FIBREE INDUSTRY REPORT BLOCKCHAIN REAL ESTATE 2019

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FIBREE
INDUSTRY
REPORT
BLOCKCHAIN
REAL ESTATE
2019
EDITORIAL
                                                        Achim Jedelsky

                                                                                                                     right now. We aggregated the feedback from 55 regional
                                                                                                                     chairs (at some locations there is more than one regional
                                                                                                                     chair) and are now able to offer you a global view on the
                                                                                                                     status of blockchain in real estate.

                                                                                                                     We also were able to collect the input of some of the
                                                                                                                     brightest minds in the blockchain / real estate universe.
                                                                                                                     Thanks to their efforts we hope that we can give you
                                                                                                                     insight into how the industry works and what prospects
                                                                                                                     and challenges we face in the next years.

                                                                                                                     To achieve all this in such a short period of time was only
                                                                                                                     possible because of the huge enthusiasm and engagement
                                                                                                                     of the FIBREE participants, and thanks to the support
                                                                                                                     of our sponsors and partners. At a time where we had
                                                                                                                     nothing to show for but an ambitious vision, we could
                                                                                                                     still count on the trust of both regional and international
01100110 01101001 01100010 01110010 01100101 01100101                                                                players who enabled us to get to the point where we are
                                                                                                                     today.

                                                        Dear Reader,                                                 With all of this in mind, I am looking with excitement and
                                                                                                                     confidence in the future of FIBREE. I am also aware that
                                                        One year ago - July 2018 - FIBREE was only an idea of        we still have a long way to go, and that this report is only
                                                        a few blockchain enthusiast and real estate professionals.   the beginning - a line in the sand, nothing more - and that
                                                        The idea was born in Vienna, and established as a not-for-   we still have a lot of work in front of us. But as a strong
                                                        profit foundation in Amsterdam. From day one FIBREE          community we will embrace this, and are eager to actively
                                                        was active in 8 countries and could build on a solid         shape the future of our industry!
                                                        network of international experts. Thanks to this, and the
                                                        ever growing interest in how blockchain technology can       With the best wishes,
                                                        be used in the built environment, FIBREE grew within 12
                                                        month to a global organisation that is today present in 42   Achim Jedelsky
                                                        locations in 23 countries across five continents.            President of FIBREE

                                                        By growing this network, FIBREE gained the means to          PS: If you read this and share our vision and want to
                                                        produce this unique industry report which you are reading    support us, please get in touch!

                                                                                                                                                                 EDITORIAL     3
IMPRINT                                                                                                                          CONTENTS
The FIBREE Industry Report is the most important yearly contribution of FIBREE to the market.
It gives some in depth articles and a worldwide overview of the latest developments in the field of
Blockchain and Real Estate.

For the creation of this 2019 edition a working group has been formed within FIBREE,
consisting of the following people:

    Achim Jedelsky (Germany)
    Alexander Appelmans (Belgium)
    Alex dell’Orto (Italy)
    Denis Petrovcic (Slovenia)
    Florian Huber (Austria)
                                                                                                                                              06                               08                              09
    Jo Bronckers (Netherlands)
                                                                                                                                  Introduction to Real Estate for   What is Blockchain and why it   Top 3 Blockchain Use Cases in
    Jan Veuger (Netherlands)
                                                                                                                                          Technologists                  fits to Real Estate            Real Estate Industry
    Mariam Turashvili (Georgia)
    Pete Su (USA)
    Sebastian Hewing (Taiwan)
    Sagar Brahmbhatt (Australia)
    Tomica Cesar (Croatia)                                                                                                                    11                               20                              68
    Walter Strametz (Austria / Switzerland)
                                                                                                                                    The State of Blockchain in            Global Network                 Product Database
                                                                                                                                        Real Estate, 2019
Also special thanks for their contribution and effort to the editorial team: Eric Bryant, John Dean Markunas, Kevin O’Grady,
Ranga Krishnan and Stephen Inscoe.

Design and layout                                                                                                                             84                               85                              86
         Maximilian Huber / www.eracht.at                                                                                                 Our Sponsors                      Our Partners                       Board

Get in touch with FIBREE

FIBREE aims to continue the research and knowledge exchange about blockchain and real estate developments. FIBREE                                                              87
invites product-suppliers, real estate organisations, legal firms, startups, research organizations, press or other interested
organizations that want to get in touch with FIBREE to reach out to us by sending your request to: ask@fibree.org                                                              Chairs

If you’d like to become a participant and eventually take an active role within FIBREE, or if you want to put your startup
in the spotlight, please check the connect-part at our website www.fibree.org and subscribe to the engagement of your
preference.

Nothing of this publication may be reproduced without the prior written consent of FIBREE or without clear
acknowledgement of the source.

© July 2019, FIBREE, all rights reserved

4    CONTENTS                                                                                   FIBREE INDUSTRY REPORT 2019                                                                                              CONTENTS   5
An integrated approach is not (yet) in place and progress                 many more leasing transactions and the financial interest
                                                                                                                       towards integration is mainly visible in property sales                   per transaction is much smaller than in the classic model.
                                                                                                                       and the financing thereof. Professionals are now looking                  This however comes with an explosion in administrative
                                                                                                                       towards a more integrated approach leveraging Blockchain                  complexity. Moreover, on the ownership side there is
                                                                                                                       technology. If we look at PropTech‘s developments in the                  a trend towards multiple, short-lived and potentially
                                                                                                                       periods before 1985, between 1985-2005, between                           international owners as a result of crowd investing.
                                                                                                                       2005-2015 and from 2015 to the present day, designated                    Blockchain can add a great deal of value in managing this
                                                                                                                       by Prof. Andrew Baum as prior to 1.0, 2.0 and 3.0 periods                 leasing and ownership complexity.
                                                                                                                       respectively, we see a relatively slow development of
                                                                                                                       digitization, especially compared with the adoption of
Introduction to Real Estate                                                                                            technology in the finance industry (Fintech).                                 Linear                     Sustainable                         Circular

for Technologists
                                                                                                                                                                                                     2010                          2020                              2030

                                                                                                                       In the PropTech 2.0 period, more and higher quality data
                                                                                                                       and processes became available in the form of Building
Authors: Jo Bronckers, Jan Veuger, Alexander Appelmans,                                                                Information Modeling (BIM). In our current PropTech 3.0                   Making real estate processes more efficient and
Tomica Cesar, Sagar Brahmbhatt                                                                                         period the addition of new technologies such as Blockchain                transparent will not only grow the industry and open it up
                                                                                                                       and artificial intelligence (AI), increasingly enable us to               to new markets, but also has the potential to save resources
                                                                                                                       perform processes remotely and autonomously. This will                    or reduce carbon-emissions and make internal processes
                                                                                                                       require some new legislation and regulations, but it is also              more sustainable. A building is not a construction on its
                                                                                                                       clearly developing as new technologies respond to the                     own, but a large long term investment that impacts and
                                                                                                                       possibilities of Blockchain.                                              is impacted by its surroundings. Imagine the impact it can
                                                                                                                                                                                                 have on common markets like Cities, Energy, Property,
                                                                                                                       Real estate as a service and the circular economy are                     Transport or Water. According to scientific research,
                                                                                                                       also themes in the PropTech 3.0 period. In a more                         the built environment is responsible for 40% of the total
                                                                                                                       service-oriented real estate future, short cyclical (rental)              energy use and the manufacturing of buildings represents
                                                                                                                       agreements and international owners are trends to note.                   50% of the total flow of raw materials. The industry is
                                                                                                                       The classic model of a property with bare space and no                    going from linear processes - where a building lasts for
                                                                                                                       services on a long-term lease has low administrative                      eternity, to sustainable real estate - with BREEAM, WELL
                                                                                                                       complexity, but requires large financial commitments.                     or ESG performance assessments, environmental labels

R    eal estate is the largest investment class in the world.
     Investment in real estate usually involves large sums
of money and is usually for a long period of time. Processes
                                                                                                                       There is a growing trend away from the classic model
                                                                                                                       towards short-lived rentals such as flex-offices, pop-up
                                                                                                                                                                                                 and circular solutions that focus on reuse, limited spoiling
                                                                                                                                                                                                 of materials and reduction of resource usage and CO2
                                                                                                                                                                                                 footprint. These mechanisms and processes can be made
                                                                                                             t
and property registrations are time-consuming and                                                          en          stores, co-living, etc.and partly as a result of this, inclusion          more efficient using blockchain technology, because it can
                                                                                                      lo on
                                                                    M

                                                                                                        pm
                                                                                                   ve cti
                                                                     ain

generally well documented, but are still far from sufficient                                                           of flexible, tailor-made services. As a result, there are                 help manage complexities of the circular economy. •
                                                                                                 de ru
                                                                        te

                                                                                               Re nst
                                                                           n

in some countries. Real estate is seen by investors as
                                                                         an

                                                                                                Co
                                                                            ce

a relatively non-transparent and illiquid investment
category compared to equities and bonds. Today, as more
information is recorded to provide greater transparency,
liquidity is gained through new forms of real estate                                                                                                  1985                                2005                                    2015
                                                                                 Building ID
investment such as crowdfunding and crowdinvesting. In
                                                                                 Division ID
this context, the lack of information necessary to facilitate                                                                 Prior to PropTech 1.0                 PropTech 1.0                        PropTech 2.0                               PropTech 3.0
                                                                    ge                                   Tran
transparency is seen as an increased risk by all investors.     Usa                                           s  fer

                                                                                                                          •   Traditional                    •   Software to support             •   online real estate info              •     blockchain
In general, the real estate chain has a wide variety of
                                                                                                                              processes with many                real estate processes           •   smart real estate                    •     artificial intelligence
information domains. These domains are generally well                                                                         intermediaries                                                     •   sharing economy
                                                                                     Finance

developed in advanced real estate markets. However,                                                                                                                                              •   BIM
in many of these domains, data is siloed and not shared
with other domains, resulting in a highly fragmented data                                                                                                                                                     source: Prof. Andrew Baum, Oxford University / Said Business School

landscape.

