FIBREE Industry Report Blockchain Real Estate 2021

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Editorial
Achim Jedelsky
Berlin, June 24, 2021

But it is not the number alone that matters. These developed

solutions are also much closer to market needs than in recent
years. To run a blockchain startup alone doesn’t automatically
bring any customers or investors - rather the opposite. But the
benefits that can be realised by distributed ledger technology
are more and more of interest to the real estate market. Of
course - to put this into perspective - we are still talking about
early adoption, but the industry is better aware now of the
potential of blockchain products than ever before. If suppliers
are delivering a proven value proposition the adoption will
follow, so FIBREE expects in the near future to see different
examples that will enter the stage.

FIBREE is actively supporting this development by running an

increasing number of pilot projects across the world. For the
Unique Object Identity (UOI) alone we currently have 14 pilot
projects in eight different countries. All of these projects help
us refine the UOI concept and to create an open-source object
identity that can be applied in any country of the world.

With the newly introduced concept of the FIBREE Challenge

we created a framework to cooperate with industry players
on specific topics and lower the entry barrier for companies or
individuals in applying innovative solutions. The first endeavour
Dear reader,
on this new concept is the FIBREE Tokenization Challenge
our global network of regional chairs expanded further, with that will help to increase the number of tokenized real estate.
their regional networks we now reach for the first time more Other FIBREE Challenges will follow in future in order to move
than 10.000 people worldwide. The 2021 FIBREE Industry the theoretical discussion to practical application of blockchain
Report is featuring a variety of topics that serve very well as a solutions.
summary of last year‘s activities around blockchain and real
And last but not least we are developing the FIBREE consultancy
estate. Next to the rather ‘traditional’ topics like land registry
service that will match the competencies of the international
and tokenization the report also offers insights in the use of
FIBREE network with the many inquiries we receive from the
NFTs (Non-Fungible-Token), in DeFi (Decentralized Finance)
real estate industry. Again FIBREE will work hard to facilitate
and digital assets or sustainability and credit management.
solutions in order to further transform our industry and meet
The wide range of the featured articles is supported by the today’s challenges.
(again) rising number of products / startups in the space of
Enjoy reading our report!
blockchain and real estate. After we have seen a drop in the total
number of validated products in 2020 (we counted less than Achim Jedelsky
300), we found this year again close to 400 products worldwide. President of FIBREE

FIBREE Industry Report 2021 Editorial 3

Imprint
The FIBREE Industry Report is the most important yearly contribution of FIBREE to the market. We
provide you with in depth articles and a worldwide overview of the latest developments in the field of
Blockchain and Real Estate.

For the creation of this 2021 edition a working group has Get in touch with FIBREE
been formed within FIBREE, consisting of the following
FIBREE aims to continue the research and knowledge exchange
people:
about blockchain and real estate developments. FIBREE invites
product-suppliers, real estate organisations, legal firms, startups,
research organizations, press or other interested organizations
»» Florian Huber (Austria)
that want to get in touch with FIBREE to reach out to us by
»» Jo Bronckers (The Netherlands) sending your request to: [email protected]
»» Denis Petrovcic (Slovenia)
If you’d like to become a participant and eventually take an
»» Fabian Süß (Germany)
active role within FIBREE, or if you want to put your startup
»» Alessandro Dell’Orto (Italy) in the spotlight, please check the connect-part at our website
»» Federico Garaventa (Italy) fibree.org and subscribe to the engagement of your preference.
Nothing of this publication may be reproduced without the prior
»» Yael Tamar (Israel)
written consent of FIBREE or without clear acknowledgement
»» Achim Jedelsky (Germany) of the source.
»» Walter Strametz (Switzerland)
© 2021, FIBREE, all rights reserved

Also special thanks for their contribution and effort to the

editorial team and authors of all experts articles: Roland H.
Farhat (Germany), Anetta Proskurovska (Luxembourg), Irina
Karagyaur (UK), Alexander Appelmans (Belgium), Jose Reis
Santos (Portugal), Walter Strametz (Switzerland), Christoph
Urbanek (Austria), Armin Redl (Austria), Jan Veuger (The
Netherlands), Evangelos S. Lianos (Greece), Stefanie Behrendt
(Greece)

Design and layout

Maximilian Huber / www.eracht.at

4 Imprint
Contents

Articles

06 Winning the Transparency Game in Real Estate - 22 NFTs & Real Estate
and how a Distributed Ledger Technology can Help.

24 BUPi, UOI and EBSI: a Match Waiting to Happen

10 The Centralization of Data in Real Estate and the
Role of Authority in Blockchain
26 Digital Assets

12 Postponed Blockchain Transformation of Land and

Property Markets. The Case of Sweden. 28 Buying Real Estate with Cryptocurrency: From
a Luxury Miami Apartment Block to Tokenized
Investments
14 Tax Benefits in Real Estate, Credit Management
With Blockchain Ledger
31 Blockchain-Based Climate Action in the Real Estate
Industry
16 The Power of Ownership.

33 FIBREE Investor Research 2021

18 Real Estate Tokenization as a Bridge to DeFi

34 The State of Blockchain in Real Estate 2021

20 Crowdfunding and Tokenization: Alternatives or
Better Together?

Global Network

46 Featured Companies 148 Advisory & Consultancy Services of FIBREE

48 Global Network 150 The FIBREE “Fintech Navigator”

50 Country Analysis 151 Tokenization Vectors - FIBREE Fintech Navigator

Applied on Regulatory Aspects in Austria

130 Product Database

154 Academic Board

142 Global and Regional Sponsors

156 Summary on Blockchain Research in the Leading
Global Academic Institutions
143 Partners

160 Chairs
144 Executive Board

146 The FIBREE Tokenization Challenge 2021 — We’re

off to a great start!

