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How The Blockchain Will Transform Housingmarkets

How The Blockchain Will Transform Housingmarkets

How the blockchain will transform housingmarkets A blockchains ability to move assets from one owner to another allows less dependence on intermediaries. www.shutterstock.com How the blockchain will transform housingmarkets Lecturer in Finance, University of Sydney Danika Wright does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. An emerging technology, blockchain, could transform the way we buy and sell real estate by doing away with the hidden costs and inefficiencies of our housing markets. Blockchain is an online ledger that records transactions. Its capable of recording the movement of any kind of asset from one owner to the next. Its public and isnt owned by any one corporation, there are no charges to record transactions. Its openness ensures the integrity of transactions and ownership, as everyone involved has a stake in keeping it honest. This means there are fewer intermediaries; less middle-men who increase the costs and time to complete a transaction. There are risks associated with the system as its only as strong as the code that supports it, which has come under attack in the past. Despite this, examples from overseas show it is possible to apply this technology successfully to our housing market. Problems in how the property market is run For buyers able to find the right property, secure a mortgage and save a deposit, they must also pay for a range of so-called hidden costs. These are additional payments associated with the transaction over the cost of the home itself. Many legal and title-related costs would become near-obsolete in a blockchain system. The combined costs of title registration, ti Continue reading >>

Blockchain And Smart Contracts Could Transform Property Transactions

Blockchain And Smart Contracts Could Transform Property Transactions

Blockchain and Smart Contracts Could Transform Property Transactions Adoption of blockchain is on the rise in commercial real estate (CRE) as industry players see how it can be used to develop smart contracts that can drive significant transparency, efficiency and cost savings in core CRE operations. In particular, property transactions processes involving leasing, purchasing and sales are well-suited to benefit from blockchain, observes Bob OBrien , Global Real Estate & Construction leader, Deloitte & Touche LLP, citing the Deloitte Center for Financial Services report, Blockchain in Commercial Real Estate .The report explores blockchains potential value for CRE companies. Blockchain for Real Estate Leasing and Purchase and Sale Transactions The Deloitte report identified six opportunities for CRE companies to address challenges in their leasing, purchase and sale transaction processes by applying blockchain: 1. Provide More Transparent and Cheaper Property Title Management Challenge: High title insurance and related costs due to chain of title and lien recording issues, fraud risk, required diligence and cumbersome clearance process. According to the American Land Title Association, most real estate transactions contain at least one title defect that must be corrected before transferring the title.Moreover, title professionals need to take extraordinary action to fix title defects that could impact the buyers ownership in 25% of transactions.Property owners often incur high legal fees proving ownership due to these issues, says Rob Massey , partner and blockchain thought leader, Deloitte Tax LLP. Opportunity: A blockchain-based digital identity of a property may include its history, location and title details. Usually, buyers and banks can potentially rely on this di Continue reading >>

It's Going To Change Your World: Manchester Developer Claims U.k.'s First Blockchain Property Purchase

It's Going To Change Your World: Manchester Developer Claims U.k.'s First Blockchain Property Purchase

It's Going To Change Your World: Manchester Developer Claims U.K.'s First Blockchain Property Purchase A Manchester developer is claiming to have completed the U.K.s first residential property sale recorded using blockchain. HS Property Group, a real estate investment and development firm based in Manchester, has used a blockchain platform to sell a four-bed multiple-occupancy house in Oldham for 116,500. Blockchain a computing tool which means the way one block of data is encrypted is dependent on the way previous and successive blocks of data are encrypted is one of the tools underpinning cryptocurrencies such as bitcoin. The aim is to allow secure peer-to-peer transactions. Blockchain which has been hailed as revolutionary for the property market helps facilitate a quicker and safer method of buying and selling property as all transactions, from making the offer through to a legally binding exchange of contracts, are recorded on an immutable ledger. The Oldham house sold for 116,500 using blockchain technology. The way we currently transact property is anachronistic, protracted and unreliable," HS Property Group Director Guy Horne said. "Using blockchain technology will be the future of property transactions. The speed and transparency it offers will democratise property investment worldwide. One of the biggest problems the property industry faces is the length of time it takes to exchange contracts along with the lack of certainty," Clicktopurchase Chief Executive Neil Singer said. "Real estate transactions can be complex but by using blockchain the process is significantly quicker. Trafford Park-based HS Property Group was founded in 2014 by Manchester Grammar School old boys Guy Horne and David Searle. They specialise in developing high-yielding residential inves Continue reading >>

Bitcoin: The Future Of Property Development Investment?