6    INTRODUCTION TO REAL ESTATE FOR TECHNOLOGISTS                                      FIBREE INDUSTRY REPORT 2019                                                                                  INTRODUCTION TO REAL ESTATE FOR TECHNOLOGISTS                             7
What is Blockchain and why it fits to
Real Estate
By Alex Dell’Orto

                                                                                                                                  Top 3 Blockchain Use Cases in
                                                                                                                                  Real Estate Industry
W       e are increasingly hearing that Blockchain
        technology is being compared to the Internet
thirty years ago, both from the point of view of its potential
                                                                 The transparency of the data and the possibility of
                                                                 verifying it from within the infrastructure allows users
                                                                 to have confidence and opens up the possibility of new
                                                                                                                                  Authors: Alexander Appelmans,Mariam Turashvili

and the way in which it is entering the market and in some       processes, for example by changing the conception of
cases changing the very concept of the sector in which it        what is now considered real estate within a global market
wants to operate.                                                through the process of tokenization. Having a global value
It has been observed that in the financial sector this           and recording events in a certain, immutable and verifiable
technology has had a deep effect on the development of           way, it is possible to transfer currencies and rights in total
recent years and it is natural to ask where this technology      security and without intermediaries, meaning an evolution
can still be implemented and the changes that will follow        and a revolution for real estate.
these applications.
                                                                 There are countless sectors where this technology
The purpose of Blockchain is the creation and management
of distributed databases for peer-to-peer transactions,
shared between the nodes of a network. An infrastructure
                                                                 can change many aspects for the better; from energy
                                                                 management to transport or from applications in cities,
                                                                 to value management. When applied to the real estate
                                                                                                                                  B   lockchain technology affects the real estate sector
                                                                                                                                      in different ways. Although blockchain technology,
                                                                                                                                  as a public medium for conveyance without third party
                                                                                                                                                                                                   The Georgian use case sheds light on the potential impact
                                                                                                                                                                                                  blockchain can have on real estate transactions. The
                                                                                                                                                                                                  Georgian National Agency for Public Registry (NAPR)
that therefore proves to be ideal for managing data              sector it is possible to benefit from the management             intervention, seems to be by its very nature a “next step”      has built a blockchain add-on to their existing system. In
precisely, representing the will of the community in which       and exchange of the value of the property. During the            within the world of building contracts and real estate          doing so, they want to guarantee the authenticity of a
it is adopted and in which shared rules are set and able         development of this technology it is necessary to build a        transactions. There is often a powerful tension between         land title. Since February 2017 information on 2 million
to create liquid value, value that can be exchanged within       new paradigm, in which machines and humans have the              the basic foundations of these concepts and the features        extracts has already been “authenticated” and stored in
the infrastructure in an incensurable, immutable and             possibility to communicate, and above all, to carry out          of blockchain technology. Around the world; start-              a public blockchain. For every title a unique hash code is
recognizable way.                                                safe and efficient transactions.                                 ups, banks, governments, academics, and blockchain              generated. These hashes are then uploaded on the Bitcoin
                                                                 To date, the construction of a decentralized infrastructure      enthusiasts are working to overcome these tensions. We          blockchain. An identical hash on both the blockchain and
As the internet has profoundly modified our way of               used for transactions, characterized by interoperability         discuss three main use cases that stand out:                    the NAPR website confirms authenticity of the title. After
conceiving data and creating values, the blockchain              and regulated by common standards, is therefore the first                                                                        completing this proof of concept phase, NAPR is now
is changing how we intend to exchange these values,              challenge to be addressed.                                                                                                       moving forward to implement a new service they dubbed
bringing with it not only different visions but also the need                                                                     1° REAL ESTATE TRANSACTIONS                                     “TRUSTcontracts”.
to adapt existing models, the need for a new paradigm, for       Thanks to this technology and through automation                                                                                 By blending smart contracts into the transaction
this technology cannot be applied to old models of value         processes and smart contracts it is possible to eliminate        Blockchain applications often tend to focus on eliminating      infrastructure, they aim to provide a digitally performant
management.                                                      non-valuable tasks of intermediaries and their related           trusted third parties. In the case of real estate transaction   system that allows citizens to receive certified documents
                                                                 costs, increase the efficiency of operations and their           these middlemen have long been under scrutiny. They             via a platform that bundles information now still siloed
Precisely because of the essential characteristics of            speed, but above all reduce the risk of fraud and scams          are considered slow, expensive and ineffective. There           within the different government agencies. Smart
Blockchain, it can be applied very effectively and efficiently   thanks to the possibility of verification in the distributed     is obviously a difference depending on the specific legal       contracts will allow the closing of an agreement between
to the Real Estate sector, where for more and more time          register.                                                        framework, but in general we observe applications that          two or more parties, the registration of this transaction
it is clear the need to be able to manage values, data and       In conclusion, the application of Blockchain to real estate      focus on banks, notaries and land registries. Countries         in the property register, and the transfer of the purchase
rights in a transparent and optimized way, reducing the          will certainly bring many benefits, but on the other hand        such as Sweden, the UK, the Netherlands, Estonia, Dubai,        price. Automating these steps should address financial
problems of a contractual nature and the frictions related       also challenges that will require new expertise to better        Ghana and Georgia have developed applications to                risks or fraud associated with registration of property
to them.                                                         understand and guide this evolution and revolution. •            facilitate more efficient and smooth transaction process.       when selling and buying.

8    WHAT IS BLOCKCHAIN AND WHY IT FITS TO REAL ESTATE                                          FIBREE INDUSTRY REPORT 2019                                                                       TOP 3 BLOCKCHAIN USE CASES IN REAL ESTATE INDUSTRY      9
2° REAL ESTATE TOKENIZATION                                       3° DECENTRALIZED INFRASTRUCTURE

