Blockchain Continues to Disrupt the Real Estate Industry
Michael Oved, the co-founder of blockchain firm Fluidity, believes blockchain and smart contract technology could completely revolutionise the very concept of investing in real estate.
In a promotional video for his company’s joint venture with broker-dealer Propellr posted to Bloomberg, Oved spoke of the existing inefficiencies in the current process of buying property as an investment and how blockchain technology could address them.
“When we started to look at the real estate industry, it’s probably one of the most inefficient industries that exists currently. A lot of middlemen, a lot of lawyers, a lot of bankers.”
The idea behind the partnership is to allow investors to buy shares in a $36.5 million block of condors.
Rather than sell each of the 12 luxury apartments individually, the plan is to sell many tokenised shares to those wishing to add the Manhattan real estate opportunity to their portfolio.
These tokens will be issued on a blockchain.