Bitcoin: The Future Of Property Development Investment?

Bitcoin: the future of property development investment? In a world first, flats are available to buy in a major property development using the cryptocurrency, Bitcoin Whether this form of crypto-based property development is here to stay depends entirely on the volatility of the cryptocurrency market. That being said, many experts - including Barrowman and Baroness Mone - firmly believe Bitcoin is here to stay. Indeed, it is the golden standard in cryptocurrency Bitcoin, the digital currency underpinned by blockchain, has become one of the most talked about and media-exposed subjects in the technology space. However, apart from its financial applications linked to financial services, the idea of cryptocurrency is relatively unexplored when it comes to other traditional industries; like property. Today that all changes, as the Knox group of companies announces a mega bitcoin development ; offering those in the cryptocurrency community direct access to an exclusive international property development in the heart of Dubai. The 250 million property development project will eventually feature luxury 1,133 studio, one and two-bedroom apartments, which are due for completion in September 2019. A render of what an apartment would look like, available to purchase only in Bitcoin The venture has been undertaken by Baroness Michelle Mone and Douglas Barrowman, both serial entrepreneurs with a wealth of experience. Baroness Mone set up and sold one of the largest lingerie brands in the UK Ultimo and is now a member of the House of Lords. And Barrowman, specialises in private equity technology investments and commercial property. Baroness Michelle Mone and Doug Barrowman partners in business, and in life The merger of property, technology and specifically Bitcoin under one roof is Continue reading >>

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What is Blockchain Technology? A Step-by-Step Guide For Beginners Angel Investors, Startups & Blockchain developers... Is blockchain technology the new internet? The blockchain is an undeniably ingenious invention the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto . But since then, it has evolved into something greater, and themain question every single person is asking is: What is Blockchain? By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency , Bitcoin , the tech community is now finding other potential uses for the technology. Bitcoin has been called digital gold, and for a good reason. To date, the total value of the currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you dont need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why its considered revolutionary. So, we hope you enjoy this, what is Blockchain guide. The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain. Information held on a blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits. The blockchain database isnt stored in any single location, meaning the records it keeps are truly public and easily verif Continue reading >>

Blockchain - Wikipedia

Blockchain - Wikipedia

For other uses, see Block chain (disambiguation) . Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain. A blockchain [1] [2] [3] originally block chain [4] [5] is a continuously growing list of records , called blocks, which are linked and secured using cryptography . [1] [6] Each block typically contains a hash pointer as a link to a previous block, [6] a timestamp and transaction data. [7] By design, blockchains are inherently resistant to modification of the data. Harvard Business Review defines it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." [8] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance . Decentralized consensus has therefore been achieved with a blockchain. [9] This makes blockchains potentially suitable for the recording of events, medical records, [10] [11] and other records management activities, such as identity management , [12] [13] [14] transaction processing , documenting provenance , or food traceability . [15] The first blockchain was conceptualised in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. Continue reading >>

A House Has Been Bought On The Blockchain For The First Time

A House Has Been Bought On The Blockchain For The First Time

A house has been bought on the blockchain for the first time LAST month a $60,000 flat in Kiev, Ukraine, became the worlds first property to be sold using a blockchain. Michael Arrington, founder of tech news site TechCrunch, used real estate start-up Propy to help him snap up the home without setting foot in the country. The transaction took place entirely via smart contracts on the Ethereum blockchain using cryptocurrency. Blockchains are cryptographically secure ledgers that store every transaction made in a system across many different computers, protecting them from fraud. Originally designed to support digital currencies, they promise to revolutionise far more than monetary transactions. The tech has already allowed people to trade things like excess energy from their solar panels , and to participate in a form of direct voting called liquid democracy . Little wonder disrupting real estate has been a long-standing promise of blockchains. Moving international property transactions onto a blockchain should speed up the process of conveyancing and exchanging of paper contracts. It also should make transactions more transparent and properties easier to sell to overseas buyers. San Francisco-based Propy is not the first to try to use the blockchain. Global real estate outfit REX is creating a global property listing service to connect sellers, buyers and agents across multiple countries. ATLANT, based in New York, is experimenting with a form of blockchain-supported property ownership where many people can co-own a property in much the same way shareholders jointly own a company. But Propy is the first to understand that transactions need government involvement. People can do property swaps all they want but without a government to enforce them, its meaningless, says Continue reading >>