Real estate is the biggest asset class in the world. At the       Building a transactional infrastructure brings the          The State of Blockchain in Real Estate, 2019
same time, it is also one of the most illiquid investments        question of harmonization again to the forefront. This
one can make. Generally, investing in real estate is              could be considered as one of the first ‚lessons learned‘   FIBREE Survey by Jo Bronckers
hard to access, time-consuming and capital intensive.             by the real estate and blockchain community. Building
Tokenization of real estate assets intend to disrupt these        a new infrastructure requires common standards and
obstacles, by taking us from a world where a property             definitions. Blockchain is in that regard creating a new
is transferred infrequently like several years or even            momentum for international cooperation. Increased
decades, to a new reality where hundreds of transactions          liquidity or seamless transactions require a legal
are executed within minutes. Tokenization is a broad
concept. It might refer to either representing shares in a
real estate investment trust with tokens; using a unique
                                                                  framework that is based on uniform transaction-
                                                                  information systems (sale and purchase as well as
                                                                  rental) and improved transparency with digital property-
                                                                                                                              I n Q3 2018, a working group was set up within FIBREE
                                                                                                                                with the aim of taking stock worldwide of the state of
                                                                                                                              blockchain in the real estate world and investigating what
                                                                                                                                                                                                It is important that the data infrastructure is in order and
                                                                                                                                                                                                quality of data is at an acceptable level, because only then
                                                                                                                                                                                                blockchain will be able to really add value. Traditionally,
non-fungible token to represent a single property, or             passports. Different blockchain related organisations,      the current challenges and best practices are, in order to        the real estate industry is not the most digitized industry.
converting a single property into e.g. 100,000 tokens.            such as FIBREE, are now leading the effort to create a      feed back the findings to the market. The working group           The real estate life cycle generally extends over several
All these approaches of real estate tokenization could            decentralised infrastructure based on common standards      consisted of 13 FIBREE participants from 11 different             decades. In the various successive phases in the chain,
be more commonly referred to as the “digitalization of            for interoperability. •                                     countries around the world, from Australia to the west            from design, through realization, use and management to
assets”. Once a real estate asset is represented by a digital                                                                 coast of the USA. It is FIBREE‘s intention to repeat this         demolition or redevelopment, information is often kept
token(s) and governed by the transactional rules of a                                                                         survey annually in order to keep the market informed              in silos. A lot of information is lost during the life cycle as
blockchain, some frictions of transacting between two or                                                                      about the latest developments in blockchain and real              soon as the real estate in the chain moves from one link
more parties could be considerably reduced.                                                                                   estate worldwide.                                                 to another. At the same time, it provides a revenue model
                                                                                                                                                                                                for several intermediaries in the existing real estate chain,
Analyzing established co-investment solutions like REITs,                                                                     The next introduction and description of the research             who find their work in tracing, updating or reproducing
syndications or crowdfunding, we notice that certain                                                                          methodology used are followed by feedback on the main             missing information. These intermediaries therefore have
features are important to investors: e.g. diversification,                                                                    findings of the research. The following topics are dealt with     an interest in maintaining data silos. Better registration
online convenience, and investor control. The problem                                                                         successively: geographical spread of blockchain products          and divisibility of digital information is to some extent
is that these solutions have technical limitations.                                                                           for the real estate market, year of incorporation and             a threat to (part of) their current business operations.
Tokenization offers investors a solution that allows                                                                          growth phase, the real estate solutions with blockchain,          At the same time, clients are familiar with the fact that
customizable diversification, no investment lock-ups,                                                                         blockchain platforms used, challenges experienced by              carrying out a real estate transaction involves relatively
transactional efficiency, low fees, online secondary market                                                                   blockchain startups and finally milestones and funding.           high costs in order to put the information base in order.
trading, fractional stakes, risk control, more transparency,                                                                                                                                    However, the question is not whether, but when, re-
portfolio automation, and last but not least higher liquidity                                                                                                                                   engineering such outdated processes will take place, since
due to the fact that the tokenized assets have the potential                                                                  INTRODUCTION: NO BLOCKCHAIN WITHOUT                               digitization is a mega trend that is leading to new business
to become exposed to a global economy. Higher liquidity                                                                       DIGITIZATION OF REAL ESTATE INFORMATION                           models in every industry. More and better information is
doesn’t make sense in every market. Prime real estate                                                                                                                                           becoming available around us, making the maintenance of
markets, like San Francisco, have no liquidity problems.                                                                      A common misconception is that ‚real estate information‘          information silos an untenable model.
These markets have enough buyers for properties of any                                                                        is stored in blockchain. In fact, no real estate information at
size. But in hundreds of smaller markets around the world,                                                                    all will be stored in a blockchain, but a blockchain solution     In fact, the currently known ‚blockchain & real estate‘
properties of a bigger size have only few potential buyers.                                                                   in an existing information flow adds an extremely limited         producers are the first pioneers who see opportunities to
                                                                                                                              amount of information in relevant places, making existing         realize new forms of value creation with a decentralized
Even though the real estate tokenization industry is still                                                                    information completely reliable for all stakeholders.             digital information infrastructure. These are best
in the early stages, tokenized properties of various sizes                                                                    Blockchain alone can never be the solution to a problem,          practices from which the entire real estate industry can
and types are already coming to the online markets. So                                                                        it is at most, a relatively limited part of the entire digital    learn a lot. These pioneers can also learn a great deal from
how big is the potential here? If we look at commercial                                                                       solution - a small, but an important part. Information            the specific complexities in many real estate processes. It
real estate alone, globally it is valued at 50 trillion. Out of                                                               flows can be made far more efficient with it. This makes          is therefore very interesting to analyze where the issues
that, 2.8 trillion is considered as professionally managed.                                                                   it a business model enabler with the potential to add a lot       and opportunities are seen from both sides and where
If we project that in 10 years time, 1% of that value will be                                                                 of value in processes where reliability of information is         digitization, blockchain in particular, can add value. And
tokenized, that creates a market worth 28 billion.                                                                            important!                                                        that is exactly what FIBREE has in mind and why it wants

10   TOP 3 BLOCKCHAIN USE CASES IN REAL ESTATE INDUSTRY                                       FIBREE INDUSTRY REPORT 2019                                                                               THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019        11
to research and show the latest developments to the            FIBREE-Survey that took place in April 2019. This survey      surprise. Perhaps the presence of Singapore, Switzerland,      The graph below shows the top 22 cities on the basis
market by means of an annually recurring Industry Report       has resulted in first-hand input of 39 initiatives directly   the Netherlands and the United Arab Emirates is most           of the number of headquarters of blockchain and real
for blockchain and real estate.                                from the company in question and is of sufficiently high      striking in this top-10, as they are relatively small          estate companies located there. This graph shows that
                                                               quality to be able to make validated further substantive      countries. However, their leading position is not surprising   in addition to London, New York and Singapore, there
                                                               analyses. The quality of the information on the other         from a blockchain perspective, since these countries have      are several urban regions that can also be qualified
RESEARCH METHODOLOGY                                           441 initiatives was insufficiently reliable for in-depth      been developing state-of-the-art digital infrastructure        as ‚blockchain & real estate capital‘. Silicon Valley (the
                                                               substantive analyses, but it was sufficient, to be able to    and are well known for their open mindset towards              Cities of San Francisco and San Jose combined) or the
The FIBREE Industry Report workgroup has collected             make a few statistical analyses on it. The main insights      digital innovations. Additionally, each of these countries,    aforementioned Crypto Valley in Switzerland (Zurich,
input in a number of ways in parallel to each other in order   obtained are presented and described below.                   show strong support for their respective governments.          Zug and Baar together) are at almost the same level as
to obtain the most complete possible picture of the status                                                                   The Canton of Zug in Switzerland, for example, is known        Singapore.
of Blockchain for global real estate.                                                                                        throughout the world for its liberal approach to blockchain
                                                               GEOGRAPHICAL DISTRIBUTION                                     on the part of its government infrastructure. This has
At the end of 2018, the working group started desk                                                                           contributed to the fact that this region, which is often       Top 22 blockchain & real estate capitals in the world
                                                                                                                                                                                            according to the used product database
research by its members in order to get an overview of         The 501 products or services found come from 66               called Crypto Valley, has been able to attract the largest
the different blockchain and real estate startups that         different countries and from all continents of the world.     concentration of blockchain companies and investors in                Hong Kong
                                                                                                                                                                                                         Paris
are currently known throughout the world. The input            With a number of 235, most of the companies in the            the world.
                                                                                                                                                                                                   Vancouver
to the research was derived from different sources; via        database (47%) have their headquarters in Europe.                                                                                San Jose (Ca)
Linkedin and various specific blockchain-related listing       Latin America is the least represented with only 4% of all                                                                              Zurich

sites (ICO Bench, Crunchbase, etc.) where we searched          products.                                                     Top 10 countries in used product database                       Saint Petersburg
                                                                                                                                                                                                       Madrid
for blockchain products and services specific to the real
                                                                                                                               Rank                              Number of listed BC/RE-              Prague
estate industry. As of December 31, 2018, 501 blockchain                                                                       2019
                                                                                                                                               Country
                                                                                                                                                                    product-supply                   Gibraltar
and real estate initiatives have been found worldwide. This    22                                                                                                                                  Rotterdam

has been defined as the product database. The population       Latin America                                                     1              USA                       124                     Amsterdam
                                                                                                                                                                                             Los Angeles (Ca)
that is the basis for further analyses in this study.          30                                                    235         2               UK                        53
                                                                                                                                                                                                   Melbourne
                                                               Middle East                                        Europe                                                                                Talinn
14                                                             & Africa                                                                                                                                 Berlin

REIN                                                                                                                             3            Singapore                    28                             Zug

                                                        29     75
                                                                                                                                                                                                     Moscow
32                                                                                                                               4           Switzerland                   27
                                                                                                                                                                                            San Francisco (Ca)
                                                     Other     Asia &
CV                                                                                   Geographical                                                                                                       Dubai

Competition                                                                       distribution of used                                                                                             Singapore
                                                       174                                                                       5           Netherlands                   26
                                                                                   product database                                                                                             New York (NY)

39                                                Linkedin                            for research                                                                                                    London

