CoreNet Global New York City Chapter (CoreNet NYC) hosted the presentation, “Is Real Estate Ready for Blockchain?” at the Grand Hyatt in New York City, which featured expert insight from Deloitte Consulting LLP’s Manager of Real Estate Technology, Kevin Shtofman. Blockchain, well known as the technology powering Bitcoin, is a digitized, distributed ledger that records and shares information. Industry players are realizing blockchain-based smart contracts can transform core CRE operations, such as property transactions, and over time may have a broader impact if linked to public utility services such as smart parking, waste, water and energy billing. On the horizon, this could enable data-driven city management.
Shtofman emphasized the importance of becoming more transparent and connected in an ever-globalizing world, and shared how blockchain can facilitate this transparency. “If all contract elements were written into a blockchain where all the issues are transparent, employees could focus on more complex issues, resulting in higher employee engagement and retention,” said Shtofman.
Shtofman informed the audience that, according to a 2015 World Economic Forum survey of 800 executives and information and communications technology sector experts, 57.9 percent of the respondents believed that 10 percent of the global GDP information will be stored on blockchain technology by 2025.