FIBREE Industry Report 2021 Condents 5

Winning the Transparency Game in Real Estate
- and how a Distributed Ledger Technology can
Help.
Author: Roland H. Farhat, FIBREE Chair - Frankfurt am Main (Germany)

Forward transparent. With its underlying distributed ledger technology

(DLT), blockchain can play a crucial role in encompassing

A fter more than a year of the Covid-19 pandemic that ravaged

the world through a deadly virus and confronted world
economies with severe repercussions, the real estate business is
and authenticating historical property data streams, and
enhancing transparency. If real estate is to win in the new era
of sustainable investment, real estate investors should build and
awakening to new realities. Challenges erupted as a consequence
cultivate a few relevant metrics rather than producing loose and
of the Covid-19 virus in almost all property segments. More
incomprehensible amounts of data. In doing so, they will enable
surprisingly, the public debate about sustainability gathered
the establishment of a structured and uninterrupted audit trail
steam and more regulations were released or entered into force.
Looking forward, real estate investors need to develop a holistic
view towards strategy, continuously adapt their assumptions Introduction
and goals, and incorporate technology to track not only the
Technology is increasingly integral to the world we live in,
physical attributes of their assets but also the social and climate
and real estate businesses need to deploy new technologies
impacts. Using technologies wisely and consequently, these
at scale to remain relevant. They must also master uncertain
measures will allow real estate investment to become more
business conditions and tighten regulatory frameworks. Success

6 Winning the Transparency Game in Real Estate - and How a Distributed Ledger Technology Can Help.
requires a holistic transformation spanning multiple layers of share more targeted, reliable, and easily accessible information
an organization’s embrace of technology. Many companies, as the basis for sustainable decision-making. The CSRD proposes
however, are struggling to experiment with select use cases enlarging the scope of information to cover more companies
of scaling blockchain across their organization. Reasons that significantly impact the environment and society, e.g. in the
include the lack of a clear strategy for DLT and other new real estate sector. The EC proposed digitalizing sustainability
technologies, an inflexible technology core, fragmented data information which will improve the access and efficiency of
assets, and outmoded operating models. What is more, trends corporate reporting, but stopped short of setting common
in sustainable investing have accelerated during the pandemic, European sustainability reporting standards. Most importantly,
and regulators are setting higher transparency and reporting the EC will now require third-party independent assurance over
standards. To compete successfully and thrive, incumbent real sustainability reporting, echoing investors’ needs for third-party
estate businesses must become “green-proof” institutions, independent assurance to make sustainability reports more
adopting technologies like DLT as the foundation for new value credible.
propositions and distinctive customer experiences.

This article (1) highlights the general state of digitization in real Reflections on Published Reports
estate organizations, the accelerated requirements of regulators
In 2016, the Global Reporting Initiative (GRI) first published
in terms of sustainable investments, and recent answers by the
standards that can be used by an organization of any size, type,
real estate industry to reporting measures. It then (2) proposes
sector, or geographic location when using the GRI standards to
a DLT-based solution to meet new transparency challenges and
report about its economic, environmental, and/or social impacts.
drafts the use case of sustainable investments.
The number of companies filing corporate social responsibility
(CSR) reports that use the GRI standards has increased a
Disconnection Between Data and Corporate Actions
hundredfold in the past two decades. Over the past 10 to 15 years
In many FIBREE regional meetings, real estate professionals some forward-thinking real estate executives have genuinely
often reveal their frustration with the historical disconnect promoted a theory outlining how their businesses could prosper
between the availability of data and the difficulty of harnessing while pursuing a greener and more socially responsible agenda.
it for quick, actionable insights. Real estate investors spent the It turns out that measurement is often nonstandard, incomplete,
last 10 to 15 years trying to improve the digital twinning of imprecise, and misleading. And headlines touting new milestones
their portfolios, spending money on digitizing information and in disclosure and socially responsible investment are often just
collecting data. Failures happened at different stages in the fanciful “greenwishing.” In addition, CSR reporting itself suffers
process, mainly: (1) Critical know-how was lost through the in general from some real problems:[2]
outsourcing of tasks at property level, and (2) building technical
»» Lack of mandates and auditing: Most companies have
skills in silos within the organization. As if this was not enough, complete discretion over what standard-setting body to
already available data in companies oftentimes didn’t meet follow and what information to include in their sustainability
the kind of information and key metrics requirements from reports. In addition, although 90% of the world’s largest
regulators. This is generally the case when it comes to proving companies now produce CSR reports, a minority of them are
the sustainability of investment portfolios. validated by third parties. As a result, a lot of the input data is
misleading and incomplete.
»» Complexity: Advances in technology (artificial intelligence,
Hardening Reports Frameworks satellites, sensors, blockchain, etc.) have given companies
new tools for measuring and monitoring their environmental
Since the financial crisis in 2007, authorities around the world
impact. Yet reporting on vital sustainability metrics still has
have been steadily and consequently increasing requirements on gaping holes.
reporting at regulated institutions. The European Commission
»» Confusing information: Unlike with temperature or calories,
(EC) recently proposed on April 21, 2021, the Corporate
consumers have no intuitive reference point that helps them
Sustainability Reporting Directive[1] (CSRD) to strengthen understand many measures of environmental impact. Even
sustainability reporting. This directive requires companies to metrics that seem easy to grasp may cause confusion.