Own input                                                                                                                        6              Russia                     23
                                                                                                                                                                                                                 0   5   10   15   20   25   30   35   40   45   50
from                Consulted sources
company           for composition of the                       139                                                               7            Australia                    19
                     FIBREE product                            North
44                                                             America
                        database                                                                                                 8              UAE                        17
FIBREE
Network
                                                                                                                                 9            Germany                      17
                                                     169       In itself, this does not say much about the geographical
                                               ICO Bench       markets the products are targeting, as many blockchain
                                                                                                                                10              Spain                      15
                                              Crunchbase       products are targeting multinational or fully global                                                                         GROWTH PHASE OF PRODUCTS
                                                     etc.      markets. Nor does this rough division show where in the
                                                               world the real ‚hotspots‘ are located or which countries                                                                     Of the 501 companies surveyed, an attempt was made via
At the beginning of 2019, the working group used desk          are at the forefront of the development of blockchain         When zooming in on the most important cities and regions,      the various sources to find out the year of incorporation
research to make a first in-depth analysis of the total        products for the real estate industry.                        it becomes clear that there is a limited but clear group of    and the current growth phase. For 27% it was not possible
product database based on the information that could                                                                         ‚blockchain & real estate capitals‘ in the world. London,      to find out the year of incorporation and for 36% of these it
be found on the Internet. A useable email-address of           Further analysis provides a top-10 of countries that are at   New York and Singapore share the top 3 positions,              was not possible to find an indication of the growth phase.
approximately 300 of these product-suppliers was               the forefront of the development of blockchain products       which leads to the conclusion that these blockchain and        In 363 cases it was possible to find both an indication of
found, which was used to invite them to participate in the     for real estate. The result of this top-10 is not really a    real estate capitals are equally spread around the world.      the growth phase and the year of incorporation.

12   THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019                                           FIBREE INDUSTRY REPORT 2019                                                                                THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019                   13
Most startups are still very young. Only 21% of the               This analysis also shows that 119 (24%) of the 501          THE REAL ESTATE SOLUTIONS WITH BLOCKCHAIN                     For example, it is often decided through tokenization to
companies whose founding year is known, existed in                products found no longer seem to be active. In almost                                                                    develop a digital twin. Using MLS solutions, this digital twin
2017. It is therefore not surprising that more than half of       half of the cases, the year of incorporation has not been   In 101 of the 501 blockchain products found, it was not      can be offered to potential buyers in a marketplace where
the startups are still in a seed or startup phase. There are      found either. Of the 365 products for which the year of     possible to determine with sufficient certainty via desk     due diligence information and purchase documents can
only 35 companies, 7% of which a growth phase could be            incorporation was found, an average of 16% are no longer    research which problem or opportunity the product            be accessed and updated from the relevant information
traced, that are in the growth or expansion phase. Only 6         active. In addition, there are approximately 50 products    specifically offers a solution. The 400 remaining products   sources in a completely reliable manner via blockchain. At
of them (1%) seem to have reached the most advanced               of which it was not possible to determine the growth        that have been analysed together offer 493 solutions         the time of purchase, information such as property and
stage of growth, the expansion phase. Almost all of these         phase and the year in which they were founded. If about     to various problems and opportunities in the real estate     financing registration can be directly linked to this, which
are companies that already existed in 2016 and have               half of these products were no longer active, almost 1 in   market. It becomes clear that for at least 26% of the        in turn can be the trigger for additional functionality.
started to develop the blockchain solution as a by-product        3 startups with blockchain products for the real estate     products, the solution in question focuses on more than      Similarly, the token can also be used to give voting rights
or extension of the existing product.                             industry would cease their activities within a few years.   one problem or opportunity.                                  to (partial) owners for major decisions regarding the
                                                                                                                                                                                           physical asset, or form the dynamic key that gives all
                                                                                                                                                                                           (partial) owners real-time access to all updates of relevant
                                                                                                                                                                                           information regarding their asset when updated.

Blockchain products in database by year of
incorporation and growth phase

     Seed Stage
     Start Up Stage
     Growth Stage
     Expansion Stage
     Other
     Seems discontinued
     Unknown
                                                                                                                                                                                           Comparative overview of applied real estate solutions
                                                                                                                                                                                           in used product database and in FIBREE survey

90                                                                                                                            70%
                                                                                                                                                                                              Invest (Investment in Real Estate)

80
                                                                                                                              60%                                                             Market (e.g. listing of properties)

70
                                                                                                                              50%                                                             Data Exchange

60

                                                                                                                                                                                              Manage & Operate (e.g. facility
                                                                                                                              40%
                                                                                                                                                                                              / property management)
50

40                                                                                                                            30%                                                             Technology Providing

30                                                                                                                                                                                            Land title / Smart Cities
                                                                                                                              20%
                                                                                                                                                                                              (e.g. zoning, permits)

20
                                                                                                                              10%                                                             Plan & Build
10

                                                                                                                               0
                                                                                                                                                                                              Other
0
                    Before
                                                                                                                                         Product Database          FIBREE Survey
                                        2016                   2017                 2018                 Unknown                             (n=400)                   (n=39)
                     2016

14    THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019                                            FIBREE INDUSTRY REPORT 2019                                                                          THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019       15
Of the 400 products found, 58% have a solution that         Half of the solutions in the FIBREE Survey use asset-             Blockchain and additional techniques ensure that the          USED BLOCKCHAIN PLATFORMS
facilitates investment in real estate. Approximately 20%    backed security tokens to enable real estate investments.         authenticity and content of data, for example, in data
of the products have a solution for a marketplace or data   Approximately 20% are real estate data exchange                   rooms, can be guaranteed. Blockchain is sometimes also        By far the most widely used blockchain platform is
exchange. Other solutions are available in 10% or less of   platforms or property management solutions. The rest              applied in these data-exchange platforms to regulate data     Ethereum. No less than 90% of the 25 ‚Investment‘
the products.                                               consist of a large variety of solutions, which shows how          privacy and compliance with data access policies.             solutions say they use Ethereum. Bitcoin and Hyperledger
                                                            widely applicable, in theory, blockchain use in the real                                                                        follow as the second and third most used platforms. A
In order to analyse the solutions in greater depth,         estate industry is possible.                                      Property management solutions are systems that                small percentage indicated that they use proprietary
the feedback obtained from the FIBREE-Survey of                                                                               automate the administration, control and payment of           distributed ledger technology. Out of 39 products,
39 products is used. The composition of the group of        Asset-backed securities use blockchain technology to              contractors and suppliers in the real estate sector, such     23% say they use multiple blockchain platforms in their
products in the FIBREE-Survey differs slightly from the     manage (partial) transactions of real estate properties or        as cleaning staff, craftsmen and the like. These processes    solution.
composition of the product database. In the FIBREE-         portfolios and to track asset ownership. With tokens, a real      are often decentralised but in the current set-up, they are
Survey, there are fewer ‚Data-exchange‘ solutions and       estate investment object or portfolio can be divided into         centrally administered and managed. Think of a platform
no ‚Technology Providing‘ solutions. The ‘Market’ and       small fractions, making it possible to invest in small shares     to enable direct processes such as communication,             20                                                      56
‘Manage & Operate’ categories, on the other hand, are       of the asset as well. This is interesting for investors who       service supply and charging. Sustainable building use         Other                                             Ethereum
more represented in the FIBREE Survey than in the           are looking for exposure to real estate in small amounts          between landlord, property manager, tenants and
product database.                                           or who are striving for a better spread of their real             service providers including; real time and decentralized
                                                            estate investments in this way. Thanks to full automation,        administration of information and payment flows. One          8
                                                                                                                                                                                                                 Used blockchain
The 25 products in the FIBREE-Survey that fall into the     transaction costs are kept relatively low, even in the case       could also think of a kind of CRM system intended for         Own DLT
                                                                                                                                                                                                                  platforms in
‘Invest’ category have proven to be quite diverse when      of small investments.                                             Homeowner Associations and real estate management                                  FIBREE Survey
analysed in greater depth. Most products are asset-         Most solutions offer real estate companies a system               organizations. Blockchain provides security, traceability     6
backed security tokens, There are also solutions for        with tools and modules for creating, publishing, selling,         and transparency for the users and makes it possible          Hyperledger
financing project developments or facilitating flexible     distributing, managing, tracking and trading tokenized            to achieve up to 70% administrative cost reduction
ownership between renting or purchasing. The table          properties. Regulatory compliance is already ensured by           compared to current processes.
below gives a more detailed overview of the real estate     design in the case of professional solutions and can be                                                                         10
solutions provided by the 39 blockchain products from       demonstrated via an audit report. The costs of marketing          Other noteworthy applications include the possibility of      Bitcoin
the FIBREE-Survey.                                          are reduced compared to existing solutions and the                creating a unique digital address for each building, even
                                                            products offer the possibility to reach a wider potential         before the building is granted a real address, which can
                                                            investor market while the administrative complexity               then be used to store all the related information about       The reason for choosing Ethereum is that the ERC20
Result of an in-depth analysis of the real estate solu-     decreases. This can create extra value and liquidity for          that building. Or a real estate marketplace where parties     standard is generally the most widely used tokenization
tions in FIBREE-Survey                                      real estate.                                                      can directly negotiate rental or purchase transactions,       standard. This will have great advantages in the long
                                                                                                                              including the administration of counter-proposals and         run when the market for tradable tokens becomes more
     Asset backed security tokens                  20       Real Estate Data-Exchange platforms include data                  the closing of the transaction by the selected partie(s).     mature, because ERC20 tokens are expected to be the
                                                            platforms where data about a real estate can be collected         There are also reasonable basic solutions aimed at easy       most widely used standard and therefore the largest
     Real Estate data exchange platform                4
                                                            from various sources and structured in accordance with            digital coordination between owner and tenant. Think of       group of investors can be reached. The combination of
     Property Management                               4    industry standards. It enables verification of the data by        a solution to handle lease contracts completely digitally     ERC20 tokens and the Solidity programming language
                                                            (certified) professionals, with the principle of one-time         and completely reliably. Or the aforementioned solution       is also appreciated for its easy applicability to smart
     Location Intelligence                             2    verification and multiple re-use being pursued. Recording         in which the tenant facilitates the gradual acquisition of    contracts. Finally, it is stated that Ethereum was chosen
                                                            data at source and sharing data on a machine-2-machine            property from a rental situation.                             because the use of a different protocol that has yet to
     MLS                                               2
                                                            basis between applications to prevent manual data entry                                                                         prove itself, is seen as an extra risk that one tries to avoid
     Transactions                                      2    and transfer should lead to a significant reduction in the                                                                      as a startup.
                                                            administrative burden. Existing solutions have been
     Contract life cycles                              1    developed to support due diligence processes or to                                                                              The reasons for choosing to use the Bitcoin platform
                                                            manage and secure data from IoT in the „Black Box“ of                                                                           include its robustness and widespread adoption and
     Flexible ownership                                1
                                                            smart buildings and infrastructures. Another example is a                                                                       industry standards.
     Development financing                             1    solution that creates digital fingerprints of files that can be
                                                            accessed by third parties via an API or not, if not granted                                                                     Hyperledger is chosen as soon as a semi-public or fully
     Land registry                                     1    access to it. In this way everyone can see that information                                                                     authorized network solution is required. Hyperledger
                                                            is present, but only those who have access via the API can                                                                      Fabric provides an easily applicable modular solution in an
     Audit trail for data                              1
                                                            see the actual information.                                                                                                     enterprise environment that is widely used in the market.

