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Julian_Williams

Instant Property Market

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On 12/15/2018 at 2:10 PM, KarmaCoverage said:

The title insurance industry could be facing an existential threat, if real property "chain of titles" can be instantly and for free verified by checking the public distributed ledger (run by county property appraisers) who have the responsibility to maintain the public record.

This was one of the first proposed applications of a trust-less blockchain / DLT: Land titles.  The motivation, as I'm sure you know, was land title fraud; it's rife in some geographic areas of the world.

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8 hours ago, Julian_Williams said:

People resent paying huge amounts of money to estate agents every time they move property, and money saving opportunites are already popular amongst a section of British house sellers. In Britain we are getting a number of chains of on-line estate agent services that bypass using high street companies - "Purple Bricks" and "Doorsteps".  These on-line services are already gaining traction in the market by provide budget support services for finding a buyer.  It is a no-brainer for these companies, and high street estate agents, to bundle some smart contract services on to their other money saving offerings.  

I do not think blockchain solutions will happen in one step, but it is likely to happen incrementally. 

I expect you used Walmart as your example because you are aware of how they are already pioneering Blockchain product traceability "The implications of Walmart's blockchain mandate for food suppliers"   https://www.greenbiz.com/article/implications-walmarts-blockchain-mandate-food-suppliers.

Anyone who has been following Brexit will know that the biggest stumbling block in the negotiations has been the problem of providing a "frictionaless" border between Northern Ireland and Eire.  The phytosanitary checks for the movement of food and animals between the jurisdiction of the "single Market" (EEA) and Britain will be particularly difficult to achieve without border posts and it provides an obvious opportunity for in vesting in Blockchain that combines GPS, The internet of Things and Internet of Value.

 

I think it's conceivable that real estate agents see commission percentages decline and speed go up so that they can execute more transactions, or that we'll see agencies and companies start to adjust their business mode, but you'll always need a trusted source to connect buyers and sellers. Real Estate is also, for most people, a terrifying proposition that needs a lot of handholding with such large sums of money. 

 

We may see commissions be put more on the buyer side as well, but I don't think agents will be going away any time soon. They'll just change how they currently work. 

 

(Who knows, I could be wrong, lol)

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1 hour ago, Hodlezerper said:

I think it's conceivable that real estate agents see commission percentages decline and speed go up so that they can execute more transactions, or that we'll see agencies and companies start to adjust their business mode, but you'll always need a trusted source to connect buyers and sellers. Real Estate is also, for most people, a terrifying proposition that needs a lot of handholding with such large sums of money. 

 

We may see commissions be put more on the buyer side as well, but I don't think agents will be going away any time soon. They'll just change how they currently work. 

 

(Who knows, I could be wrong, lol)

I think you are basically on the right track.  Estate Agents are not going to disappear, but their business model will change to adapt to the new money saving technology as it arrives and becomes more user friendly.  To have 3% of your sale price deducted in estate agent fees and pay large lawyer fees, surveyor fess and tax makes selling or buying a property very expensive.  A lot of the expertise can be streamlined using technology and the work amalgamated into cost saving packages.

Edited by Julian_Williams

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3 minutes ago, Julian_Williams said:

I think you are basically on the right track.  Estate Agents are not going to disappear, but their business model will change to adapt to the new money saving technology as it arrives and becomes more user friendly.  To have 3% of your sale price deducted in estate agent fees and pay large lawyer fees, surveyor fess and tax makes selling or buying a property very expensive.  A lot of the expertise can be streamlined using technology and the work amalgamated into cost saving packages.

Also a lot of this has to do with the actual transfer of value and execution of the contract. That’s only one step of the process and I’ll be there’s agents looking forward to the final step executing faster with less chance to blow up at the last minute.

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1 hour ago, Julian_Williams said:

I expect this is good Smart Contract fodder.

The Law Society would fight that tooth and nail, since the present dysfunctionality is very lucrative for their members. Every time a conveyancing solicitor sabotages one link, other law firms along the chain get the chance to claim repeat fees.

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40 minutes ago, tev said:

The Law Society would fight that tooth and nail, since the present dysfunctionality is very lucrative for their members. Every time a conveyancing solicitor sabotages one link, other law firms along the chain get the chance to claim repeat fees.

They can fight all they want, crypto is the end of lying (if we play it right)

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In order to allow DLT based real estate transactions, you either need to move the entire transaction and all inputs onto the blockchain or find ways to build the necessary oracles to validate essential data.

At some point, DLT and related smart “contracts” need input from “wet code” (real world data and systems). That is not a straightforward exercise. The oracles and interconnects are being built as we speak. The jurisprudence and regulation required to give legitimacy and remedies for these arrangements is not ready but is coming next. 

Meantime, I anticipate hybrid solutions that don’t completely remove intermediaries such as agents and lawyers but supplement their roles in property transactions and shave costs off the transaction process. 

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Thank you to everyone who has contributed their thoughts to this thread.  Contributions have been useful in bringing to the imagination the unexpected connections that happen between the Internet of Value and real life applications.  Without exercises like this it is really hard to imagine how these new applications will unfold in the real world

We are all aware that the transparency, speed and cheapness that the Internet of Value will bring will disrupt businesses involved in financial transactions.  To imagine how this new financial freedom will change the way we live and do things is harder to imagine.  We have to imagine adding all the other features that will interact with the Internet of value : The internet of Things + Smart Contracts + Speed and cheapness + New and Old Databases + Blockchain + AI + robotics.

It is all going to happen faster and on a bigger scale than our tiny imaginations can think about.

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12 minutes ago, Julian_Williams said:

It is all going to happen faster and on a bigger scale than our tiny imaginations can think about.

Too true , just in the last few months there has been some amazing  intelligent  people coming up with ways to utilize XRP,  @Hodor pointed out in his blogs (mind blowing stuff for me), this community I think is incredibly generous in educating us and reaffirming my belief this is world changing, the future is bright ! 

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7 hours ago, Truckdriver said:

Too true , just in the last few months there has been some amazing  intelligent  people coming up with ways to utilize XRP,  @Hodor pointed out in his blogs (mind blowing stuff for me), this community I think is incredibly generous in educating us and reaffirming my belief this is world changing, the future is bright ! 

I feel like I want to voice the hope that there are enough intelligent, talented and principled/incorruptible individuals to make this whole thing work!

(I placed the bold emphasis into the @Truckdriver quote)

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46 minutes ago, GiddyUp said:

I feel like I want to voice the hope that there are enough intelligent, talented and principled/incorruptible individuals to make this whole thing work!

(I placed the bold emphasis into the @Truckdriver quote)

I don't think you have to worry.  The intelligence is in the system.  Bad ideas fizzle out, good ideas grow, adapt and evolve in the ecosystem.

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39 minutes ago, Julian_Williams said:

I don't think you have to worry.  The intelligence is in the system.  Bad ideas fizzle out, good ideas grow, adapt and evolve in the ecosystem.

Thanks @Julian_Williams - I'm more worried about hackers, auditors and lawyers TBH ;)

And the health/vulnerability of our power grids once everything is digital...

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I think the system becomes self auditing because that is the nature of blockchain?  I have no knowledge of Hackers or Lawyers. 

The way I see it this thing already is gaining a life of its own.  That is not altogether comforting, but it is the way it is with these types of systems.  Development like this is ruthless.  When nomadic life went over to agriculture human kind endured thousands of years of hardship, back breaking labour and poor diets.  I think this is Dataism, as described in Harari's H0m0 Deus. 

Edited by Julian_Williams

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