1 European Commission (2021). “Corporate Sustainability Reporting Directive proposal”. [0nline]

EC. Available at: https://ec.europa.eu/commission/presscorner/detail/en/QANDA_21_1806. 2 Kenneth P. Pucker (2021). “Overselling Sustainability Reporting”. Harvard Business Review.
[Accessed May 18, 2021]. May-June 2021 issue. Page 134-143.

FIBREE Industry Report 2021 Winning the Transparency Game in Real Estate - and How a Distributed Ledger Technology Can Help. 7
 Investor Owner User / Tenant Developer

Investment Management Costs & Investment Corporate

Criteria KPI Expenses Criteria Level

Database 1 Database 2 Database n Database m

Investment
Cycle
Management of Data

Land & Maintenance Property

CapEx Recycling
Construction Refurbishment Level

Database A Database B Database N Database M

Circular
Economy

Hash #1 Hash #2 Hash #n

Hash #1 Hash #n-1 Distributed

Ledgers

A Framework for Transparent Real Estate

A way out execution. Technology solutions automate the data collection

by accessing application programming interfaces (APIs) and
Today there are smarter ways companies can act and report
connecting various databases before preparing the data for
on their investments. To achieve transparency in their real
measurements, analysis and reporting. One way to stitch
estate portfolio in terms of building a comprehensive reporting
together the data is to use machine learning algorithms which
framework, real estate businesses must first strategically align
make it significantly easier to aggregate and interpret these
processes and data, and be able to set-up relevant key metrics
heterogeneous sources of data. After all, it is not the raw
for reporting. Further, they have to be willing to cultivate data
data that creates value but the ability to extract patterns and
and key performance indicators on an historical level, thereby
forecasts and use those predictions[3] to design and update
creating a sustainability audit trail that satisfies investor needs
strategies, prepare for uncertainties, and comply with rules.
for true information. One way to achieve this is for a company to
Putting required data on proven distributed ledgers would
adopt a distributed ledger technology via blockchain that covers
satisfy regulators’ expectations and investors’ needs for
the organization and its portfolio.
information. Using DLT can enhance transparency and reduce
On the organizational level, real estate companies can adopt a the costs of reporting.
data-driven approach to strategy and build their data streams
alongside their investment process. Depending on the scope of
the business, data can start with the analysis of macroeconomics
for investment decisions. Data then evolves through the whole
3 Asaftei, Gabriel M.; Doshi, Sudeep; Means John; Sanghvi Aditya (2018). “Getting ahead of the
cycle of managing real estate and investing in the existing market: How big data is transforming real estate”. [Online] McKinsey & Company. Available at:
https://www.mckinsey.com/industries/real-estate/our-insights/getting-ahead-of-the-market-
portfolio. It is lastly needed to decide on divestments and their how-big-data-is-transforming-real-estate. [Accessed May 5, 2021].

8 Winning the Transparency Game in Real Estate - and How a Distributed Ledger Technology Can Help.
On the portfolio level, creating a “property ID” for each property private good of public impact. The bigger the portfolio, the more
makes the portfolio digitally accessible. FIBREE has been intense the public interest. A distributed ledger helps record a
working on promising projects in this regard. Data can then be public history of transactions. The underlying blockchain retains
gathered and irrevocably stored and made available through a secure source of proof for all metrics.
a trusted ledger. This ecosystem can benefit an investment
organization in ways that might include a trusted mechanism in
Conclusion
its sustainability attributes[4].
Building a distributed ledger technology for a real estate
portfolio is no straightforward task. Collecting enough data
The Sustainability Case
and choosing the right metrics on the corporate level requires
Sustainability is gaining momentum as a competitive advantage finding a balance between one company’s own privacy rules
and thus entering corporate strategies. When it comes to and business sensitivities, and the market’s expectations on
real estate, investment markets are increasingly requiring transparent reporting. On the property level, challenges loom
true, understandable and comparable proofs for setting-up when managing all data assembled during the property’s
sustainable criteria, and meeting sustainability goals. The main “lifetime.” Building a blockchain that can respond to changing
idea is to authentically report on how the investment strategy of database constraints and different frameworks of trust is a
the company impacts the property life cycle or parts of it during stimulating piece of work.
the holding period. It is about identifying which investment
We are at the beginning of a new era in real estate where in the
decisions lead to which key metrics on the property level. On
future properties will be judged not only by their brick-and-
the organizational level, there are many ways to set an “ESG
mortar physical impact but also by their impact on climate and
strategy” involving different combinations of financial and
society. Real estate companies that have a proven transparency
non-financial inputs for each of the Environment, Social, and
strategy will master the challenges lying ahead and emerge as
Governance pillars of sustainable investing. Simply put, data can
winners. •
help most when it shows where the greatest exposure to carbon
risk is. One way to efficiently define relevant data would be to
create calculable key metrics – if these were based on industry
standards, the better. These can, for instance, relate to the
carbon footprint of a company, its readiness for climate change,
and its corresponding financial risk.

On the property level, looking at the whole life cycle is key. This is
where the “Circular Economy”[5] steps in as a model of production
and consumption, which involves sharing, leasing, reusing,
repairing, refurbishing and recycling existing materials – and
properties – for as long as possible. In this way, the life cycle of
products is extended. In terms of real estate, handling properties
from “Cradle-to-Cradle”[6] becomes crucial. Ultimately, the whole
ecological impact of a property starts gaining as much attention
as the implications of periodical management decisions on the
property itself.

In understanding real estate this way, properties become a

4 Farhat, Roland H. (2020). “Getting Truly Sustainable in Real Estate -- and How Blockchain Can
Help. An Approach”. [Online] FIBREE. Available at: www.fibree.org. [Accessed May 6, 2021].