16      THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019                                       FIBREE INDUSTRY REPORT 2019                                                                              THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019       17
Reasons given for choosing other blockchain platforms                Differentiating the various challenges according to the        MILESTONES AND FUNDING                                          including at least investment firms and/or private equity.
relate to the cost and speed of transactions, the desired            solution that is being achieved will make it possible to                                                                       Only one organization with more than 1 million in funding
functionalities that better meet the specific requirements           identify more precisely the challenges that arise and          As a final part of the FIBREE Survey, participants were         indicates that it is exclusively funded by friends and family.
of real estate tokenization, the consensus protocol used,            where they arise.                                              asked about the most important milestones achieved so
or because of specific requirements with regard to                   Regulatory compliance appears to be of particular              far and the way in which their company is funded. The
information anonymity.                                               importance in the case of ‚Invest‘ and ‚Market‘ solutions.     results confirm once again that the development and
                                                                     In the case of the other solutions, it appears that there is   application of blockchain solutions in the real estate
                                                                                                                                                                                                    Origin of funding for FIBREE Survey participants
                                                                     little to be gained from compliance with regulations.          industry is only just beginning, as only a limited number
CHALLENGES FOR BLOCKCHAIN START-UPS                                  Challenges regarding ‘Market education’ and ‘Fundraising/      of product providers have ample funding resources for           60%

                                                                     development partners’ seem to go hand in hand and are          further product development. Of the 39 participants             50%

In the development of blockchain products for the real               widely identified in ‘Manage & Operate’, ‘Market’, ‘Invest’,   in the FIBREE survey, 23% do not give an indication of          40%

estate market, almost every initiative is faced with several         and ‘Land Title/Smart Cities’ solutions.                       the funding they have received so far. With 36% of the          30%
challenges. In the FIBREE survey, participants were asked            Challenges on how to ‘apply Distributed Ledger                 answers, the majority of the participants say they have
                                                                                                                                                                                                    20%
about the challenges they face. The 39 participants indicate         Technology’ exactly in the solution are most common with       less than USD 200,000 in funding. Another 18% say
                                                                                                                                                                                                    10%
a total of 46 challenges. Compliance with regulations,               ‘Land Title/Smart Cities’ solutions and to a greater extent    they have between USD 200k and USD 1 million. The
                                                                                                                                                                                                     0
timing for adoption in the market, finding funding or                with ‘Market’ and ‘Invest’ solutions.                          remaining 23% replied that they have more than USD 1
development partners(,) and knowledge development in                 Finally, ‘Performance’ related challenges are relatively       million in funding.                                                                       Invest-
                                                                                                                                                                                                                 Own                                     Firends
the market are the most frequently mentioned challenges              most common in ‘Manage and Operate’ solutions.                                                                                                                           ICO          and      None
                                                                                                                                                                                                                sources       private
                                                                                                                                                                                                                              equity                     Family
and are all mentioned approximately as often (all between
21% and 25%).
                                                                                                                                    Funding of participants FIBREE-Survey
                                                                                                                                    40%

                                                                                                                                    35%
                                                                                                                                                                                                    As regards to the key milestones achieved so far, the
                                                                                                                                                                                                    participants have responded in a variety of ways. The
                                                                                                                                    30%
                                                                                                                                                                                                    answers to this question gives a good indication of the
                                                                                                                                    25%
Overview of experienced challenges in the different                                                                                                                                                 current status of blockchain solutions for the real estate
                                                                                                                                    20%
blockchain solutions for real estate                                                                                                                                                                market. From the responses received, it can be cautiously
                                                                                                                                    15%                                                             concluded that less than half of the products say they
                                                                                                                                    10%                                                             are ready for actual use in the market. The big question
                                                                                            Timing / Market adoption                5%                                                              remains to what extent they are applicable. If they are
                         Other
                                                                                                                                     0
                                                                                                                                                                                                    applied at all, they are only in their first beta versions or
                                                                                            Apply to regulations
                  Plan & Build
                                                                                                                                                                                                    being used on a small scale. Most products are still in a
                                                                                                                                               > USD       < USD        < USD         No
                                                                                            How to deploy DLT                                 1 Million   1 Million    200.000      answer          PoC phase. The figure below illustrates this. •
               Data Exchange                                                                Market education

                                                                                            Fundraising / Development partners
      Land title / Smart Cities
         (e.g. zoning, permits)                                                             Performance                             When asked about the origin of the funding, 53% indicated
Manage & Operate (e.g. facility                                                             Other                                   that it came from their own sources. 28% indicated that         Main milestones achieved according to participants in
    / property management
                                                                                                                                    funding comes from investment firms and/or private              FIBREE Survey
         Market (e.g. listing of                                                                                                    equity. It is striking that only 10% of the real estate
                   properties)
                                                                                                                                    blockchain-products in the study made only limited use of                                       None
         Invest (Investment in                                                                                                      ICOs. Friends and family also have a limited share in the                 Development partner found
                   real estate)                                                                                                                                                                                  First mover in the market
                                                                                                                                    origin of funding at 8%.
                                                                                                                                                                                                                       Winning of awards
                                   0%        5%                10%           15%            20%             25%            30%
                                                                                                                                    It is also striking that no fewer than 12 of the 14 companies   Steady growth of user base for product

                                                                                                                                    with less than USD 200k in funding have indicated that                 Completion of funding round(s)

                                                                                                                                    they have been financed exclusively from their own                                         MVP ready
                                                                                                                                                                                                                  First market application
                                                                                                                                    sources. The opposite picture can be seen in companies
                                                                                                                                    with more than USD 1 million in funding. Of these all but
                                                                                                                                    one indicate that they have several sources of funding,                                                  0%   5%   10% 15% 20% 25% 30% 35%

18    THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019                                                  FIBREE INDUSTRY REPORT 2019                                                                               THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019                 19
GLOBAL NETWORK
The data for the FIBREE country report has been aggregated by the regional chairs of the specific
country based on their knowledge of the industry. This data has no claim to be representative, but
should give an indication of where the current state of the industry is.

