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RE: Tokenization: The Future of Real Estate

in LeoFinance3 years ago

!00% agree with you that blockchains will make real estate 'trading' mucho easier. I do see quite a few challenges to take care of though before this can be rolled out massively. The first initiatives are already out in the market. Recently I bought the right for physical land in the Satoshi Island project. No notaries required and all, just a few clicks and I bought the right to claim some physical land. Perrrrfect how this works. Had to trust the contracts and certificates for the physical land though. That's something that still needs quite some work imho. Those should've been on some blockchain, but they are not, hence I had to trust the papers I was shown. Am looking forward to more adoption of tokenisation of real world assets, like Tiamonds by LCX (NFTed Diamonds in which the physical diamond is locked away in some save in Liechtenstein; When the owner wants, he/she can change the NFT for the physical diamond as well).

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It will be a process with many layers needing resolution. We can only start the process then start to address the issues as they arise.

The governments are going to resist this since it does take some power away from them. Hence it is a process.

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It is a huge process. Notaries are not required anymore, so they will resist even harder than any government, or again it'll be the government that shall change laws, so I suppose the notaries will do a shitload of lobbying 😉