5 European Parliament (2021). “Circular economy: definition, importance and benefits”. Created:
02-12-2015, updated 03-03-2021, Ref.: 20151201STO05603. [Online] EU. Available at:
https://www.europarl.europa.eu/news/en/headlines/economy/20151201STO05603/circu-
lar-economy-definition-importance-and-benefits; [Accessed May 2, 2021].

6 In their 2002 book “Cradle to Cradle: Remaking the Way We Make Things”, architect William
McDonough and chemist Michael Braungart presented an integration of design and science
that provides enduring benefits for society from safe materials, water and energy in circular
economies and eliminates the concept of waste.

FIBREE Industry Report 2021 Winning the Transparency Game in Real Estate - and How a Distributed Ledger Technology Can Help. 9
The Centralization of Data in Real Estate and
the Role of Authority in Blockchain
Author: Alessandro Dell‘Orto, FIBREE Co-Chair - Milano (Italy)

T he management of a real estate project generates a huge

amount of data. Buildings, neighborhoods and cities are
sequential generators of data that must be organized and
In the political language of the Republican era of the Roman
Empire, the term “auctoritas” was often referred to as the power
of the Senate, a power supported by laws. As the centuries have
managed by different operators, both public and private. passed, this term has come to mean, rather than the authority
and legitimacy of its power, its limitlessness and incontestability
Administering and managing spatial and real estate data has
as a supreme power.
always been handled by those who have had the possibility to do
so or who could economically exploit these assets. Throughout This conception of authority became a specific and exclusive
history, each operator managed their own data according to their property of sovereignty, of the absolute authority of the State.
own needs and rules. For example, the production accounting of And it became increasingly associated with the concept of
a field, the management of water in the irrigation network, or the power itself.
payment of taxes on real estate. There were no standards for the
creation of such records.
Authority and Power
It follows that the creation, maintenance and management of an
The concept of authority, based on the relationship with power,
administrative infrastructure of real estate data depended on its
embodies two different meanings. The first meaning is linked to
owner or manager, who essentially became the authority for the
the exercise of a power already constituted and, to some extent,
data, whether public or private.
“institutionalized.” Institutions exercise actual command over
But what is authority, and who should have it? other subjects who are bound - by law, tradition, or custom -
to obedience. In this sense, we speak of authority exercised by,
The term authority derives from the Latin „auctoritas“ and had for example, the manager of a public administration over its
multiple meanings and nuances among the Romans. Authority employees, or by the state over its citizens.
meant the power to determine, adjudicate, or otherwise settle
issues and disputes or to make and enforce laws. It also indicated In the second case, authority is no longer represented by
the authority on the part of a subject to exert influence and institutionalized and regulated power but rather prestige and
power over another subject. authority are accorded them by the parties subjected to them,
thanks to their knowledge, qualities and credits.

10 The Centralization of Data in Real Estate and the Role of authority in Blockchain
From Centralized Authority to KOS (Knowledge The public entity as an authority would seem to have no need
Organization System) to move to decentralized systems, both for efficiency and for
maintaining the power that has become institutional.
Focusing on the second case, it emerges that the complex
cultural and social concept of authority is central to the In order to facilitate a transition from a centralized system
assignment of intellectual authority of an entity that is distinct to a decentralized system with blockchain infrastructure, the
and independent. What constitutes authoritative competence different centralized entities must transition to a knowledge
includes skills, decision making, and knowledge. system where the territorial authorities recognize themselves
as knowledge centers, and not authority centers.
Public authorities, which we recognize as state or governmental
entities, have therefore created the rules, the administrative Continuing with the analysis, we realize that the management
infrastructures, and the records that we use today to manage of land and real estate data are linked to the place and territory
and control data about our properties and territories, for a wide where the public entity exercises its authority. This is a limitation
variety of needs: from assigning property rights to calculating that digital systems can overcome by communicating data and
taxes. Hence, their accepted expertise as authority. transporting value across local and national boundaries with
blockchain technology.
The management and creation of real estate data by public
authorities is thus an exercise of their power over a well-defined Being able to create the necessary rules and protocols that
territory of objects to be administered. The result of this power are recognized by all entities exercising their authority and
is that users accept this information without questioning its competence at a local or national level could conceivably create
integrity. Centralized data management may itself be a method a global codification of information. However, one cannot expect
of dictating the glacial pace of innovation towards decentralized, to develop this process using technology implementation alone.
more secure and non-manipulable systems. Almost all actors, many being public authorities, should apply
this principle of global codification to the legal and economic
aspects on which they normally work.
KOS: The New Nodes in the Network of Public Real Estate
Institutions
Conclusion
The innovation that blockchain technology has established
within the last 10 years shows us that the model of data creation The awareness on the part of public authorities of the need for
and its management, in order to create value and trust in its unambiguous data collection assumes that they lose or reduce
users, must be shared with certain immutable rules that can their power of command by becoming centers of knowledge
be verified by the participants in the network. This approach rather than authority.
would represent a change in the model of management and
This new knowledge-based authority presupposes new models
government of the public bodies regarding its infrastructures
with the objective to encourage professionalism and the search
and protocols.
for ever better management systems.
How can blockchain technology change the way the public body
In this sense, the FIBREE network can contribute to the exchange
is seen as an authority in the real estate world?
and study of the different needs regarding application systems
Proposing a new model of rules and protocols to create and by acting as a node of knowledge authority. FIBREE’s aim would
manage the real estate data would mean that the public authority be to facilitate and guide the creation of common rules to local
faces a reduction of its power. and national real estate data registries. This may jumpstart
the establishment of a blockchain that meets the needs of
Let‘s look at the case of real estate registries where the state
international development within the real estate sector. •
agency manages this type of information for its direct needs,
thereby controlling the access to the data. These registries are
managed through a centralized platform where the creator of
the data and the creator of the management protocols operate
without mediation or control by the user or other entities in the
sector.