                                                                                                                                    Poland

                                                                                                                              Austria

                                                                                                                            Germany
                                                                                                              Netherlands

                                                                                                                 UK
                                                                                                                 Belgium                      Hungary
                                                                                                                                                                                        Russia
                                                                       Canada
                                                                                                                                                         Georgia
                                                                                                              Spain                                                       India

                                                                                                                      Switzerland
                                USA
                                                                                                                               Italy
                                                                                                                                                                                                 Taiwan
                                                                                                                             Slovenia
                                                                                                                                             Israel
                                                                                                                               Croatia
                                                                                  Brazil
                                                                                                                                                                   United Arab Emirates
                                                                                                                                                        Kenya

                                                   Chile

                                                                                                                                                                            Australia

20   GLOBAL NETWORK                                                             FIBREE INDUSTRY REPORT 2019                                                                                               GLOBAL NETWORK   21
SECTOR ACTIVITY                                              COUNTRY FACTS

AUSTRALIA                                                                                                                                                                                    Overall activity in blockchain & real estate                 Source: Wikipedia

                                                                                                                                                                                             10%                                                 2,5%               Canberra
                                                                                                                                                                                             Corporate                               Government Public              CAPITAL
                                                                                                                                                                                             >200                                          Authorities
COUNTRY MAP                               REAL ESTATE SECTOR                                                                                                                                 employees

Locations                                 Level of engagement with blockchain                                                                                                                10%
                                                                                                                                                                                                                                                                    25.324.713
                                                                                                                                                                                                                                                                    POPULATION
                                                                                                                                                                                             SME                       Activity in
SECTOR ACTIVITY                                              COUNTRY FACTS

AUSTRIA                                                                                                                                                                           Overall activity in blockchain & real estate                 Source: Wikipedia

                                                                                                                                                                                  14%                                                52,5%               Vienna
                                                                                                                                                                                  Corporate                                       Start-Ups              CAPITAL

COUNTRY MAP                         REAL ESTATE SECTOR                                                                                                                            >200 employees

Locations                           Level of engagement with blockchain
                                                                                                                                                                                  15,5%                                                                  8.858.775
                                                                                                                                                                                  Government                                                             POPULATION
                                                                                                                                                                                  Public                    Activity in
                                                                                                                                                                                  authorities              blockchain &

                                                                                                                   Plan and Build
                                                                                                                                                                                                            real estate
                                                   Re
                                                     se
                                                       ar                                                                                                               ate                                                                              German
                                                         ch                                                                                                          er                                                                                  LANGUAGE
                                                                     an                                                                                           Op
                                                                                                                                                             d
                                                                           d
                                                                               Va                                                                         an
                         Vienna                                                                                                                       e
                                                                                  lua                                                            ag
                                                                                     te                                                       an                                  18%
                                                                                                                                           M
                                                                                                                                                                                  SME
                                                                                                                                                                                                                                                         Euro
SECTOR ACTIVITY                                               COUNTRY FACTS

BELGIUM                                                                                                                                                                                  Overall activity in blockchain & real estate                  Source: Wikipedia

                                                                                                                                                                                         14%                                                   50 %              Brussels
                                                                                                                                                                                         SME                                           Government                CAPITAL

COUNTRY MAP                        REAL ESTATE SECTOR                                                                                                                                    200 employees                                                          Euro
                                                                                   e                                                                                                                                                                             CURRENCY
                                                            F           inanc
                                                      t and                                                         1                                                  Mark
                                                Inves                                                                                                                           et
                                                                                                                    2
                                                                                                                                                                                         MOST USED TECHNOLOGY                                                    $533 billion

                                                                                             s

                                                                                                                                 Ne
                                                                                          gie
                                                                                                                    3

                                                                                                                                   xt
                                                                                                                                                                                                                                                                 GROSS DOMESTIC PRODUCT

                                                                                       olo

                                                                                                                                      Cit
                                                                                                                                                                                         for blockchain applications

                                                                                     hn
                                                                                                                    4

                                                                                                                                        Soy
                                                                                  Tec                                                                                                    » Hyperledger

                                                                                                                                          lut
                                                                              ing                                   5

                                                                                                                                              ion
                                                                           ild

                                                                                                                                                 s
                                                                         Bu

                                                                                                                                                           Low                       1
                                                                                                                                              Slightly engaged                       2
                                                                                                                                                       Medium                        3   MOST PROMISSING STARTUPS
                                                                                                                                              Mostly engaged                         4
                                                                                                                                                          High                       5
                                                                                                                                                                                         for blockchain & real estate

                                   GARTNER HYPE CYCLE
                                                                                                                                                                                         1. The Ledger                                                 FIBREE FACTS
                                   Use of blockchain in real estate
                                                                                                                                                                                         2. Estate Share                                               First chapter established: 03/2019
                                                                                                                                                                                         3. Settle Mint
                                 Expectations

                                                                                                                                                                                                                                                       SIZE OF COMMUNITY

                                                                                                                                                                                         ANALOG TO DIGITAL
SECTOR ACTIVITY                                               COUNTRY FACTS

BRAZIL                                                                                                                                                                                  Overall activity in blockchain & real estate                  Source: Wikipedia

                                                                                                                                                                                        5%                                                      5%              Brasília
                                                                                                                                                                                        Corporate                                     Government                CAPITAL

COUNTRY MAP                     REAL ESTATE SECTOR                                                                                                                                      >200 employees                           public authorities

Locations                       Level of engagement with blockchain
                                                                                                                                                                                        10%                                                                     210,147,125
                                                                                                                                                                                        SME                                                                     POPULATION
SECTOR ACTIVITY                                               COUNTRY FACTS

CANADA                                                                                                                                                                        Overall activity in blockchain & real estate                  Source: Wikipedia

                                                                                                                                                                              19,1%                                                33,3%              Ottawa
                                                                                                                                                                              Corporate                                         Start-Ups             CAPITAL

COUNTRY MAP               REAL ESTATE SECTOR                                                                                                                                  >200 employees

Locations                 Level of engagement with blockchain                                                                                                                                                                                         37,314,442
                                                                                                                                                                                                                                                      POPULATION
                                                                                                                                                                                                        Activity in
                                                                                                                                                                                                       blockchain &

                                                                                                         Plan and Build
                                                                                                                                                                                                        real estate
                                         Re
                                           se
                                             ar                                                                                                                  ate                                                                                  English, French
                                               ch                                                                                                             er              19,1%                                                                   LANGUAGE
                                                           an                                                                                              Op
                                                                                                                                                      d
                                                                 d
                                                                     Va                                                                            an                         Government
                                                                                                                                               e
                                                                        lua                                                              ag                                   Public
                                                                           te                                                          an                                                                                          28,5%
                                                                                                                                   M                                          authorities
                                                                                                                                                                                                                                     SME
                                                                                                                                                                                                                                                      Canadian Dollar
SECTOR ACTIVITY                                              COUNTRY FACTS

CHILE                                                                                                                                                                          Overall activity in blockchain & real estate                 Source: Wikipedia

                                                                                                                                                                               10%                                                  60%               Santiago
                                                                                                                                                                               Corporate                                       Start-Ups              CAPITAL

COUNTRY MAP                REAL ESTATE SECTOR                                                                                                                                  >200 employees

Locations                  Level of engagement with blockchain
                                                                                                                                                                               10%                                                                    17,574,003
                                                                                                                                                                               Government                                                             POPULATION
                                                                                                                                                                               Public                    Activity in
                                                                                                                                                                               authorities              blockchain &

                                                                                                          Plan and Build
                                                                                                                                                                                                         real estate
                                          Re
                                            se
                                              ar                                                                                                                  ate                                                                                 Spanish
                                                ch                                                                                                             er                                                                                     LANGUAGE
                                                            an                                                                                              Op
                                                                                                                                                       d
                                                                  d
                                                                      Va                                                                            an
                                                                                                                                                e
                                                                         lua                                                              ag
                                                                            te                                                          an                                     20 %
                                                                                                                                    M
                                                                                                                                                                               SME
                                                                                                                                                                                                                                                      Peso
SECTOR ACTIVITY                                               COUNTRY FACTS

CROATIA                                                                                                                                                                          Overall activity in blockchain & real estate                  Source: Wikipedia

                                                                                                                                                                                 7%                                                      3%              Zagreb
                                                                                                                                                                                 Start-Ups                                              SME              CAPITAL

COUNTRY MAP                  REAL ESTATE SECTOR                                                                                                                                                                               >200 employees

Locations                    Level of engagement with blockchain
                                                                                                                                                                                 20 %                                                                    4,154,200
                                                                                                                                                                                 Corporate                                                               POPULATION
                                                                                                                                                                                 >200                      Activity in
                                                                                                                                                                                 employees                blockchain &

                                                                                                            Plan and Build
                                                                                                                                                                                                           real estate
                                            Re
                                              se
                                                ar                                                                                                                  ate                                                                                  Croatian
                                                  ch                                                                                                             er                                                                                      LANGUAGE
                                                              an                                                                                              Op
                                                                                                                                                         d
                                                                    d
                                                                        Va                                                                            an
                                                                                                                                                  e
                  Zagreb
                                                                           lua                                                              ag
                                                                              te                                                          an                                                                                          70%
                                                                                                                                      M
                                                                                                                                                                                                                              Government
                                                                                                                                                                                                                                                         Kuna
                                                                                                                                                                                                                         Public authorities              CURRENCY

