A significant digital transformation is currently taking place within the real estate industry. PropTech, a blend of the words property and technology, is changing the way companies design solutions to buy, sell, rent, develop and manage assets. New disruptive business models are emerging within this wave of innovation offering solutions to the main challenges in the real estate sector. Nevertheless, there are still few real use cases that are investigating blockchain, smart contracts and cryptocurrencies, leveraging on their advantages and opportunities. A detailed descriptive analysis on the existing landscape has been done, starting from a dataset consisting of 35 start-ups. Moreover, a first classification of companies which are adopting blockchain and smart contracts is proposed. The research revealed that the most popular cluster is real estate tokenization which strongly relies on smart contracts, snippets of computer code that can be run on top of blockchains to automatically trigger actions or events. In fact, the use of smart contracts opens up the opportunity to tokenize and trade assets in a faster and simpler way, as already happens for cryptocurrencies such as Bitcoin and Ether, increasing real estate liquidity. Starting from the outcomes of this categorization, this work aims to develop an innovative business model in a new area of opportunity: the application of real estate tokenization within Non-Performing Loans (NPL) market. The main goal of the proposed start-up is to give banks and financial institutions the possibility to translate an existing problem in a solution. In fact, these actors are currently struggling with huge NPL stocks, resulting from difficult macroeconomic conditions in recent years, which are currently unable to dispose in a fast way at a good price. Through the adoption of a platform issuing Security Tokens running on the Ethereum blockchain, which can be easily purchased by investors, the target clients of the start-up are therefore able to maximize their performances, making an illiquid market liquid. Last but not least, notarization of documents and recording of data on the public blockchain, an immutable and trustless environment, increase transparency and efficiency of real estate transactions.
Una significativa trasformazione digitale è attualmente in atto nel settore immobiliare. Il settore PropTech, l’unione delle parole Property e Technology, sta cambiando il modo in cui le aziende progettano e sviluppano servizi per acquistare, vendere, affittare, sviluppare e gestire gli asset. Nuovi modelli di business innovativi stanno nascendo con l’obiettivo di offrire soluzioni efficaci alle principali sfide nel settore immobiliare. Tuttavia, ancora pochi sono i casi d'uso che stanno sperimentando concretamente l’applicazione di blockchain, smart contracts e criptovalute, sfruttando i loro vantaggi e facendo leva nelle opportunità offerte. Un’analisi descrittiva dettagliata del contesto attuale è stata svolta, come primo step all’interno di questo elaborato, partendo da un database composto da 35 start-ups. Inoltre, una prima classificazione delle aziende che stanno attualmente adottando blockchain e smart contracts viene proposta. La ricerca ha rivelato che la categoria più popolare è quella relativa alla tokenizzazione immobiliare, che fortemente si basa sull’implementazione di smart contracts, protocolli informatici che vengono eseguiti su blockchain, capaci di attivare o eseguire automaticamente specifiche azioni o transazioni. Difatti, l’uso degli smart contracts offre l'opportunità di tokenizzare e trasferire asset in modo rapido e semplice, come accade per le già molto dibattute criptovalute come Bitcoin ed Ether, contribuendo ad accrescere il livello di liquidità presente nel settore immobiliare. Partendo dai risultati derivanti dalla categorizzazione proposta, questo elaborato propone lo sviluppo di un innovativo modello di business in una nuova area d’applicazione: la tokenizzazione nel mercato dei crediti deteriorati. Il principale obiettivo della start-up proposta è dare a banche e istituzioni finanziarie la possibilità di mutare un problema esistente in una soluzione. Difatti, questi attori si trovano in una situazione di possesso di un ampio stock di crediti deteriorati accumulatosi nei loro bilanci col tempo, risultante da una serie di condizioni macroeconomiche non favorevoli presenti negli ultimi anni, che attualmente non sono in grado di liquidare rapidamente ad un buon valore. Attraverso l'adozione di una piattaforma specializzata nell’emissione di Security Tokens sulla blockchain di Ethereum, che possono essere facilmente acquistati dagli investitori, i clienti target della start-up sono quindi in grado di massimizzare le loro performance, rendendo liquido un mercato tradizionalmente illiquido. Infine, la notarizzazione dei principali documenti e la pubblicazione di dati sulla blockchain, un ambiente immutabile e decentralizzato, favoriscono trasparenza ed efficienza nelle transazioni immobiliari.
PropTech 3.0. blockchain and smart contracts disruption for the real estate industry : development of an innovative business model for tokenization in the NPL market
COMINELLI, VALENTINO
2018/2019
Abstract
A significant digital transformation is currently taking place within the real estate industry. PropTech, a blend of the words property and technology, is changing the way companies design solutions to buy, sell, rent, develop and manage assets. New disruptive business models are emerging within this wave of innovation offering solutions to the main challenges in the real estate sector. Nevertheless, there are still few real use cases that are investigating blockchain, smart contracts and cryptocurrencies, leveraging on their advantages and opportunities. A detailed descriptive analysis on the existing landscape has been done, starting from a dataset consisting of 35 start-ups. Moreover, a first classification of companies which are adopting blockchain and smart contracts is proposed. The research revealed that the most popular cluster is real estate tokenization which strongly relies on smart contracts, snippets of computer code that can be run on top of blockchains to automatically trigger actions or events. In fact, the use of smart contracts opens up the opportunity to tokenize and trade assets in a faster and simpler way, as already happens for cryptocurrencies such as Bitcoin and Ether, increasing real estate liquidity. Starting from the outcomes of this categorization, this work aims to develop an innovative business model in a new area of opportunity: the application of real estate tokenization within Non-Performing Loans (NPL) market. The main goal of the proposed start-up is to give banks and financial institutions the possibility to translate an existing problem in a solution. In fact, these actors are currently struggling with huge NPL stocks, resulting from difficult macroeconomic conditions in recent years, which are currently unable to dispose in a fast way at a good price. Through the adoption of a platform issuing Security Tokens running on the Ethereum blockchain, which can be easily purchased by investors, the target clients of the start-up are therefore able to maximize their performances, making an illiquid market liquid. Last but not least, notarization of documents and recording of data on the public blockchain, an immutable and trustless environment, increase transparency and efficiency of real estate transactions.| File | Dimensione | Formato | |
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2020_04_Cominelli.pdf
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https://hdl.handle.net/10589/153749