How Blockchain Can End Poverty

How Blockchain Can End Poverty

For a long time, Western economists failed to appreciate the relationship between private property rights and economic development. Karl Marx saw private property as the source of wealth and called for its elimination to promote equality. A century and a half later, we know that a country without a formal system for registering property rights limits its own economic development and prevents its citizens from realizing their full potential. Its a simple yet startling fact: The road to economic development runs through the county clerks office at the local courthouse. The great economic divide in the world today is between the 2.5 billion people who can register property rights and the five billion who are impoverished, in part because they cant. Consider what happens without a formal system of property rights: Values are reduced for privately owned assets; wages are devalued for workers using these assets; owners are denied the ability to use their assets as collateral to obtain credit or as a credential to claim public services; and society loses the benefits that accrue when assets are employed for their highest and best purpose. The Institute for Liberty and Democracy, founded by Hernando de Soto in 1979, estimates that two-thirds of the worlds population lacks access to a formal system of property rights, resulting in undeveloped resources and assets worth an estimated US$170 trillion, or 63% of the value of the assets of the US. Increasingly sophisticated data from surveys, satellite photos and the Global Positioning System have resulted in organised knowledge about the location of every visible asset on earth. Yet outside the developed world and some advanced regions of developing countries, there are no accessible records detailing who owns those assets. Forty y Continue reading >>

Why Blockchain Challenges Conventional Thinking About Intellectual Property

Why Blockchain Challenges Conventional Thinking About Intellectual Property

Why blockchain challenges conventional thinking about intellectual property Blockchain technology has turned conventional thinking about intellectual property and copyright on its head. from www.shutterstock.com, CC BY-ND Why blockchain challenges conventional thinking about intellectual property Associate Professor in Commericial Law , University of Auckland Alexandra Sims receives funding from the New Zealand Law Foundation. She is a member of the Asian Pacific Copyright Association and the Blockchain Association of New Zealand. Cryptocurrencies are getting a lot of attention, but finance is only one of many applications of the blockchain technology behind it. Blockchain technology is poised to revolutionise almost everything from supply chains (including illegal fishing and human rights abuses), insurance and health . It is flourishing in an open-source environment, which raises the question whether our current intellectual property laws are fit for purpose to foster innovation. Read more: Demystifying the blockchain: a basic user guide Intellectual property laws incentive theory Intellectual property laws, such as patents and copyright, are premised on the incentive theory . To incentivise people to create, they are given, in effect, a monopoly (with some exceptions) on their creations and can go to court and stop others from free-riding on their work. The digital world has made the tension between innovators and free riders even more acute. In the pre-digital era, copying a book incurred considerable costs for the copier. Now, given that digital files can be copied indefinitely for near zero cost, one could argue that we need even stronger IP laws to prevent rampant and unfair copying. But theory does not always match reality. History is littered with examples of Continue reading >>