                                                                        ance
                                                ta nd Fin                                                       1                                              Mark
                                          Inves
                                                                                                                2
                                                                                                                                                                        et
                                                                                                                                                                                                                                                         $61.586 billion
                                                                                                                                                                                 MOST USED TECHNOLOGY                                                    GROSS DOMESTIC PRODUCT

                                                                                        s

                                                                                                                             Ne
                                                                                     gie
                                                                                                                3

                                                                                                                               xt
                                                                                  olo

                                                                                                                                  Cit
                                                                                                                                                                                 for blockchain applications

                                                                                hn
                                                                                                                4

                                                                                                                                    Soy
                                                                             Tec                                                                                                 » Ethereum

                                                                                                                                      lut
                                                                         ing                                    5

                                                                                                                                          ion
                                                                      ild

                                                                                                                                             s
                                                                    Bu

                                                                                                                                                       Low                   1
                                                                                                                                          Slightly engaged                   2
                                                                                                                                                   Medium                    3   MOST PROMISSING STARTUPS
                                                                                                                                          Mostly engaged                     4
                                                                                                                                                      High                   5
                                                                                                                                                                                 for blockchain & real estate

                             GARTNER HYPE CYCLE
                                                                                                                                                                                 1. -                                                          FIBREE FACTS
                             Use of blockchain in real estate
                                                                                                                                                                                 2. -                                                          First chapter established: 07/2018
                                                                                                                                                                                 3. -
                           Expectations

                                                                                                                                                                                                                                               SIZE OF COMMUNITY

                                                                                                                                                                                 ANALOG TO DIGITAL
SECTOR ACTIVITY                                               COUNTRY FACTS

GEORGIA                                                                                                                                                                              Overall activity in blockchain & real estate                  Source: Wikipedia

                                                                                                                                                                                                                                            10%              Tbilisi
                                                                                                                                                                                                                                            SME              CAPITAL

COUNTRY MAP                      REAL ESTATE SECTOR                                                                                                                                  10%                                          200                                                                    3,723,500
                                                                                                                                                                                     employees                                                               POPULATION
                                                                                                                                                                                                               Activity in
                                                                                                                                                                                                              blockchain &

                                                                                                                Plan and Build
                                                                                                                                                                                     10%
                                                                                                                                                                                                               real estate
                                                Re
                                                  se
                                                    ar                                                                                                                  ate
                                                                                                                                                                                     Start-Ups                                                               Georgian, Abkhazian
                                                      ch                                                                                                             er                                                                                      LANGUAGE
                                                                  an                                                                                              Op
                                                                                                                                                             d
                                                                        d
                                                                            Va                                                                            an
                                                                                                                                                      e
                                                                               lua                                                              ag
                                                                                  te                                                          an                                                                                           70%
                                                                                                                                          M
                                                                                                                                                                                                                                   Government
                                                                                                                                                                                                                                                             Georgian Lari
                                                                                                                                                                                                                              Public authorities             CURRENCY

                    Tibilisi
                                                                            ance
                                                    ta nd Fin                                                       1                                              Mark
                                              Inves
                                                                                                                    2
                                                                                                                                                                            et
                                                                                                                                                                                                                                                             $17.836 billion
                                                                                                                                                                                     MOST USED TECHNOLOGY                                                    GROSS DOMESTIC PRODUCT

                                                                                            s

                                                                                                                                 Ne
                                                                                         gie
                                                                                                                    3

                                                                                                                                   xt
                                                                                      olo

                                                                                                                                      Cit
                                                                                                                                                                                     for blockchain applications

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                                                                                                                                                           Low                   1
                                                                                                                                              Slightly engaged                   2
                                                                                                                                                       Medium                    3   MOST PROMISSING STARTUPS
                                                                                                                                              Mostly engaged                     4
                                                                                                                                                          High                   5
                                                                                                                                                                                     for blockchain & real estate

                                 GARTNER HYPE CYCLE
                                                                                                                                                                                     1. -                                                          FIBREE FACTS
                                 Use of blockchain in real estate
                                                                                                                                                                                     2. -                                                          First chapter established: 07/2018
                                                                                                                                                                                     3. -
                               Expectations

                                                                                                                                                                                                                                                   SIZE OF COMMUNITY

                                                                                                                                                                                     ANALOG TO DIGITAL
SECTOR ACTIVITY                                               COUNTRY FACTS

GERMANY                                                                                                                                                                                                      Overall activity in blockchain & real estate                  Source: Wikipedia

                                                                                                                                                                                                             14,2%                                                43,5%              Berlin
                                                                                                                                                                                                             Government                                        Start-Ups             CAPITAL
                                                                                                                                                                                                             Public
COUNTRY MAP                                               REAL ESTATE SECTOR                                                                                                                                 authorities

Locations                                                 Level of engagement with blockchain                                                                                                                                                                                        83.000.000
                                                                                                                                                                                                                                                                                     POPULATION
                                                                                                                                                                                                                                       Activity in
                                                                                                                                                                                                             16,3%                    blockchain &

                                                                                                                                        Plan and Build
                                                                                                                                                                                                             SME                       real estate
                                                                         Re
                                                                           se                                                                                                                   ate          200 employees             CURRENCY

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                                                                       Inves
                                                                                                                                            2
                                                                                                                                                                                                    et
                                                                                                                                                                                                                                                                                     $4.117 trillion
                                                                                                                                                                                                             MOST USED TECHNOLOGY                                                    GROSS DOMESTIC PRODUCT

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                                           Regensburg                                                                                                                                                                                                                      FIBREE FACTS
                         Stuttgart                                                                                                                                                 Low                   1
                                                                                                                                                                      Slightly engaged                   2                                                                 First chapter established: 07/2018
                                                                                                                                                                               Medium                    3   MOST PROMISSING STARTUPS
                                                                                                                                                                      Mostly engaged                     4
                                                                                                                                                                                  High                   5
                                                                                                                                                                                                             for blockchain & real estate
                                                                                                                                                                                                                                                                           SIZE OF COMMUNITY
                                                          GARTNER HYPE CYCLE
                                                                                                                                                                                                             1. Brickblock
                                                          Use of blockchain in real estate
SECTOR ACTIVITY                                              COUNTRY FACTS

HUNGARY                                                                                                                                                                            Overall activity in blockchain & real estate                 Source: Wikipedia

                                                                                                                                                                                   14%                                                52,5%               Budapest
                                                                                                                                                                                   Corporate                                       Start-Ups              CAPITAL

COUNTRY MAP                    REAL ESTATE SECTOR                                                                                                                                  >200 employees

Locations                      Level of engagement with blockchain
                                                                                                                                                                                   15,5%                                                                  9,797,561
                                                                                                                                                                                   Government                                                             POPULATION
                                                                                                                                                                                   Public                    Activity in
                                                                                                                                                                                   authorities              blockchain &

                                                                                                              Plan and Build
                                                                                                                                                                                                             real estate
                                              Re
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                  Budapest
                                                                                                                                        M
                                                                                                                                                                                   SME
                                                                                                                                                                                                                                                          Forint
SECTOR ACTIVITY                                              COUNTRY FACTS

INDIA                                                                                                                                                                             Overall activity in blockchain & real estate                 Source: Wikipedia

                                                                                                                                                                                  15%                                                  35%               New Delhi
                                                                                                                                                                                  Government                                      Start-Ups              CAPITAL

COUNTRY MAP                   REAL ESTATE SECTOR                                                                                                                                  public authorities

Locations                     Level of engagement with blockchain
                                                                                                                                                                                  20 %                                                                   1,324,171,354
                                                                                                                                                                                  Corporate                                                              POPULATION
                                                                                                                                                                                  >200                      Activity in
                                                                                                                                                                                  employees                blockchain &

                                                                                                             Plan and Build
                                                                                                                                                                                                            real estate
                                             Re
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                                                                               te                                                          an                                     30 %
                                                                                                                                       M
                                                                                                                                                                                  SME
                                                                                                                                                                                                                                                         Indian Rupee
SECTOR ACTIVITY                                              COUNTRY FACTS

ISRAEL                                                                                                                                                                         Overall activity in blockchain & real estate                 Source: Wikipedia

                                                                                                                                                                               7,5%                                                57,5%              Jerusalem
                                                                                                                                                                               Government                                      Start-Ups              CAPITAL

COUNTRY MAP                REAL ESTATE SECTOR                                                                                                                                  Public
                                                                                                                                                                               authorities

Locations                  Level of engagement with blockchain                                                                                                                 15%                                                                    9,044,440
                                                                                                                                                                                                                                                      POPULATION
                                                                                                                                                                               Corporate                 Activity in
                                                                                                                                                                               >200                     blockchain &

