To get to the answer — first think about this…
Buildings are everywhere — we live in them, we work in them, and many of us manage them, in one way or another. In fact, shelter is one of the three basic needs of mankind.
But even though we as human beings spend the vast majority of our lives inside one building or another — in many ways they remain an unknown frontier, a mystery — almost dead. There is no way to get a full picture of a piece of property, no window into the soul of your house, no way to interact with it or the other people in it.
That’s because it has no “identity” of its own; it has no real DNA to help tenants, owners and others see and understand the history of that piece of property.
That’s why we have created the PROPERTY DNA® .
More than just data
As you can probably understand — developing a PROPERTY DNA® that gives life to a building involves aggregating data about that building in order to give a complete picture of what it truly is.
This means that — in a nutshell — the PROPERTY DNA® acts as a smart data room where information is aggregated and secured, and perhaps most importantly, constantly updated and refreshed as the life of the property continues.
So while we call this application “DNA” — it is, in fact, more than that. Just like a person adds experiences, memories, tests and trials to the aggregate volume of their life over time, the PROPERTY DNA® can be thought of as entire essence of a building’s individual “personality.”
New (real) relationships
Now, what does this all mean? For one thing, better, “real” relationships within the property ecosystem.
It won’t come as a surprise that the various interactions between different players within the real estate market involve a large amount of data — and in many cases, a great deal of distrust.
This can be:
- Owners and property managers
- Investors and portfolio managers
- Banks and property owners
- Developers and future owners
And the list could go on…and on…and on.
If a building has 10 tenants, an owner, a mortgage and a property management company , not to mention maintenance contractors and others — the amount of paperwork, information and interactions becomes a nightmare very quickly.
And that’s even before a person goes buy or sell the property!
By organising all the information around a building at the property-level and creating a digital, verified chain-of-record linked to that property, the sometimes chaotic mess of data can be brought under control.
Now, just like every company has its own website and its own web address, each property can have its own unique identifier and verified set of data to back up its “identity.”
The creation of a secure, verified chain-of-record requires technology to make it happen.
The PROPERTY DNA® is built using blockchain and Interplanetery File System (IPFS).
- The documents (valuation estimates, building plans etc) which provide the verification of the essential data points within the DNA are hosted on IPFS — and most importantly, hashed with a timestamp in order to create a sure record.
- In the wider scope of the PROPERTY DNA®’s usage, it is linked to a smart contract which holds its unique identity, creating a form of “decentralised registry” which enables, among other things, tokenised investments and programmable interactions between the property and other systems.
The foundation of…?
At the end of the day — what does it actually mean to have a DNA, a personality — or an identity, for your home, your office or your business?
Consider this — what things can a person do, when he or she is alive? The list is too long to count…
We believe that PROPERTY DNA® is just an enabler, the foundation for the future — a bridge to many new and exciting possibilities for real estate:
- Tokenised real estate investments
- High quality benchmarking
- Provenance for fractionalized ownership of properties
- Dynamic insurance products for building tenants and owners
- Smart shared living spaces
- Crowdfounded renovations and maintenance
This is how we use blockchain to make things “real.”