Uk's Largest Property Firm Says Blockchain Will Absolutely Have A Function

Uk's Largest Property Firm Says Blockchain Will Absolutely Have A Function

UKs Largest Property Firm Says Blockchain Will Absolutely Have a Function Join our community of 10 000 traders on Hacked.com for just $39 per month. The U.K.s largest commercial property development and investment company has said that the blockchain will absolutely play a role in its business. Land Securities Group, or Landsec, owns and manages over 26,000,000 square feet of commercial property, from Londons offices and high street shops to those of major shopping centres and retail parks. It also owns the advertising Piccadilly Lights in Piccadilly Circus, London. In a CNBC interview, Robert Noel, CEO of Landsec, was asked whether the blockchain would be used in the company. Absolutely If you look at the way what we provide, which is services to business, and those services are around contract, anything that speeds up archaic land law, and contract law, and leasing law, etcetera, will be welcomed. With the use of the technology in Landsecs services it could help to speed up processes, particularly those that require the signing of contracts and extensive paper work. This is turn would help to cut down on the amount of time needed to go back and forth between varying parties. Through the blockchain each party involved would have access to an immutable copy of the contract, which is automatically executed when each party completes their part of the process. Noel claims, though, that the technology wont mean a reduction in actual lawyers for the company. Nowadays, as the distributed ledger gains in prominence within a range of industries and varying use cases, industries are realising the benefits that it can provide. So much so, that law firms are experimenting with the technology to determine its impact on manual processes that they currently perform. In February, it Continue reading >>

How To Develop A Blockchain Application

How To Develop A Blockchain Application

Mobile Expert and Co-founder of octodev.net Bitcoin is the first decentralized currency in the world and it attracts more and more attention over the last couple of years. Bitcoin functions with the help of blockchain technology, which itself bases on the chain of transactions blocks. The information about those transactions updates at all devices in the world simultaneously. The experts predict blockchain big and bright future the technology that ensures that the authenticity of transactions can only be confirmed by the parties involved, without any middlemen or regulating parties, can confirm land and diamonds property rights and organize the communication of smart electronic devices. Despite the fact that not long time ago Bitcoin was beating all anti-records and the wide use of it in the worldwide trading is still in the distant future, blockchain is gaining more and more attention from biggest banks, techno-corporations, governments and venture investors. It was in November 2015 that the combined investments in blockchain projects and Bitcoin have passed the 1$ billion mark. Although in its early days blockchain was only attractive as a base for stable functioning of every cryptocurrency, todays researches and new technologies tell us a completely different story: this database can be used almost everywhere, there are social networks, helpful projects of all sorts and even bank services functioning with help of block data keeping system. It surely isnt the limit, blockchains future looks bright and huge. And that future is something that a lot of people could be afraid of: blockchain can easily replace a lot of bureaucracy system workers, who are only needed to work with databases. At current rate soon comes the day when we wont even need the people for maintainin Continue reading >>

How Blockchain Technology Can Revolutionise The Property Industry

How Blockchain Technology Can Revolutionise The Property Industry

How Blockchain Technology Can Revolutionise The Property Industry by Sam Zawadzki | Sep 13, 2017 | Property Technology | 0 comments By now, many within the property industry will have heard of Blockchain, but perhaps not know what it is. Put simply, BlockChain is a virtually incorruptible digital ledger that can be programmed to record not just financial transactions but almost anything of value. Information held on Blockchain is on a shared and continuously reconciled database which is not stored in any single location, meaning the records it keeps are truly public, easily verifiable and most importantly, virtually impossible to hack. As lenders, our biggest risk is probably fraud. Mortgage fraud in our current climate is estimated to be over 1bn per annum. We spend a lot of time establishing the true ownership of a property and while we insure against fraud, prevention is better than cure. Under the current system some conveyancers can do limited KYC on new clients, potentially enabling fraud. A practical solution to this problem could involve registering a property at a future Blockchain Land Registry (BLR). This Process would require the owners to enter some sort of digital fingerprint such as a retinal scan on registration/purchase, making fraudulent sales or financings near impossible as the same process would be required for subsequent transactions. Should this be the route that the UK property industry takes, we would not be the first to do so- in February, Georgia announced that it would work with Bitfury to commence registration of all property transactions onto Blockchain with further countries in the process of following suit. Property registration through Blockchain is just the tip of an even larger iceberg. It is conceivable that in the future, almost eve Continue reading >>