FIBREE Industry Report 2021 The Centralization of Data in Real Estate and the Role of authority in Blockchain 11
Postponed Blockchain Transformation of Land
and Property Markets. The Case of Sweden.
Author: Anetta Proskurovska - PhD Researcher, LISER - (Luxembourg)

Real Estate and Blockchain: the Slow Revolution. The Swedish Case.

T here are few remaining doubts that blockchain has the

capability of reorganising the way cities are built, real
estate assets are formed, owned, traded, and financed. These
In 2016, Sweden was the world’s first country where a public-
private consortium began to investigate the use of blockchain
and its smart contracts for residential real estate transactions,
expectations are based on the promise that blockchain can make including mortgaging. Unlike many other countries, Sweden
knowledge exchange faster, cheaper, and more transparent. As already had a reliable centralised real estate ownership registry.
a growing number of public and private organizations attempt Its digitised record is accessible to the public, and the content
to capitalize on these opportunities, adoption at scale is still is guaranteed by the state. On top of this, there is no legal
far from being realized. Both enthusiasts and critics of using requirement to engage third trusted parties such as brokers
blockchain in real estate transactions often point to the same or notaries in the housing transaction. At the same time, sales
obstacles that make the technology adoption difficult. These contracts are still in paper form and must be hand-signed.
commonly include technical, legal and governance issues. What Moreover, while the Swedish land registration authority needs
is less often discussed, is resistance to change. Indeed, while only a few days to register the new owner, it usually only receives
everyone is aware that it is the very nature of blockchain to the request and the sales contract about four months after the
transform organisational structures, and disrupt value chains parties have signed a legally binding agreement. In addition,
built on inefficiencies and information asymmetries, this the sales of homes owned indirectly, such as cooperative
challenge remains the elephant in the room. It is naïve to believe apartments, are not registered with the land registry at all. The
that attempts to alter legacy routines and infrastructures consortium efforts went so far as to actually develop a working
underlying centuries old land and property markets would be application addressing these inefficiencies and associated risks.
passively accepted by all sides. Resistance, however, does not
In a nutshell, the application eliminated the use of paper,
necessarily imply an open rebellion. A mere support of more
offering a unique digital space where transacting participants
conventional solutions to problems that blockchain would have
could exchange information, sign legally binding agreements,
otherwise eliminated, might be enough to reduce the need
and broadcast their results to other authorised parties (Kairos
for radical innovations. The case of Sweden provides a vivid
Future, 2017). Their direct interactions were governed by
illustration of such a scenario.
a standardised and pre-programmed workflow where the
execution of some transactional steps triggered automatic
execution of others. Thus, for example, as soon as the buyer

12 Postponed Blockchain Transformation of Land and Property Markets. The Case of Sweden.
and the seller digitally signed the sales agreement, a [pending] Conclusion
registration of the ownership title would be issued. As a result,
Blockchain applications can connect parties transcending
knowledge about the ongoing transaction would become public
conventional boundaries of sectors and domains. What is
immediately, and not four months later. On top of this, the
more, they can reduce the costs of creation, maintenance and
reduction in the number of steps would completely change the
exchange of exclusive rights to land and the built environment.
way transactions are structured and governed.
However, the adoption of technology for real estate transactions
These seemingly minor changes would disrupt a number of also creates controversies. On the one hand, standardizing and
value chains that hinge on existing transactional routines. simplifying transfers of ownership, mortgaging, registration,
For example, currently brokers are almost always solicited etc., would make the real estate market more transparent and
to mediate the sales of homes. One reason for this is that the efficient. On the other hand, many inefficient practices would
majority of homeowners in Sweden take out mortgages, which be eliminated, along with associated value chains. Crucially,
means that housing transactions are long and complex. Brokers land and property ownership also form the asset base for
provide guidance to both the seller and the buyer, taking over individuals, cities and, increasingly, entire jurisdictions. What are
drafting contracts, and communicating with the banks, as well the chances that risk-averse policy makers or incumbents that
as some other tasks. Their presence in the majority of the risk losing market share will easily accept the transformation
Swedish housing sales turns them into a key element within the of centuries old systems and customs serving as the base for
supply chain of transactional data contained in the paper sales existing markets?
contracts such as purchase prices. Indeed, as soon as a broker
Social systems are inert and there is nothing new in resistance to
marks in her dedicated management system that the legally
radical innovations. Many hope that as soon as the critical mass
binding agreement was signed, the associated contractual data
of market supporting institutions and policy makers will realise
become available to the Broker’s Statistics. Broker’s Statistics
that the benefits are greater than the losses, nothing will stop
is the organisation that collects this data daily, to both produce
the widespread adoption of blockchain. While this might be true,
statistics reports, and to supply it to other organisations. The
the moment may only come once incumbents are fully adapted
latter, re-use it creating a range of sophisticated products
and ready to lead the change, not to follow it. If blockchain
vital for the assessment of properties’ market value and
enthusiasts hope to manage this risk effectively, and speed
for understanding the Swedish housing market’s dynamics.
up the adoption of blockchain for such a conservative sector
Mortgage finance and the whole Swedish real estate sector are
as real estate, they need to go beyond conventional business
heavily dependent on the frequent update of this knowledge
ecosystem analysis acquiring a more profound understanding
(Bjellerup and Majtorp, 2019). Should the blockchain application
of geographically embedded socio-economic systems, their
eliminate the use of paper contracts and handle all contractual
complex arrangements and power-balances across the networks
agreements in the blockchain application digital space, many
of incumbents hidden in plain sight. •
value chains would inevitably be affected.

