B LOCKCHAIN 101 What it is and How it May Impact the Multifamily Industry @ApartmentWire @ApartmentWire #NMHCspring #NMHCspring
BLOCKCHAIN & REAL ESTATE G ERRY R EIHSEN R EIHSEN & A SSOCIATES O WNER S TEPHANIE F UHRMAN G REYSTAR Blockchain M ANAGING D IRECTOR , J AMES J OHNSON A LEXANDRA C OLE T ECHNOLOGY O AKEN I NNOVATIONS P ERKINS C OIE LLP S ERVICES C HIEF M ARKETING S ENIOR C OUNSEL O FFICER @ApartmentWire #NMHCspring
A CASE FOR BLOCKCHAIN C ENTRALIZED D ISTRIBUTED D ECENTRALIZED @ApartmentWire #NMHCspring
A CASE FOR BLOCKCHAIN • Blockchain is bleeding edge technology , still high on the ‘hype cycle’ • Blockchain is the technology used to power Bitcoin • Digital information is distributed but not copied • Blockchain enables standardization and process integration in business networks • Blockchain fits to the digital transformation paradigm ; technological means to redesign business models and processes @ApartmentWire #NMHCspring
PUBLIC BLOCKCHAIN & CRYPTOCURRENCY Public Blockchains: • Anonymous •Peer to Peer • High Immutability •Trustless Environment •Access to cryptocurrency controlled by private keys @ApartmentWire #NMHCspring
ENTERPRISE & DISTRIBUTED TECHNOLOGY Blockchains for business are An integrated network, updated in real-time with always- generally permissioned and consistent data private , and prioritize: Ability to set rules for each blockchain enforces compliance Tracing data from provenance to present to reduce • Identity over anonymity disputes or discourage fraudulent activity • Selective endorsement over Increased efficiency of industry processes, reduced auditing costs proof of work Consent, protection, and control of consumer/customer data • Assets over cryptocurrency High level of trust in repository of transactional data @ApartmentWire #NMHCspring
DISINTERMEDIATION OPPORTUNITY LO I 2 1 3 4 Agentless Property search- Pricing, Identity Property blockchain- Availability & Screening & Tour enabled MLS Unit Selection Online Leasing Capabilities 9 6 7 5 8 Connected Building Lease Automated Lease Centric Real-time data agreement paymentsand analysis Execution & using smart cash flow Document contracts management Storage using smart contracts @ApartmentWire #NMHCspring
GEOPOLITICAL ECONOMIC LANDSCAPE @ApartmentWire #NMHCspring
DISINTERMEDIATION OPPORTUNITY - OUTCOMES Simplified property Instantsettlement and Legally enforceable Faster reconciliation of management of cash management contracts payments flows Immutable record of Lower costsand less Reduced Increased security and landtitles title fraud transaction times transparency @ApartmentWire #NMHCspring
SUMMARY B LOCKCHAIN IS A DISTRIBUTED LEDGER THAT CREATES A PERMANENT AND SHARED RECORD OF TRANSACTIONS … WITH CONSENSUS, PROVENANCE, IMMUTABILITY AND FINALITY. “ At its core, blockchain is a shared ledger that allows participants in a business network to transact assets where everyone has control but no one person is in control.” Efficient search Real-time rich data Streamlines global management of lease process due to affects management agreements, fragmented listings & decision making sales data contracts and PSA’s Source: IBV C-Suite study - Three ways blockchain Explorers chart a new direction – May 2017 @ApartmentWire #NMHCspring
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