Real Estate X intends to push the boundaries of a traditional Chartered Surveying firm. Through technology and innovation, Real Estate X have developed and are testing a client focused digital portal – Real Estate X Discovery.
Discovery uses the power of blockchain technology to revolutionise the commercial valuation process introducing transparency and immutability and control over confidential data.
Although initial blockchain concepts were introduced in 1991, it was not until 2008 that the idea of cryptocurrency and blockchain played a pivotal role in the development of the Bitcoin infrastructure. Since then, blockchain technology has made significant strides, evolving into an innovative foundational technology that adds value to businesses across various sectors.
The United Arab Emirates has been proactive in adopting and integrating blockchain across various sectors. Dubai Blockchain Centre, a strategic partner to Dubai Future Foundation, plays a significant role in fostering innovation focusing on promoting education, training, and research initiatives and to drive the adoption and impact of blockchain technology throughout the UAE.
The Abu Dhabi Global Markets (ADGM) Courts are a digital court system incorporating the latest technology to enhance operations and services including blockchain based platforms and artificial intelligence.
First and foremost, blockchain was built to record financial transactions and as this technology has advanced, newer innovative use cases have been developed.
Real Estate X can help their clients securely store a number of different types of files, from excel based tenancy schedules to PDF’s containing floor plans to 3D rendered digital twins of assets, to providing reliable long-term storage. The advantages of using blockchain to store files are:
- Immutability (data that doesn’t change),
- Decentralisation (not controlled by third parties)
- Ownership (people would be in charge of their own information).
Real Estate X can then take this technology and add an additional layer to hive a fully permissioned, immutable property chain, where all relevant property specific information can be stored, verified and accessed at the click of a button.
Valuation reports, technical and commercial due diligence can be added to the chain and be permissioned, allowing owners full control over their data. This unique concept allows Real Estate X to solve a common valuation pitfall surrounding third party reliance and sharing of information. Real Estate X can permission the data as easily as we can revoke the permission so that customers information is controlled.
Another key benefit of using Real Estate X’s platform is that Discovery gives users the ability to verify the information. Real Estate X’s digital valuation report can be anchored to the source documents stored on chain so that any permissioned party can view. One use case would be the example a plot area taken from the affection plan/title deed, the user can click within the report and be shown the source document for immediate verification. Should the party wish to verify the current passing rent, this is also possible by anchoring the tenancy schedules to the report data.
By harnessing this technology, it can not only smooth the valuation process but also ensure that any third party relying on the report can complete the due diligence instantaneously. Turnaround times are reduced whilst the aftercare process and post due diligence process is improved.
Discovery is in Phase one of testing with an extensive roadmap to include additional functionality, utility and use cases over time. We will work closely with the municipalities to enable on-chain negotiation and due diligence.
Real Estate X will build on this technology by using application programming integration to access this data throughout the valuation process to ensure inaccuracies are irradicated. A full audit trail is available for each valuation promoting transparency and consistency within the Middle East. As this technology is developed further, Real Estate X will ensure to continue to work in collaboration with the authorities to better regulate and enhance the commercial real estate practices delivered across the region.
