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14 June, 2018
Metrovacesa y Finnovating remueven los cimientos del Real Estate con el primer laboratorio de Blockchain PropTech
2 mins reading time
14 June, 2018
Metrovacesa and Finnovating launch a laboratory of Blockchain-based PropTech initiatives to test the sector with blockchain applications such as tokenization, decentralization and smart contracts.
The agreement includes the launch of the world’s first blockchain PropTech map.
Madrid 11 May 2018. Metrovacesa, Spain’s leading real estate developer, and Finnovating, a disruptive innovation consultancy firm, join forces to launch the world’s first Blockchain PropTech laboratory. Thanks to the initiative, they will be able to identify and use Blockchain applications in the real estate sector and perform tests in a safe space to study their integration in the company and create the Real Estate of the future.
The application of Blockchain technologies will bring improvements in transaction transparency, security and speed. For example, thanks to the decentralization of information, the possibility of fraud will be almost non-existent. On the other hand, the integration of smart contracts (agreements whose execution is automated subject to the fulfillment of pre-established conditions) will enable the maintenance of buildings and installations connected to IOT devices, tokenizing real estate for rent, purchase or investment (the tokens would represent fractions of the home). Blockchain technology also offers the possibility of a time stamp, i.e. it ensures full traceability of the design and construction of real estate developments.
Metrovacesa is committed to integrating this technology into the real estate sector as it demonstrated some months ago with its incorporation in Alastria, the first national multi-sector blockchain consortium. Accordingly, the first case of use is Digital Identity, which Metrovacesa will use to offer its customers 100%-remote registration for home utilities.
Carmen Chicharro, Director of Innovation and Marketing at Metrovacesa and leader of the Commission and Talent at Alastra says that, “The true digital transformation of the real estate sector will come with blockchain. Metrovacesa’s strategy is to bring this technology down to specific cases of use that meet our customers’ demands. The agreement means we will be able to attract the most innovative talent at home and abroad.
In order to incorporate this disruptive and constantly evolving technology, Finnovating has been chosen as the companion for the venture, together with its team of specialists in the international scouting of Proptech startups. Metrovacesa and Finnovating will also be working together to publish the world’s first Blockchain Real Estate initiative map. According to Jesús Pérez, co-founder and director of strategy at Finnovating, “This map is very important for bringing traditional and new industry players into contact with each other to create synergies and promote agreements as important as the one we have signed with Metrovacesa. This helps the Real Estate sector evolve through the creation of a laboratory in which to apply the theory and take advantage of the benefits of Blockchain”.
“This map is very important for bringing traditional and new industry players into contact with each other to create synergies and promote agreements as important as the one we have signed with Metrovacesa. This helps the Real Estate sector evolve through the creation of a laboratory in which to apply the theory and take advantage of the benefits of Blockchain”.