BrikBit is a blockchain real estate platform, starting their ICO (Initial Coin Offering) on Oct 18, 2018. En route to a meetup in Bangkok, Thailand for their roadshow, on Sep 22, they stopped over in Korea and Vietnam to grasp a brief understanding of the local blockchain and real estate markets. In Seoul they also visited the Real Estate Blockchain Expo, held in Coex on Sep 19–21, where we met Alessandro Dell’Orto and Luca Polenghi, respectively Brikbit co-founder CTO and external advisor.
Alessandro Dell’Orto is an Italian architect, who, after graduating in Milan Politecnico University with a degree in Architecture, started working in the organizing team of New Fiera Milano Exhibition from 2003. He now divides his time in his design architectural studio and in BrikBit, which was developed in 2016 with co-founders Paolo Lettieri (CEO) and Stefano Prosdocimo (CISO).
He is also a founder and Italy regional chair of FIBREE (Foundation of Blockchain and Real Estate Expertise), a leading knowledge sharing network dedicated to implementing blockchain in real estate, founded in 2018 and currently with 2,000+ verified individual members and several professional members around the world.
In his Linkedin profile Dell’Orto describes himself as follows:
Architect by vocation, with a generalist and multidisciplinary vision of this profession. I think to be a good Project Manager in architecture and construction sites work. I am excited to work in new project challenges. I’m interested in bringing new technologies into Real Estate to make cities interconnected and have more opportunities to improve the quality of urban space.
In reality he can be defined as an architechnologist, a crasis of architect and technologist. Surprisingly there are many similarities between architecture and blockchain. Dell’Orto has mined bitcoin and ether from 2013 and recalls that the transition was immediate from his field of study and knowledge. Before the development of BIM (Building Information Modelling), architects had and still has to be proficient in CAD (Computer Aided Software) and CAM (Computer Aided Manufacturing) to prepare the blueprint and information necessary to develop a building. “You have to connect several hardware and solve different problems with various software, exactly what you need to do to mine cryptocurrencies such as bitcoin or ether” he says smiling.
Architecture should allow people to imagine what they could not have imagined before. Zaha Hadid (1950–2016)
Architecture can largely be categorized in two processes: design and construction. Architectural design is the work of expressing all the necessary information for building a construction onto paper. In the past all this work was done manually on semitransparent tracing paper using rulers and pens. From the 1990s, after the introduction of 2D CAD, the work is now done on computers. Currently with 3D CAD software the work previously performed by several people is now done faster and easier with computers. Recently BIM has become popular in the architectural field. In extreme synthesis BIM is a 3D information model of buildings: it can be explained as the process of developing a data model of a construction to execute planning, design, engineering, construction and maintenance in a virtual space on computers. This convergence of architecture and IT is also in someway contributing to the development of PropTech or Real Estate Tech and the decentralization of the real estate industry with blockchain technology.
BrikBit and Rome weren’t built in a day
BrikBit is the first Lisk based blockchain ecosystem for developing and managing real estate operations. It claims also to be the first blockchain based ecosystem to develop and manage the entire value chain of the real estate industry.
Within their ecosystem all stakeholders involved in real estate projects will be able to use the potential automation, disintermediation and transparency of blockchain technology, adding clarity to both typical and implicit processes in all steps of a real estate enterprise such as fund collection, design, creation and management. Each real estate project will be able to create its own blockchain (as a BrikBit sidechain) with its own rules and features, according to the country and legislation of the related project.
The digital objects (or avatars) representing the real estate developments created by the BrikBit platform are defined REDA (Real Estate Digital Asset). The creation of a REDA, representing the value and main features of properties, can create new managing openings and concrete gaining opportunities for all players in this industry. The introduction of blockchain will be the innovative aspect that will characterize the new ecosystem, making it safe, univocal, flexible and efficient.
ICObench, an ICO rating platform, lists BrikBit with a mark of 4.5/5 points as a weighted average of ratings given by a Japanese blockchain expert and from the automatic ICObench analyzer bot.
The BrikBit project started almost two years ago, checked and verified by professional networks such as FIBREE, with spontaneous communities of “Brikkers” in Brazil, Italy, Russia, Turkey, US and Vietnam. They have almost ten thousand users in Telegram, close to five thousand followers on Twitter and almost three thousand followers in Instagram. BrikBit will start to develop their operational phase by the end of this November, when the ICO will end and the team will have the funding necessary to escalate the initiative. Incorporated in Switzerland, but with the core team in Italy, BrikBit is organizing the ICO, when the global crypto markets are trending downward, but on the other hand at a time, when the Italian government is starting to see the first tangible results of the digitalization of the Italian Public Administration promoted by the DTT (Digital Transformation Team) under the leardership of Diego Piacentini, Amazon Senior VP of International Consumer Business, in two year sabbatical as Commissioner of the initiative. The real estate sector is probably one of the most immutable industries in Italy, where commissions for notarial, legal and fiscal services constitute important frictions for property transactions, not mentioning the attritions in the construction stages. The way houses and buildings are planned, built, bought, sold, rented and managed have not changed much from generations before. It remains to be seen if BrikBit will succeed in redefining the real estate industry with their blockchain platform, but one point is sure: Italian architects are trained to build constructions that are tested to remain forever, if BrikBit uses the same philosophy, their blockchain project will have incredible resilience.