                                                                                                          Plan and Build
                                                                                                                                                                               employees
                                                                                                                                                                                                         real estate
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                                                                                                                                                                               SME
                                                                                                                                                                                                                                                      New Shekel
              Tel Aviv
SECTOR ACTIVITY                                              COUNTRY FACTS

ITALY                                                                                                                                                                              Overall activity in blockchain & real estate                 Source: Wikipedia

                                                                                                                                                                                   9,3%                                               66,7%               Rome
                                                                                                                                                                                   Government                                      Start-Ups              CAPITAL

COUNTRY MAP                    REAL ESTATE SECTOR                                                                                                                                  Public
                                                                                                                                                                                   authorities

Locations                      Level of engagement with blockchain                                                                                                                 11,7%                                                                  60,483,973
                                                                                                                                                                                   SME                                                                    POPULATION
                                                                                                                                                                                                             Activity in
                                                                                                                                                                                   200
                                                                                                                                                    e
                    Milano
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                                                                                te                                                          an
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                                                                                                                                                                                                                                                          Euro
                                                                                                                                                                                                                                                          CURRENCY

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                                            Inves
                                                                                                                  2
                                                                                                                                                                          et
                                                                                                                                                                                                                                                          $2.026 trillion
                                                                                                                                                                                   MOST USED TECHNOLOGY                                                   GROSS DOMESTIC PRODUCT

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                                                                                                                                                     Medium                    3   MOST PROMISSING STARTUPS
                                                                                                                                            Mostly engaged                     4
                                                                                                                                                        High                   5                                                                FIBREE FACTS
                                                                                                                                                                                   for blockchain & real estate

                                                                                                                                                                                                                                                First chapter established: 07/2018
                               GARTNER HYPE CYCLE
                                                                                                                                                                                   1. Walliance
                               Use of blockchain in real estate
                                                                                                                                                                                   2. Mangrovia
                                                                                                                                                                                                                                                SIZE OF COMMUNITY
                                                                                                                                                                                   3. Casavo
                             Expectations

REGIONAL CHAIRS
SECTOR ACTIVITY                                               COUNTRY FACTS

KENYA                                                                                                                                                                             Overall activity in blockchain & real estate                  Source: Wikipedia

                                                                                                                                                                                  10%                                                     5%              Nairobi
                                                                                                                                                                                  Corporate                                              SME              CAPITAL

COUNTRY MAP                   REAL ESTATE SECTOR                                                                                                                                  >200 employees
SECTOR ACTIVITY                                               COUNTRY FACTS

NETHERLANDS                                                                                                                                                                                     Overall activity in blockchain & real estate                  Source: Wikipedia

                                                                                                                                                                                                24,5%                                               35%                 Amsterdam
                                                                                                                                                                                                Start-Ups                               Government Public               CAPITAL

COUNTRY MAP                                 REAL ESTATE SECTOR                                                                                                                                                                                Authorities

Locations                                   Level of engagement with blockchain                                                                                                                                                                                         17.261.622
                                                                                                                                                                                                                                                                        POPULATION
                                                                                                                                                                                                                          Activity in
                                                                                                                                                                                                                         blockchain &

                                                                                                                           Plan and Build
                                                                                                                                                                                                                          real estate
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                                                               ar                                                                                                                  ate          11,5%
                                                                                                                                                                                                                                                                        Dutch
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                                                                                       Va                                                                            an                         200 employees             CURRENCY

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                   Amsterdam                                                                                                   2
                                                                                                                                                                                       et
                                                                                                                                                                                                                                                                        $914 billion
                                                                                                                                                                                                MOST USED TECHNOLOGY                                                    GROSS DOMESTIC PRODUCT

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                                                                                                                                                                  Medium                    3   MOST PROMISSING STARTUPS
                                                                                                                                                         Mostly engaged                     4
                                                                                                                                                                     High                   5
                                                                                                                                                                                                for blockchain & real estate
                                                                                                                                                                                                                                                              FIBREE FACTS
                                            GARTNER HYPE CYCLE
                                                                                                                                                                                                1. Axiom (Deloitte)                                           First chapter established: 07/2018
                                            Use of blockchain in real estate                                                                                                                                                                                  Working group: Unique property identinty
                                                                                                                                                                                                2. Loek!
                                                                                                                                                                                                3. Legal Things One
                                                                                                                                                                                                                                                              SIZE OF COMMUNITY
                                          Expectations

                                                                                                                                                                                                ANALOG TO DIGITAL
SECTOR ACTIVITY                                              COUNTRY FACTS

POLAND                                                                                                                                                                             Overall activity in blockchain & real estate                 Source: Wikipedia

                                                                                                                                                                                   25%                                                  50 %              Warsaw
                                                                                                                                                                                   Government                                      Start-Ups              CAPITAL

COUNTRY MAP                    REAL ESTATE SECTOR                                                                                                                                  Public authorities

Locations                      Level of engagement with blockchain                                                                                                                                                                                        38,433,600
                                                                                                                                                                                                                                                          POPULATION
                                                                                                                                                                                                             Activity in
                                                                                                                                                                                                            blockchain &

                                                                                                              Plan and Build
                                                                                                                                                                                                             real estate
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                                                                                                                                                                                                                                                          $593.295 billion
                                                                                                                                                                                   MOST USED TECHNOLOGY                                                   GROSS DOMESTIC PRODUCT

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                                                                                                                                                     Medium                    3   MOST PROMISSING STARTUPS
                                                                                                                                            Mostly engaged                     4
                                                                                                                                                        High                   5
                                                                                                                                                                                   for blockchain & real estate
                                                                                                                                                                                                                                                FIBREE FACTS
                               GARTNER HYPE CYCLE
                                                                                                                                                                                   1. ShareSpace                                                First chapter established: 01/2019
                               Use of blockchain in real estate
                                                                                                                                                                                   2. AzurSea
                                                                                                                                                                                   3. -                                                         SIZE OF COMMUNITY
                             Expectations
SECTOR ACTIVITY                                               COUNTRY FACTS

RUSSIA                                                                                                                                                                       Overall activity in blockchain & real estate                  Source: Wikipedia

                                                                                                                                                                             5%                                                     40 %             Moscow
                                                                                                                                                                             Government                                        Start-Ups             CAPITAL

COUNTRY MAP              REAL ESTATE SECTOR                                                                                                                                  Public authorities

Locations                Level of engagement with blockchain
                                                                                                                                                                             15%
                                                                                                                                                                                                                                                     146,793,744
                                                                                                                                                                             Corporate                                                               POPULATION
                                                                                                                                                                             >200                      Activity in
                                                                                                                                                                             employees                blockchain &

                                                                                                        Plan and Build
                                                                                                                                                                                                       real estate
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                                            ar                                                                                                                  ate                                                                                  Russian
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              Moscow
                                                                                                                                  M
                                                                                                                                                                                                                                    SME
                                                                                                                                                                                                                                                     Russian Ruble
SECTOR ACTIVITY                                               COUNTRY FACTS

SLOVENIA                                                                                                                                                                    Overall activity in blockchain & real estate                  Source: Wikipedia

                                                                                                                                                                            5%                                                      5%              Ljubljana
                                                                                                                                                                            Corporate                                     Government                CAPITAL

COUNTRY MAP         REAL ESTATE SECTOR                                                                                                                                      >200                                     Public authorities
                                                                                                                                                                            employees

Locations           Level of engagement with blockchain                                                                                                                     20 %                                                                    2,080,908
                                                                                                                                                                            SME                                                                     POPULATION
                                                                                                                                                                                                      Activity in
SECTOR ACTIVITY                                              COUNTRY FACTS

SPAIN                                                                                                                                                                                 Overall activity in blockchain & real estate                 Source: Wikipedia

                                                                                                                                                                                      11%                                                54,3%               Madrid
                                                                                                                                                                                      Corporate                                       Start-Ups              CAPITAL

COUNTRY MAP                        REAL ESTATE SECTOR                                                                                                                                 >200
                                                                                                                                                                                      employees

Locations                          Level of engagement with blockchain                                                                                                                13,3%                                                                  46,733,038
                                                                                                                                                                                      SME                                                                    POPULATION
                                                                                                                                                                                                                Activity in
SECTOR ACTIVITY                                              COUNTRY FACTS

SWITZERLAND                                                                                                                                                                                   Overall activity in blockchain & real estate                 Source: Wikipedia

                                                                                                                                                                                              15%                                                  50 %              Bern
                                                                                                                                                                                              Corporate                                       Start-Ups              CAPITAL

COUNTRY MAP                             REAL ESTATE SECTOR                                                                                                                                    >200 employees

Locations                               Level of engagement with blockchain
                                                                                                                                                                                              15%                                                                    8,508,898
                                                                                                                                                                                              SME                                                                    POPULATION
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