Luckily for brokers and other organisations whose market

share could be potentially reduced, in 2018, only a few months Note: The Swedish case was investigated in the framework of
before the blockchain application was tested live, a private ABTLAS project founded by the FNR. https://www.fnr.lu/projects/
consortium of incumbents had launched a new platform called applications-of-blockchain-technology-in-land-administration-
Tambur. Tambur was designed to facilitate and standardise the systems/
interaction between brokers and banks during home sales and
has become an immediate success. Without using any radical
technologies, it managed to make the workflow more efficient,
while preserving the status quo. Since only brokers can interact
with banks in this exclusive digital space, the platform firmly
solidified their role in property transfers, along with other value
chains based on brokers’ involvement into contracting.

In the meantime, the blockchain application remains a prototype.

References:
The critical piece of legislation needed to make digitally signed
» Bjellerup, M., & Majtorp, L. (2019). The Development of Swedish Housing Prices. Stockholm:
real estate sales contracts comparable to those hand-signed, is Swedish National Debt Office.
still missing. » Kairos Future. (2017). The Land Registry in the blockchain - testbed.

FIBREE Industry Report 2021 Postponed Blockchain Transformation of Land and Property Markets. The Case of Sweden. 13
Tax Benefits in Real Estate, Credit
Management With Blockchain Ledger
Author: Federico Garaventa, FIBREE Co-Chair - Genova (Italy)

M oney can exist in various forms. Modern coinage dates

to 500 BCE, with paper money making an appearance in
806 CE but legionaries of Roman empire were paid in salt, from
The trick is working quite well for many industries. One of the
sectors benefiting most from the increase in funding is the
sector for climate transition and, specifically, the industry of
which the term “salary” originated. energy efficiency in construction and real estate. Unfortunately,
the Italian national market is defined by extremely fractional
Since its inception, Bitcoin, that digital currency in which a
ownership (more than 70% of Italian families live in their own
record of transactions and new units are generated by the
homes, mainly in condominiums) and the existing real estate
computational solution of mathematical problems, has brought
stock is old, if not flat out “historical.” Moreover, the renewal
new life to the debate about the very definition of money.
ratio is negligible.
Ultimately, valid answers are the ones provided by the market,
All this leads to a subsidizing action forcibly addressing families
rather than those from doctrine. If we assume that “the market”
and their old properties, rather than industry players and
exists as a result of the total sum of its individual players, the
new buildings. Drawbacks are quite clear: when individuals
good news is, if you are reading this article, you are one of those
renovate while living in their house, there are stricter limits to
individuals. So, about yourself, if you received a cryptocurrency
the extent of works to be performed without affecting their
payment that could be used to pay taxes, would you accept it?
lives. Typically, there is less funding available for families than
The answer would probably be yes, depending on the amount of
the amount of funding available to professional players. In
taxes you’ll have to pay in the near future and what limits might
addition, the perimeter is often limited to a single apartment in
be placed on the payment. Even with no limits, the expectation
a condominium, which has no real impact on building envelope
that you’d be able to pay other private debts with it, might sway
and main installations. To overcome these challenges, the Italian
you. The answer to this question may be revealed sooner than
government has put forth a large amount of money to “break the
expected.
ice” and actually start a movement towards energy efficiency.
The Italian government, in recent years, has implemented a Individual incentives to renovate for energy efficiency for the
specific model of public spending. To compensate for a chronic years 2020/2022 rose as much as 110% (10% VAT included) of
lack of cash, incentives are now, in most cases, provided by the amount invested, as well as money to invest in anti-seismic
tax credit subsidization. This is a smart financial “trick” where structural securing (SuperECObonus, SuperSISMAbonus).
individuals are essentially given their own money back, and the Not surprisingly, a 110% subsidy created a splash, as expected,
government looks great in the meanwhile. This trick, however, is despite a very complex compliance procedure. However,
becoming a systemic component of the national economy. many operational restraints still lie along the path. First, the
tax capacity of the single family may not be roomy enough,
For those unfamiliar with the tax credit system, here is how it compared to the renovation costs. Moreover, the taxpayer must
works: A tax credit is an amount of money that taxpayers can have the financial means to carry the full renovation amount
subtract directly from taxes owed to their government. Unlike until fully refunded, which will take five years with installments.
deductions which reduce the amount of taxable income, tax Both points proved problematic and, to some effect, limited the
credits reduce the actual amount of tax owed. Tax credits are spread of these incentives. Relying on the loan market could
more favorable than tax deductions because they actually offer a way out, but families aren’t always in a position (or willing)
reduce the tax due, not just the amount of taxable income. There to borrow. Moreover, access to the loan market, for families,
are three basic types of tax credits: nonrefundable, refundable, goes through banks, adding a layer of complexity.
and partially refundable. A nonrefundable tax credit can reduce
the tax you owe to zero, but it can‘t provide you with a cash tax An important innovation, which the government has just
refund, this being the case here. introduced to help the spread of these incentives, is to allow

