Chris cited some interesting use-cases for the implementation of smart legal contracts in the real-world including tokenisation in real estate.
Already in South Australia, changes to the traditional property market with the introduction of digital innovation is dramatically disrupting the way everyday people can access this market.
In this innovative Australia-first initiative, physical brick-and-mortar property, previously unavailable to many due to the high amounts of funds needed to participate, and the long-term time commitment needed to wrap up those precious funds, can now be accessed pro rata.
By enabling the purchase and sale of small portions or ‘bricklets’ of real estate assets through tokenisation, people of almost every walk of life can participate in property investment, rather than having to access the bulk of hundreds of thousands of dollars with its associated risks in a struggling property market, as has been the case to date.
“Lakeba Group is gearing up to revolutionise the property investment sector by introducing blockchain technology to fragment land titles into ‘bricklets’.
Lakeba Group’s technology will make it more affordable for people to invest in property by enabling small parcels of a property title, known as ‘bricklets’, to be purchased by individuals. Bricklets can then be traded in the same way entire property titles are bought and sold, only incurring pro rata costs.
The technology will make property investment more affordable with people able to purchase individual bricklets, rather than buying entire properties.”
Blockchain and Real Estate is gaining traction around the world, Fibree is a Global organisation to foster Blockchain within the Real Estate Industry, and has 35 countries and over 5000 participants. The future of real estate is tokenised, and can give benefits to Self Managed Super Funds, Investment, Securities and fund raising. (Chris Dorian has since been appointed Regional Chair of Fibree in December 2019).