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TSL:20190319 Blockchain 2.0- Blockchain In Real Estate -Part 4.md

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[#]: via: (https://www.ostechnix.com/blockchain-2-0-blockchain-in-real-estate/)
[#]: author: (EDITOR https://www.ostechnix.com/author/editor/)
Blockchain 2.0: Blockchain In Real Estate [Part 4]
区块链 2.0：房地产区块链（四）
======
![](https://www.ostechnix.com/wp-content/uploads/2019/03/Blockchain-In-Real-Estate-720x340.png)
### Blockchain 2.0: Smart‘er’ Real Estate
### 区块链 2.0：“更”智能的房地产
The [**previous article**][1] of this series explored the features of blockchain which will enable institutions to transform and interlace **traditional banking** and **financing systems** with it. This part will explore – **Blockchain in real estate**. The real estate industry is ripe for a revolution. It’s among the most actively traded most significant asset classes known to man. However, filled with regulatory hurdles and numerous possibilities of fraud and deceit, it’s also one of the toughest to participate in. The distributed ledger capabilities of the blockchain utilizing an appropriate consensus algorithm are touted as the way forward for the industry which is traditionally regarded as conservative in its attitude to change.
在本系列的[上一篇文章][1]中探讨了区块链的特征，这些区块链将使机构能够将**传统银行**和**融资系统**转换和交织在一起。这部分将探讨**房地产区块链**。房地产业正在走向革命。它是人类已知的最活跃、交易最重要的资产类别之一。然而，由于充满了监管障碍和欺诈、欺骗的无数可能性，它也是最难参与交易的之一。利用适当的共识算法的区块链的分布式分类账本功能被吹捧为这个行业的前进方向，而这个行业传统上被认为其面对变革是保守的。
Real estate has always been a very conservative industry in terms of its myriad operations. Somewhat rightfully so as well. A major economic crisis such as the 2008 financial crisis or the great depression from the early half of the 20th century managed to destroy the industry and its participants. However, like most products of economic value, the real estate industry is resilient and this resilience is rooted in its conservative nature.
就其无数的业务而言，房地产一直是一个非常保守的行业。这似乎也是理所当然的。2008 年金融危机或 20 世纪上半叶的大萧条等重大经济危机成功摧毁了该行业及其参与者。然而，与大多数具有经济价值的产品一样，房地产行业具有弹性，而这种弹性则源于其保守性。
The global real estate market comprises an asset class worth **$228 trillion dollars** [1]. Give or take. Other investment assets such as stocks, bonds, and shares combined are only worth **$170 trillion**. Obviously, any and all transactions implemented in such an industry is naturally carefully planned and meticulously executed, for the most part. For the most part, because real estate is also notorious for numerous instances of fraud and devastating loses which ensue them. The industry because of the very conservative nature of its operations is also tough to navigate. It’s heavily regulated with complex laws creating an intertwined web of nuances that are just too difficult for an average person to understand fully. This makes entry and participation near impossible for most people. If you’ve ever been involved in one such deal, you’ll know how heavy and long the paper trail was.
全球房地产市场包括价值 228 万亿 [^1] 美元的资产类别。给予或接受。其他投资资产，如股票、债券和股票合计价值仅为 170 万亿美元。显然，在这样一个行业中实施的任何和所有交易在很大程度上都是自然精心策划和精心执行的。在大多数情况下，房地产也因许多欺诈事件而臭名昭着，并且随之而来的是毁灭性的损失。由于其运营非常保守，该行业也难以驾驭。它受到严格法律的严格监管，创造了一个交织在一起的细微差别网络，这对于普通人来说太难以完全理解。使得大多数人无法进入和参与。如果你曾参与过这样的交易，那么你就会知道纸质文件的重要性和长期性。
This hard reality is now set to change, albeit a slow and gradual transformation. The very reasons the industry has stuck to its hardy tested roots all this while can finally give way to its modern-day counterpart. The backbone of the real estate industry has always been its paper records. Land deeds, titles, agreements, rental insurance, proofs, and declarations etc., are just the tip of the iceberg here. If you’ve noticed the pattern here, this should be obvious, the distributed ledger technology that is blockchain, fits in perfectly with the needs here. Forget paper records, conventional database systems are also points of major failure. They can be modified by multiple participants, is not tamper proof or un-hackable, has a complicated set of ever-changing regulatory parameters making auditing and verifying data a nightmare. The blockchain perfectly solves all of these issues and more.
Starting with a trivial albeit an important example to show just how bad the current record management practices are in the real estate sector, consider the **Title Insurance business** [2], [3]. Title Insurance is used to hedge against the possibility of the land’s titles and ownership records being inadmissible and hence unenforceable. An insurance product such as this is also referred to as an indemnity cover. It is by law required in many cases that properties have title insurance, especially when dealing with property that has changed hands multiple times over the years. Mortgage firms might insist on the same as well when they back real estate deals. The fact that a product of this kind has existed since the 1850s and that it does business worth at least **$1.5 trillion a year in the US alone** is a testament to the statement at the start. A revolution in terms of how these records are maintained is imperative to have in this situation and the blockchain provides a sustainable solution. Title fraud averages around $100k per case on average as per the **American Land Title Association** and 25% of all titles involved in transactions have an issue regarding their documents[4]. The blockchain allows for setting up an immutable permanent database that will track the property itself, recording each and every transaction or investment that has gone into it. Such a ledger system will make life easier for everyone involved in the real estate industry including one-time home buyers and make financial products such as Title Insurance basically irrelevant. Converting a physical asset such as real estate to a digital asset like this is unconventional and is extant only in theory at the moment. However, such a change is imminent sooner rather than later[5].
@ -32,7 +31,7 @@ However, another significant and arguably a very democratic change that the bloc
However, even with all of that said, Blockchain technology is still in very early stages of adoption in the real estate sector and current regulations are not exactly defined for it to be either[8]. Concepts such as distributed applications, distributed anonymous organizations, smart contracts etc., are unheard of in the legal domain in many countries. A complete overhaul of existing regulations and guidelines once all the stakeholders are well educated on the intricacies of the blockchain is the most pragmatic way forward. Again, it’ll be a slow and gradual change to go through, however a much-needed one nonetheless. The next article of the series will look at how **“Smart Contracts”** , such as those implemented by companies such as UBITQUITY and XYO are created and executed in the blockchain.
[^1]: HSBC, “Global Real Estate,” no. April, 2008
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@ -47,4 +46,4 @@ via: https://www.ostechnix.com/blockchain-2-0-blockchain-in-real-estate/
[a]: https://www.ostechnix.com/author/editor/
[b]: https://github.com/lujun9972
[1]: https://www.ostechnix.com/blockchain-2-0-redefining-financial-services/
[1]: https://linux.cn/article-10689-1.html