![]() ownership) is included into a “token” or coloured coin, so that the transmission of a token involves the acquisition of the right included.Īll these initiatives, in particular the private ones (Household, Rentberry, Homelend, etc.), agree on the potential impact of blockchain technology on the real estate sector and the need to discontinue the traditional processes, to get rid of costly intermediaries. The “tokenisation” of mortgages and property is also being tested (Homelend, Pangea, Atlant): the term “tokenisation” is used to describe the process in which a certain right (e.g. The rental sector is also implementing this technology through the consortium between the municipality of Rotterdam, the Cambridge Innovation Centre and Deloitte ( Veuger, 2018), in addition to the Rentberry (an application that uses blockchain for renting properties), Elea.io, Midasium and Placetorent. In addition, some private companies are studying the possibility of completing the entire process required to sell a property through a distributed ledger, such as Househodl, Averspace, Urbit Data, Zillios or Velow.re, which is a permissionless real estate blockchain working on a pilot project at Cook County (USA), thanks to the partnership with the Cook County Recorder of Deeds. Regarding land registration, land registrars from Sweden, New South Wales (Australia), GA and the UK, among others, are already exploring the use of blockchain for title registration or for certain covenants. ![]() Indeed, the cases of uses of this technology focus on different stages of the real estate conveyancing process. For the purposes of this paper, we will concentrate, however, on the fact that real estate conveyancing is also experiencing the use of blockchain and smart contracts, a phenomenon which is being called “proptech” ( Nasarre-Aznar, 2018). This led to some of them to enact some pieces of legislation related to this technology, such as Virtual Financial Assets Act of Malta (01 January 2018) or the Legge n. In this declaration, these EU Countries confirm that “any legislation on Distributed Ledger Technologies should take into account the decentralized nature of such technology and should be based on European fundamental principles and technological neutrality”. Moreover, seven European Union (EU) countries (Cyprus, France, Greece, Italy, Malta, Portugal and Spain) signed in December 2018 a Ministerial Declaration on Distributed Ledger Technologies. ![]() And the Catalan Government recently published the “Catalan Blockchain Strategy”, which aims at implementing a blockchain ecosystem for this regional administration, including an ID system, sharing of health data to boost body organ’s donations and a system to share self-consumption energy through blockchain. For example, the Government of Estonia is using blockchain to secure health records, and the UK considered a blockchain to pay and control research grants in 2016. Digital payments, commercial registries, social media, insurances, public administration or healthcare are only some examples of blockchain applications. The interest in this technology has been reflected in a range of projects that are testing the feasibility of its use ( Leloup, 2017). Even the financial sector, which was the one most directly affected by the creation of the bitcoin currency and therefore the blockchain systems, considered this technology as an opportunity for improving their processes as well as lowering their expenses. Although originally created to bypass the traditional intermediaries in currency issuance ( De Filippi and Wright, 2018), academics, governments and stakeholders envisaged the potential opportunities that this technology offers for their own activities. The full terms of this licence may be seen at īlockchain is increasingly becoming of interest for several sectors ( Chichester, 2017). Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. This article is published under the Creative Commons Attribution (CC BY 4.0) licence.
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