Blockchain awareness may be on the rise, but there are still some major hurdles left before widespread adoption can start in industries, not just IT.
Renat Khasanshyn, CEO at Altoros, led a fireside chat discussion about the requirements and adoption bottlenecks for blockchain in real estate and finance. The speakers included Blockchain Clearing’s CEO Ryan Singer, ACERRO’s CFO David J. Howie, and Blockchain Capital’s Venture Captalist Jeremy Gardner. The event was hosted by the University of San Francisco’s School of Management.
Hyperledger Requirements and Adoption Bottlenecks in Finance and Real Estate
Tellus Title Company, a Sacramento-based startup, recently released a ground-breaking whitepaper that explores the possibilities of creating a cutting-edge blockchain protocol designed for the Real Estate industry. “If there’s a sector that’s worthy of its own blockchain, Real Estate is it,” said Tellus CEO, David Howie. “Today, the sum of real estate assets worldwide eclipses the total value of crypto assets.”
New Whitepaper Explores the Future of Blockchain and the Real Estate Industry
We currently find ourselves entering a world of burgeoning blockchain protocols. The architecture behind these emerging protocols must be crafted for their intended purposes to scale efficiently and with a defined scope. The scope for our ‘Tellus Blockchain Protocol’ is limited to real estate. Within a defined scope, we can develop a data structure for our blockchain that would allow the real estate industry to build applications on top of it to reduce inefficiencies.
The blockchain is becoming more widely used as a store of information, for example for proof of transactions. Originally, the blockchain was developed to serve such cryptocurrencies as bitcoin. However, the ability to store information that cannot be fraudulently altered is an increasing attractive feature of the blockchain.
One area in which information must be strongly proved to be valid is for real estate titles. Real estate title determines not only who owns a property, but also the boundaries of that property, known as a parcel. Lengthy court battles may be fought over proof of ownership of a property, proof of transfer – but also proof of the boundaries of the property.
Brief Summary of Invention: Title Transactions on Blockchain Technology
A trustworthy and accurate public record of property ownership is essential to enforce property rights. As far back as 3000 B.C., in ancient Samaria, property rights were recorded on clay tablets with an official land register for settling property disputes. Over time, the register system has evolved with advances in technology, but the concept remains fundamentally the same. The goal of the ‘Tellus Blockchain’ is NOT to change this established model of enforcing property rights, but rather, to enhance the system of recording property rights. We seek to create an additional tool to enforce property rights through an immutable, open-source recording system that applies a combination of blockchain technology, decentralization, automation, and smart contracts to gain new efficiencies for the real estate industry.