Blockchain in Real Estate | Digitizing the real estate investment sector with blockchain
Block Gemini’s CIO Chad Fernandez talks blockchain and real estate at Kinguin&Friends
Chad Fernandez, Co-Founder and CIO of Block Gemini, joined the Kinguin&Friends event to disclose novelties behind the highly anticipated implementation of blockchain into the real estate investment domain. Organized by Kinguin, one of the world’s largest online marketplaces, selling video games, software and in-game items, the event took place at the Grosvenor Hotel, Dubai, on Feb.7th, 2018, and gathered the most prominent IT and digital experts from all over the world, including government and top management representatives.
Fernandez presented Block Gemini’s vision on tackling the issues faced by the industry, as well as the disruptive opportunities that the advent of Blockchain will inevitably bring to real estate. Understanding the importance of this topic for the global business community, Fernandez outlined a set of problems brought to light via examining the status quo of the real estate industry.
“… the industry is heavily intermediated. Too many counterparties exist, that lead to added cost and time constraints, not to mention the likely chance of investors being screwed over by their brokers, and the countless fraudulent claims on property ownership, that can be extremely frustrating and undoubtedly costly.”
It is incumbent upon blockchain development companies, according to the Block Gemini CIO, to solve these issues and to materialize a new era for the industry.
“Combining the dynamic nature of distributed ledgers with smart contract protocols can create a peer-to-peer system to promote transparent interoperability between investors and relevant stakeholders on the network. Additionally, establishing a Decentralized Autonomous Organization will facilitate the sustenance of an evolving trust through votes made by participating nodes on the network. Furthermore, leveraging the Ethereum mainnet to tokenize real estate assets creates a digital eco-system to facilitate real time, and global transactions at minimal costs.”
Following Fernandez’s presentation, he was joined by Marc Wilson, Principal and Co-Founder of Evarei Management LLC, for a panel discussion with the host of the event. They touched upon the Evareium token offering, exchanging their thoughts on the impact of blockchain in various industries globally and forthcoming innovations brought by the launch of ‘Evareium — The World’s Real Estate Investment Token’, acknowledged as the ‘most innovative real estate venture’ of the year 2017, by International Finance Magazine.
Fernandez pointed out that the mission of Block Gemini is heavily influenced by Dubai’s 2020 blockchain vision, and that it is truly encouraging to observe how fast enterprises in Dubai are embracing the process of development and digitization through blockchain enabled systems. The real estate industry is just another step towards the goal of innovating the entire business sector, simplifying processes, while making them more secure.
At the end of the session, Fernandez admitted that he is certainly excited about the opportunities that lay ahead in the coming years for the applications of blockchain; and that he is proud to be part of a technologically driven team that is constantly striving to be innovative and exploring new solutions every day.
“We are always pleased to share our experiences at opportunities like this and learn from our fellow blockchain innovators as well.”