The preparation of this Final Thesis work moves its foundations by trying to offer a critical outlook at the state of the arts as regards the technology linked to the decentralization of financial, legal and regulatory processes within the commercial Real Estate market, and the implications that social dynamics, market players and ongoing processes would have on their adoption. The very limits posed by the implications of the social sphere are those which seem to establish the greatest obstacles to their diffusion, represented by public trust, identities of the users, privacy and sensitive data storage, the confidence with the technology and the change of the work scope. Having said that, flexibility and the ability to adapt to a profound and irreversible tilting of the Real Estate systems in society will be indispensable, but with the awareness that the human factor is an irreplaceable component of the process and that the very combination of soft and hard skills make it so. Although the promises of industry experts are the most golden and the hypothetical benefits achievable through the use of peer-to-peer networks, Distributed Ledger technologies, Blockchain platforms and the ways in which to create the liquidity necessary to move commercial operations seem to lead to large and rapid developments for the sector. The concept of decentralization itself poses a series of challenges compared to the traditional paradigms through which Real Estate conveyance and management processes currently take place: • the degree of application of decentralization and the management of related risks; • the governance and regulatory context; • the scalability of the infrastructure; • the choice between the implementation of an open permissionless system or closed and permissioned, as well as their authorization by the central government bodies; • the transition from a traditional finance mediated by various subjects to a decentralized one in which the notion of trust is placed among the network; • not least, who has to finance and bear the costs necessary to support the development required for the coordinated implementation of decentralized systems. All this keeping always in mind that the essential driver for all stakeholders to become involved and collaborate in the construction of such a revolutionary ecosystem is that it is truly capable of generating value and that this ability is widely recognized by the majority of them.
Attraverso la redazione del presente Elaborato di Tesi Magistrale muove le sue basi cercando di offrire uno sguardo critico allo stato dell'arte per quanto concerne la tecnologia Blockchain, legata alla decentralizzazione dei processi finanziari, legali e normativi, all'interno del perimetro rappresentato dal mercato immobiliare commerciale, e le implicazioni che le dinamiche sociali, gli attori coinvolti e i processi in corso avrebbero sulla loro ampia adozione. Proprio i limiti posti dalle implicazioni sociali sono quelli che sembrano stabilire i maggiori ostacoli alla sua potenziale diffusione, rappresentati dal capovolgimento del concetto di fiducia, dalle identità degli utenti, dalla privacy e dalla conservazione dei dati sensibili, dalla confidenza con la tecnologia e dal cambiamento nel work scope professionale. La flessibilità e la capacità di adattarsi a un profondo e irreversibile capovolgimento dei processi dinamici del settore immobiliare e dal loro rapporto con la società saranno indispensabili, ma con la consapevolezza che il fattore umano sarà una componente insostituibile del processo, resa tale dalla combinazione di competenze personali ed esperienziali complesse. Sebbene i dialoghi degli esperti del settore digitale sostengano che gli ipotetici benefici eccederanno il prezzo di tale rivoluzione, il concetto stesso di decentralizzazione pone una serie di sfide rispetto ai tradizionali paradigmi attraverso i quali avvengono attualmente i processi di transazione e gestione del patrimonio edificato; in particolare saranno coinvolti: • il grado di applicazione della decentralizzazione e la gestione dei rischi connessi; • il contesto di governance e normativo; • la scalabilità dell'infrastruttura; • la scelta tra l'implementazione di un sistema aperto o chiuso, così come la loro autorizzazione da parte degli organi centrali di governo; • la transizione da una finanza tradizionale mediata da vari soggetti concreti ad una decentralizzata in cui la nozione di fiducia è riposta nella rete digitale; • infine, il finanziamento e la sostenibilità dei costi necessari a sorreggere lo sviluppo necessario all'implementazione coordinata delle piattaforme decentralizzate. Tutto questo tenendo sempre presente che il driver abilitante alla rivoluzione dell’ecosistema immobiliare è comprendere se la nuova struttura tecnologica sia veramente capace di generare valore e che esso venga ampiamente riconosciuto da tutta l’industria.
Decentralized protocol systems in the real estate sector : analysis of the opportunities and challenges
Iannazzo, Edoardo
2020/2021
Abstract
The preparation of this Final Thesis work moves its foundations by trying to offer a critical outlook at the state of the arts as regards the technology linked to the decentralization of financial, legal and regulatory processes within the commercial Real Estate market, and the implications that social dynamics, market players and ongoing processes would have on their adoption. The very limits posed by the implications of the social sphere are those which seem to establish the greatest obstacles to their diffusion, represented by public trust, identities of the users, privacy and sensitive data storage, the confidence with the technology and the change of the work scope. Having said that, flexibility and the ability to adapt to a profound and irreversible tilting of the Real Estate systems in society will be indispensable, but with the awareness that the human factor is an irreplaceable component of the process and that the very combination of soft and hard skills make it so. Although the promises of industry experts are the most golden and the hypothetical benefits achievable through the use of peer-to-peer networks, Distributed Ledger technologies, Blockchain platforms and the ways in which to create the liquidity necessary to move commercial operations seem to lead to large and rapid developments for the sector. The concept of decentralization itself poses a series of challenges compared to the traditional paradigms through which Real Estate conveyance and management processes currently take place: • the degree of application of decentralization and the management of related risks; • the governance and regulatory context; • the scalability of the infrastructure; • the choice between the implementation of an open permissionless system or closed and permissioned, as well as their authorization by the central government bodies; • the transition from a traditional finance mediated by various subjects to a decentralized one in which the notion of trust is placed among the network; • not least, who has to finance and bear the costs necessary to support the development required for the coordinated implementation of decentralized systems. All this keeping always in mind that the essential driver for all stakeholders to become involved and collaborate in the construction of such a revolutionary ecosystem is that it is truly capable of generating value and that this ability is widely recognized by the majority of them.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/183410