14 Tax benefits in Real estate, credit management with Blockchain ledger

the circulation of tax credit among taxpayers. This has certainly The blockchain world is often split into two halves: the first are
made this tool more liquid, a mere inch from being cash, but permissionless and fully decentralized ones, seen as the epitome
the fact remains that whoever originates it and becomes the of freedom by some. But perceived as the Dark Side of the Force
first holder of the credit to carry out the renovation , must still by authorities and Governments. The other half are permissioned
fund the full amount. By law, the tax credit generated by the blockchains. This more regulated use of blockchain is more
invoices of the renovations carried out by the contractor do not palatable to governments but is deemed useless by many. The
become available, negotiable and transferable until February interesting thing is that the blockchain solution in Italy is based
of the following fiscal year of invoice date. So funding can’t be on the Bitcoin Blockchain (the even darker side?) and yet, as a
overlooked. result, quite the opposite from being disruptive, it actually helps
the Government to reach its goals. Maybe the market has found
But what if some crypto industry player could design and
a way around the prejudice of decentralized finance? Or are we
launch a blockchain-based solution to overcome this last and
taking the first steps towards the unknown?
most important hurdle? The good news is that an available
solution already exists. It is based on a specific and updated Let’s go back to the beginning of the article and ask why we were
implementation of the well-known Colored Coin technology. talking about the definition of money, in the first place. In order
Contractors can load SuperECObonus-worthy invoices on to propel the use of these tax credit incentives, most recent laws
the platform and, once deemed compliant, the same amount have allowed for wide circulation of such SuperECObonus tax
of grey tokens is generated. On the flip side of the platform, credits. They permit this without any limit on the number of
prospective tax credit buyers can immediately purchase and pay transactions and type of economic subjects. We are talking about
the grey tokens, hence funding works. Following the procedural national taxpayers here. Basically, a currency parallel to BCE
compliance with the law, grey coins become colored, all while Euros is, de facto, configured. But transit through the recipient‘s
securing final value along the way, since the whole process online “Fiscal Drawer” makes for complicated transfers, so it is
happens through a dedicated platform. not much useful as a means of payment.

My guess is that the same solution could be based on different What if now these credits, fully tokenized, are able to circulate
technology also, an Ethereum token for example. It’s worth outside the native platform? In considering the type of token-
noting that most (if not all) of the platform customers don’t -a Satoshi or an ETH token--these tokens can be transferred in
even know a thing about blockchain or cryptocurrency. But the a blink of an eye between parties who are able to use a crypto
beauty of it all is that they won’t ever need to (which should be wallet or an exchange server. Fractionalization won’t be a
food for thought). When viewing this project from a FIBREE problem since these tokens represent simply euros and cents
point of view, I consider this solution to be most relevant, as it’s that can be used to pay taxes with. It would not just configure
the first business tool available in Italy that is: some sort of alternative currency, but an actual stablecoin with
an effective “1 to 1 euro” value for any perspective taxpayer.
»» business-ready, operative and available to any taxpayer or
contractor The tokens could circulate peer-to-peer in the most effective
way and outside bank circuits. From a monetary point of view,
»» does not require any blockchain knowledge or technological
an intriguing question is whether or not these tokens would
involvement by users, nor expertise to acquire (it’s as simple
as using a smartphone without knowing a thing about radio contribute to increasing the money supply (M1) in Italy. It
wave theory) also raises the question as to what will happen considering
the effect within the whole Eurozone. Given that Italy has no
»» performs a task which would have been impossible without
blockchain technologies national currency, despite this tool being intended for the Italian
taxpayers, could it create a ripple effect on the Euro monetary
base, on money supply?
Both the homeowner and contractor can receive funding without
applying to a bank for debt or any kind of loan, all for the best So, at the end of the day, will we be paying pizzas for family
operational, balance, and rating benefits. Another aspect worth dinner with our future tokenized taxes, anytime soon? •
noting is that this is an example of “good” blockchain, where the
new technology does not lend itself to disruptive goals, as often
indicated and feared by the establishment. In fact, it is quite the
opposite as here, the blockchain helps the government reach its
goals, in a way otherwise unfeasible.

FIBREE Industry Report 2021 Tax benefits in Real estate, credit management with Blockchain ledger 15
The Power of Ownership.
Unique Network NFT Parachain on Polkadot Case Study.
Author: Irina Karagyaur, FIBREE Co-Chair - London (UK)

S ince the dawn of humanity, different approaches have

been created to manage and regulate ownership of items
and assets and the transfer of them. For the always pragmatic
In Modern history, ownership and its transfer have been adapted
by different nation states –Liberal, Socialist, Welfare–to fulfil
their ideologies and political agendas by means of the power of
Romans, the dominium was a key feature while the formal law. Consequently, the concept of ownership sustains the basis
transfer of property, mancipatio, demanded a solemn verbal of our interconnected world economies and it will continue to
contract by means of a ritual where the ownership of certain be pivotal in the foreseeable future. Ownership of real estate is
types of goods was transferred in the presence of the parties commonly described as a “bundle of rights of property” [3] where
to the sale, five witnesses (adult male Roman citizens, as trusted the holder is entitled to:
mediators), a pair of scales, a man to hold them, and an ingot of
»» The right of possession;
copper or bronze.[1]
»» The right of control;
The seller grasped the object being transferred (the thing) and
»» The right of exclusion;
declared: “I assert that this thing is mine by Quiritarian [Roman]
»» The right to derive income; and
law; and let it have been bought by me with this piece of copper
and these copper scales.” He then struck the scales with the »» The right of disposition.
ingot, which he handed to the buyer “by way of price.” [2]

Although the key elements of a contract remain today (the Due to the entitlement of ownership, a property owner will need

thing, the parties, the payment and mutual consensus on the to fulfil his obligations, but he will be allowed to exercise his given

acceptance of an offer that leads to a legally binding offer), with rights, or choose to exercise none of them. The proprietor will

Justinan, the Byzantine emperor from 527 to 565, the Roman also be allowed to exercise his obligations separately over time.

code and regulations changed and made the mancipatio invalid. In these situations, the legal framework establishes dedicated
contracts where owners can dispose of different rights without
Ownership as an essential feature of our socioeconomic worrying about losing their property. Selling a property means
relationships has always been identified as a top priority by transferring ownership as a whole to its new proprietor; renting
our legal systems and philosophers. Philosopher Adam Smith, a property will only transfer the possession for an established
who is known as the father of liberalism, established that time frame. A usufruct contract will confer a temporary right to
safeguarding private property was the “sacred” mission of law use and derive benefits from a property. And in all cases, failing
and justice, while for Rousseau, ownership was shaped by our to meet obligations will return the given rights of a property to
social agreements that would establish which objects could be its owner.
possessed and by what terms.

