Problems the CRE Industry Can Address by using Blockchain Technology
[{"id": "dzti0j9", "text": "Almost all ICOs are scams.", "replies": [{"id": "dztke5z", "text": "Yes, but there are also inefficiencies in commercial real estate transactions that a lot of smart people are trying to iron out using new technologies. If history is any guide, most will go nowhere, but a few will become tools that people in the CRE world cannot live without.", "replies": [{"id": "dztmfim", "text": "Yeah I agree with all of that, but most application of blockchain tech to a new market are just pump and dump schemes.\n\nCan I prove that this one is just a pump and dump scheme and won\u2019t actually function? No. Should people in this sub treat it with skepticism? Yes.", "replies": [{"id": "dztpkr0", "text": "Yes, the growth of so many scams is sad. Like buying a property, due diligence is needed. Only due diligence on a property is much easier. Somebody is going to figure out the intersection of block chain and property and make a ton of money though. ", "replies": [], "depth": 4}, {"id": "e02uuvs", "text": "Thank you and yes agreed which is why proper due diligence is important. AgentDrive, the company behind AgentMile has been going over 2.5 years now with clients such as Century 21, Coldwell Banker and Property Guru to name a few.", "replies": [], "depth": 4}], "depth": 3}, {"id": "dzvx3sz", "text": "99% of new CRE tech companies are afraid to do any new work in favor of being lean and \"scalable\", meaning most just pay to scrape public data and pay for access to some private databases. But that means their data cannot be any better than already existing sources of information, so what's the benefit. Getting cleaner/better data from building owners who have NO benefit in sharing that with you is extremely difficult and expensive, which is why the CRE market is relatively inefficient in the first place.", "replies": [{"id": "e02vhx8", "text": "Yes which is why maybe change is needed.... Data is important but what is more important is how to analyse and interpret that data which is one part of what we're trying to do.", "replies": [{"id": "e03a4zi", "text": "What does blockchain contribute toward analyzing and interpreting data? Wouldn't AI be the tool needed to most efficiently do that at some point?", "replies": [{"id": "e06xctz", "text": "Thank you and yes correct. It's AI that will analyze the data on the blockchain. Here's a small extract from our white paper.  \n.....The AgentMile platform will combine artificial intelligence and blockchain technology to produce better and more reliable data analysis. This will be achieved by applying AI algorithms to the data collected and stored on the blockchain.....", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "dzumik2", "text": "Almost all startups are also scam, if we consider the failure rate. That is why I love real estate, though diversifying and staying updated about new technologies should be something any investor should do. ", "replies": [], "depth": 2}, {"id": "e02so1v", "text": "Yes unfortunately there are many scams on the market. AgentMile on the other hand has been built by AgentDrive, a real estate company that's been going 2.5 years and has clients in over 20 Countries. ", "replies": [], "depth": 2}], "depth": 1}, {"id": "dzvwltr", "text": "This is stupid, there is absolutely NO way blockchain can magically ensure all property data is accurate. There are detailed leases with amendments, property conditions that are incredibly subjective and not easily reduced to a rigid formula. Values are based on very subjective market conditions, nearby developments, potential zoning changes that can be political, whims of area tenants, projections of future rent growth and capital expenditure. These are all best answered, although admittedly imperfectly by brokers with deep local knowledge, there is no way that blockchain can replace that. it's literally impossible. Could it make a marginal impact in a few areas of CRE like title insurance or something? Sure. But no way it's going to know which ownership partner is the real decision maker and on and on...\n\nI find the blockchain hype incredibly flawed. It's the beanie baby of CRE.", "replies": [{"id": "e02vv3p", "text": "Hello, blockchain doesn't solve all these problems, no, but it goes a long way to helping them. Blockchain isn't also about replacing everyone in a transaction but rather making it easier for the parties involved to work together. Do check out the articles we added as references to our white paper from Colliers, Deloitte and CBRE to name a few. They give some great insights as to why blockchain is a perfect fit for CRE.", "replies": [{"id": "e039zuf", "text": "&gt; it goes a long way to helping them\n\nI'm open minded about it, but remain unconvinced obviously. HOW will it go a long way to helping with these complex issues? I would love to know some actual of details of what it would actually do rather than the buzz words so commonly thrown around.", "replies": [{"id": "e06y6z0", "text": "Thank you and happy to provide more info.  \n\n\n\"there is absolutely NO way blockchain can magically ensure all property data is accurate.\"  \n\n\nCorrect, a blockchain is not a magical way to ensure property data is accurate. However, it does insure that any data entered cannot be tampered with, edited and will remain public for everyone to see. Now that is VERY powerful.  \n\n\n\" There are detailed leases with amendments, property conditions that are incredibly subjective and not easily reduced to a rigid formula. Values are based on very subjective market conditions, nearby developments, potential zoning changes that can be political, whims of area tenants, projections of future rent growth and capital expenditure. These are all best answered, although admittedly imperfectly by brokers with deep local knowledge, there is no way that blockchain can replace that.\"  \n\n\nCorrect, the blockchain will never replace all this as it's just a distributed ledger. We need brokers who are actually our customers as they enter some of the information. AgentMile is a tool for brokers to use in order to make life easier and achieve better results. We're also going to be applying AI to the blockchain in order to help build models but again brokers are the ones that will need to then interpret that data.  \n\n\n\"Could it make a marginal impact in a few areas of CRE like title insurance or something?\"  \n\n\nYes indeed and we have some more info in our white paper with the numbers representing the reference:  \n\n\n...Deploying blockchain for real estate transactions and land/title registries is also gaining increased support from governments, particularly in North America (3), Europe (4), Dubai (5) and Japan (6)....  \n\n\n\"But no way it's going to know which ownership partner is the real decision maker and on and on...**\"**  \n\n\nBlockchain can't but we can. Everyone on the AgentMile will have to pass KYC checks and we're even going to be rewarding people in our tokens for doing so (as well as creating an ecosystem)  \n\n\nDo also check out the references section at the back of our white paper as we have some great articles from top firms such as CBRE, Colliers, Deloitte and Forbes to name a few, all on CRE and blockchain.  \n\n\nThanks again for your interest and happy to answer any more questions.", "replies": [{"id": "e07hr90", "text": "&gt; However, it does insure that any data entered cannot be tampered with, edited and will remain public for everyone to see.\n\nNo building owner will want their lease data public for everyone to see. Why would a building owner share this? In fact, it's often subject to strict non-disclosure rules by either the tenant or landlord or both.", "replies": [{"id": "e07pz20", "text": "Thank you and yes I completely agree. Here are a few points:\n\n1. Any data entered is done by the building owner or the broker. They can choose to not enter this data if they so wish or mark this data as public/private. Any data entered however cannot be edited/deleted at any time. This in itself is an incredible feature and will also help reduce various types of CRE fraud which happen currently. Blockchain is a distributed ledger that cannot be changed and exists across millions of computers.\n2. For any data that will be shared which is not public, we will need to ask for explicit permission to do so. This will be used in benchmark reporting and global data and will not be on a personal level. We will also reward  people in our AgentMile ESTATE Tokens for sharing data which is another added benefit of doing so.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]