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 3IMPRINT 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 5An 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 7What 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 92° 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 11to 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 13Most 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 15Of 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 17Reasons 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 19GLOBAL 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 21SECTOR 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 inSECTOR 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
EuroSECTOR 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 DIGITALSECTOR 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 POPULATIONSECTOR 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 DollarSECTOR 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
PesoSECTOR 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 DIGITALSECTOR 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
hn
4
Soy
Tec » Bitcoin
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 DIGITALSECTOR 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
ce
Finan
t and 1 Mark
Inves
2
et
$4.117 trillion
MOST USED TECHNOLOGY GROSS DOMESTIC PRODUCT
s
Ne
gie
3
xt
olo
Cit
for blockchain applications
hn
4
y
Frankfurt
So
Tec » Ethereum
lut
5
ing
ion
ild
s
Bu
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 estateSECTOR 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
se
ar ate Hungarian
ch er LANGUAGE
an Op
d
d
Va an
e
lua ag
te an 18%
Budapest
M
SME
ForintSECTOR 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
se
ar ate Hindi, English
ch er LANGUAGE
an Op
d
d
Va an
e
lua ag
te an 30 %
M
SME
Indian RupeeSECTOR 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
Re
se
ar ate Hebrew
ch er LANGUAGE
an Op
d
d
Va an
e
lua ag
te an 20 %
M
SME
New Shekel
Tel AvivSECTOR 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
lua ag employees
te an
M
Euro
CURRENCY
ance
ta nd Fin 1 Mark
Inves
2
et
$2.026 trillion
MOST USED TECHNOLOGY GROSS DOMESTIC PRODUCT
s
Ne
gie
3
xt
olo
Rome
Cit
for blockchain applications
hn
4
Soy
Tec » Bitcoin
lut
ing 5
ion
ild
s
Bu
Low 1
Slightly engaged 2
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 CHAIRSSECTOR ACTIVITY COUNTRY FACTS
KENYA Overall activity in blockchain & real estate Source: Wikipedia
10% 5% Nairobi
Corporate SME CAPITAL
COUNTRY MAP REAL ESTATE SECTOR >200 employeesSECTOR 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
Re
se
ar ate 11,5%
Dutch
ch er LANGUAGE
an Op SME
d
d
Va an 200 employees CURRENCY
ance
Enschede
ta nd Fin 1 Mark
Inves
Amsterdam 2
et
$914 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
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 DIGITALSECTOR 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
Re
se
ar ate Polish
ch er LANGUAGE
an Op
d
d
Va an
e
lua ag
te an 25%
M
Corporate
>200 employees CURRENCY
ance
Warsaw
ta nd Fin 1 Mark
Inves
2
et
$593.295 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
FIBREE FACTS
GARTNER HYPE CYCLE
1. ShareSpace First chapter established: 01/2019
Use of blockchain in real estate
2. AzurSea
3. - SIZE OF COMMUNITY
ExpectationsSECTOR 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
Re
se
ar ate Russian
ch er LANGUAGE
an Op
d
d
Va an
e
lua ag
te an 40 %
Moscow
M
SME
Russian RubleSECTOR 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 inSECTOR 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 inSECTOR 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 POPULATIONYou can also read