Atlant World's Real Estate Blockchain Platform Ico

Atlant World's Real Estate Blockchain Platform Ico

14 years in the financial markets, 7 in hedge funds as trader/analyst and 5 in investment banks focusing on derivatives structuring and sales. Specialist in identifying margin of safety value oriented opportunities globally and hedging them with volatility overlays. Serial entrepreneur and investor in multiple startup businesses. Over two decades of experience at major global investment banks in various capacities, primarily fundamental research and trading of Asian and Pan-European markets as well as counterparty risk assessment. Expert arbitrageur in Hong Kong H, Shenzhen B, and Shanghai A shares. Over 5 years of blockchain & cryptocurrency development experience, consulting clients on blockchain technology, smart contract systems, and distributed application stacks. Former CTO and chief designer/architect of several global digital asset exchanges supporting advanced order types, leveraged and algo-trading. Proficient in C++, C#, Python, Javascript and Solidity. More than 12 years of experience in the field of international relations. Over 5 years management experience with the Eurasian Economic Commission, the executive body of the Eurasian Economic Union (EAEU). Experience working with various government bodies, including the organization and management of high level international meetings. Over 25 years in business development for technology startups, including sales, marketing, strategic development, partnerships, consulting and executive management. Specialist in customer and partner relationship management and monetization. Entrepreneur in human optimization field, developer of the Living Unbound and Humanity Unbound frameworks. Experienced frontend developer with a focus on blockchain technology and writing smart contracts in Solidity. Lead UI Developer for Sp Continue reading >>

Blockchain & Fintech

Blockchain & Fintech

Blockchain distributed ledger and cryptocurrency technologies are revolutionizing equity fundraising, financial services, and a variety of corporate and commercial transactions and operations, and prompting rapid regulatory change in multiple jurisdictions. Bennett Jones Blockchain and Fintech Group helps clients navigate the legal complexities of this new environment to help clients create and seize opportunities and mitigate risk. As part of our commitment to this sector, Bennett Jones is also the first Canadian law firm to join the legal working group of the Enterprise Ethereum Alliance, the worlds largest open-source blockchain initiative, dedicated to evolving smart contract Blockchain technologies for enterprise application across industries. As "initial coin offerings" or "initial token offerings" have hit the market, Canadian and U.S. securities regulators have indicated that these distributions are subject to securities law requirements. Blockchain and cryptocurrency are also expected to have huge impacts on areas such as insurance, financial services, international trade, transportation and supply chain management, logistics and value/asset transfer, information technology and tax. As smart contracts and distributed autonomous organizations are designed, implemented and become more common, appropriate legal frameworks will need to evolve to deal with administration, trust, course alteration, ownership, interpretation, disputes and any coding errors, each of which can lead to unintended consequences. These are all arenas our lawyers know well. Concurrent developments in the Fintech space add other important considerations, involving cutting-edge technologies, information and communication technology (ICT) infrastructures and novel business models. Ongoing deve Continue reading >>

Swedish Government Land Registry Soon To Conduct First Blockchain Property Transaction

Swedish Government Land Registry Soon To Conduct First Blockchain Property Transaction

Swedish Government Land Registry Soon To Conduct First Blockchain Property Transaction Swedish land registry Lantmteriet is soon going to conduct their first Blockchain property sale with volunteers after two years of testing. Swedens land-ownership authority, the Lantmteriet, is soon expected to conduct their first Blockchain technology property transaction after two years of testing, the Wall Street Journal (WSJ) reported Wendesday, Mar. 7. Lantmteriet is currently shortlisting volunteers to participate in buying and selling property on its own Blockchain-based platform. Mats Snll, Lantmteriets chief digital officer, told the WSJ that from the technology point of view, we are quite ready. Lantmteriet first started testing Blockchain technology in 2016, completing their second stage of trials in March 2017. By July 2017, the Swedish land registry was using Blockchain to register land and properties on the Swedish Blockchain startup ChromaWays private Blockchain network, albeit on a small scale, according to Snll. Besides ChromaWay, the Lantmteriet has partnered with with telecom company Telia Co. AB and consulting firm Kairos Future for the Blockchain real estate development project, the WSJ reports. Even though according to the WSJ the Lantmteriet already functions in a highly digitized and paperless system, the time from signing a contract to registering a sale can take between three to six months. With the Blockchain system, it could be hours, Jrgen Modin, chief solutions architect at ChromaWay, tells the WSJ. Modin added that the buyer and seller dont even have to be located in the country for the deal to go through. The WSJ reports that there are still obstacles to overcome in Sweden before Blockchain can be adopted on a wide scale for real estate dealings, namel Continue reading >>

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