Real Estate Working Group
The Working Group promotes the potential of Blockchain in the Real Estate industry. Blockchain solutions also have the potential to save resources, reduce carbon-emissions and make internal processes more sustainable.
Objectives for 2020
The WG has selected three objectives around which it will carry out its annual work. The common goal of the objectives is to enhance the knowledge about applying Blockchain solutions in real estate.
● The first objective aims to create in-depth Real Estate insights by focusing on identifying research-outputs and best practices about the Unique Object Identifier (UOI) in cooperation with the FIBREE UOI Working Group, EC and the sub-working group of the INATBA WG Climate Action that focusses on Real Estate (all united in the so called ‘D2I2-consortium’)
● The second objective aims to expand the knowledge of tokenization as a means of Real Estate financing.
● The third objective aims to enhance the knowledge on the digitization of Land Registries.
Outputs for 2020
The Working Group engages in a number of activities aimed at achieving the above mentioned objectives. Among others, the WG focuses on engaging with the European and international bodies, setting up guidelines on how tokenization projects work as well as on the use and implementation of Blockchain for land registries, organizing roundtables, participating in external events and contributing to initiatives for land registries.
Why is it essential?
Real Estate is the world’s biggest asset class. A building is not a construction on its own, but a large long-term investment that impacts and is impacted by its surrounding. The built environment is a complex multi-stakeholder network that is heavily regulated. In a digital world with Blockchain, a lot of the present information flows between public and private parties can be reorganized more efficiently. Because the impact of this change on society will be great, preparation and interaction with all stakeholders will be crucial to canalize this change in the right direction with alignment of all relevant public bodies.