain Technology Is Changing Real Estate

(After Us), which, among other things, provides tax and legal benefits for the use of the Trust for persons with severe disabilities.

Attention to blockchain technology has spread worldwide, not only among FinTech startup developers, but also among investors who have begun to finance them, as well as regulators and central banks.

The Role Of Blockchain Technology In Real Estate Transactions

The increase in the level of global investments shows that interest in this technology has really grown in recent years, which is confirmed by the entry of major players such as Goldman Sachs, Deloitte, JP Morgan, IBM, Intel, Disney and many others. Indeed, around $1 billion was invested in technology in 2016, compared to just $2 million in 2012 (Ferrari, 2017).

Will Blockchain Technology Change Real Estate?

Because any property, any right, or any container of value and information can be included in a contract, they can be converted into code that can be stored and managed in a distributed ledger via blockchain. Therefore, the technology can be implemented not only in the financial world but in general in everything that can record and process ownership of assets.

The Role Of Blockchain Technology In Real Estate Transactions

Obviously, the main area of ‚Äč‚Äčapplication of blockchain technology concerns financial transactions. After the creation of Bitcoin, various projects have been developed that can be disruptive in terms of the overall money transfer architecture (World Economic Forum, 2015).

Today, the main problems against its spread are people’s attitude towards the traditional payment system and the inability of average users to fully understand how blockchain works and how to create a digital wallet, buy coins and use them.

The Role Of Blockchain Technology In Real Estate Transactions

Blockchain In Real Estate Industry

For these reasons, many new initiatives and financial institutions are trying to adapt to blockchain to simplify the payment process and allow people to use it easily (Fuller, 2017).

Although large financial institutions and banks perceive blockchain technology as a threat, they began to analyze it, and when they realized its great potential, they began to test solutions that could adapt to their specific needs. A report by the UK Government Scientific Adviser (UK Government Scientific Adviser, 2016) predicts that the existing infrastructure of the financial system could gradually be replaced in the future by a multi-account system distributed and connected on the basis of blockchain technology. In a recent paper, “FinTech Paper 2.0: Reimagining Financial Services” written by Santander InnoVentures with Oliver Wyman and the Anthemis team (Santander InnoVentures et al., 2015), the cost is estimated to be around $15-20 billion annually by 2022, thanks to the introduction of blockchain technology in the banking sector. Also, the main Italian banks (Intesa Sanpaolo, UniCredit and Banca Mediolanum) together with partners such as Bank of America, Merrill Lynch, HSBC, UBS participate in R3 CEV, an international partnership. R3 CEV, launched in the summer of 2015, aims to build a distributed architecture based on blockchain technology aimed at serving the financial world.

The Role Of Blockchain Technology In Real Estate Transactions

Some countries, such as the Netherlands, are starting to develop the first real estate blockchain application for the purpose of writing rental contracts (Veuger, 2018). The project is:

Crypto Real Estate: The Property Market Built On Digital Assets

“With the help of Blockchain, we can consolidate all information about buildings and provide access to parties who need the information. Then it serves as a kind of home passport” (Veuger, 2018).

The Role Of Blockchain Technology In Real Estate Transactions

Blockchain technology enables the transfer of tangible and intangible assets to a digital scale; in this way, it is possible to download and exchange digital goods without intermediaries, creating an economy where trust is not given to a central authority or third parties, but is placed in a complex cryptographic code.

Furthermore, blockchain can improve the current business process, reducing the time required for due diligence and the transaction process and improving trust between parties and trust in information (Wouda and Opdenakker, 2019).

The Role Of Blockchain Technology In Real Estate Transactions

Blockchain Facts: What Is It, How It Works, And How It Can Be Used

Interesting applications for blockchain can be found in the context of real estate registration and transfer, especially in legal systems where public agency and the principle of trust in public authority are neglected in real estate registration or where reliable land registration is neglected. the system does not exist, for example, in underdeveloped countries.

According to Hernando De Soto, a well-known Peruvian economist and opposition activist, about 5 billion people do not have proper documentation (Arsenault, 2016). They have difficulty verifying the management of economic activities, ownership of their assets, and even verifying their existence. The lack of documents does not allow them to have a bank account, denies them the ability to obtain credit using their home as a trust, denies them the ability to sign an insurance contract, and disables their contractual status throughout their lives. , property and business activities are documented in accordance with the law.

The Role Of Blockchain Technology In Real Estate Transactions

Although with some limitations, the implementation of blockchain technology has been proposed for the Honduran land registry system to solve the registration problems facing the country (Lemieux, 2016).

Real Estate And Blockchain: The Transformative Potential

Assessment of the main challenges and associated opportunities

The Role Of Blockchain Technology In Real Estate Transactions

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