1 Jolowicz, Herbert F., R. Powell, et al., “Roman Law: The Law of Property and Possession,” Ency-
clopedia Britannica.
3 Kimmons James, “What is the Bundle of Legal Rights of a Property Owner?” September 10,
2 Ibid. 2020, The Balance Small Business.)

16 The Power of Ownership.

The new Paradigm different blockchain networks or “interoperability” will certainly
accelerate mass adoption.
In our current framework, many legal relationships are governed
by central entities and frequently require trusted mediators. For An interesting case study is Unique Network blockchain in the
instance, real estate property needs to be noted in the register, Polkadot ecosystem. This is the standard for good practices
and in the case of a rental agreement, the private contract serving software that uses or relates to NFTs.
between the landlord and the tenant will sometimes demand
On its “Advanced Ownership Structure,”[5] owning an NFT in
the intervention of lawyers and real estate agencies as trusted
the 3d generation blockchain paradigm will be much more than
mediators. From a process point of view, these go-betweens will
just seeing an image associated with it. The aim is that NFTs
tax transactions in terms of time and money. However, to tackle
will become usable and transferable in the metaverse as well
these problems, a new wave of innovation has been created by
as applicable and usable to documents backing up real world
the property technology movement, known as PropTech.
data (such as certificates of ownership). Some of the possible
Among the new technological advances, two innovations stand activities applicable to NFTs include:
out: blockchain because of its intermediation automatization
»» Lending and Borrowing; implies the capability to temporarily
(and sometimes eradication of overly-long bank transactions transfer some property ownership rights to another address
due to peer-to-peer transactions where allowed); and smart
»» Right to display given to a third party grants the permission to
contracts that automate and speed up the legal processes.
(exclusively or not) use the property for display purposes.
One of the most promoted advantages of blockchain in the real
»» Deed of trust or right to sell or act in some other ways on
estate space is the promise of liquidity via decentralized global
behalf of the owner is often used in the real estate, personal or
markets that enable assets to be tradable. In terms of smart
business situations
contracts, the dedicated contracts that enforce the bundle of
»» Re-fungible mode on Unique Network enables a DAO
rights of property, can be programmed to trigger actions and
ownership in one click. Or take a valuable piece of art and
execute orders as required. A main consequence is that any kind
democratize its ownership. Add smart contract functionality
of property assets such as buildings, shares or funds, debt or to play with what owners can do with the pieces.[6]
equity, can be automated in ways previously unseen before and
executed in minutes instead of weeks or months.
As technology propels us forward, the challenges of managing
When Ethereum was created in 2015, as a platform that and regulating ownership of “things” and their many uses, will
would go beyond Bitcoin’s capability of “simply” creating and help us innovate as more unique use cases rise to the fore. •
transferring cryptocurrency, smart contracts gained traction in
functionality and innovation. The ERC-20 tokens, which have set
the standard for tokenization, are good for executing transfers
because some rights of ownership can be written into the smart
contracts. However, since the ERC-20 tokens are all the same
(fungible), they have limitations when the purpose of a smart
contract is to represent a unique object as an art piece or a real
estate asset. For these non-fungible cases, the proven value of
the ERC-721 standard and the more advanced ERC-1155 have
solved the uniqueness issue. More to the point, the ERC-809
and ERC-1201 standards allow renting of NFTs as a small subset
of such authorizations. [4]

The capacity to store different metadata and make different

standards work together seamlessly allows for new
opportunities to manage ownership rights. To achieve this,
different Ethereum standards operate together, as do whole
blockchains, tokens and protocols. Thrustless transfers from

5 “Unique Network Technical Paper,” Unique Network, github.com.

4 “Unique Network Technical Paper,” Unique Network, github.com. 6 “Unique Network Technical Paper,” Unique Network, github.com.

FIBREE Industry Report 2021 The Power of Ownership. 17

Real Estate Tokenization as a Bridge to DeFi
Author: Yael Tamar, FIBREE Co-Chair - Tel Aviv (Israel)

T he desire for a decentralized financial system sometimes

begins very close to home. For me, the memories of living
in Crimea under the Soviet Union’s centralized government was
How do we get to DeFi?

The early 2000s introduced a shared economic model led by the

advent of Facebook, the founding of companies like Uber, and
a strong catalyst that propelled me first to the United States
the creation of cryptocurrencies. Yet even the instantaneous
and then to Israel, where I experienced very different types of
PayPal model of peer-to-peer money transfers transmits money
financial systems.
between two or more banks before it reaches its destination.
In traditional centralized finance (CeFi), the banks govern
DeFi, in contrast, uses technology to disrupt centralized models
and control people’s assets. The hub and spoke model of CeFi
and enable the delivery of financial services anywhere for anyone
means that financial capitals such as London or New York
regardless of ethnicity, age, or cultural identity. It creates new
function as operational hubs for the financial services industry
opportunities and helps those who don’t have access to loans,
and influence economic activity at spokes such as Mumbai or
credits, credit history, education, or even a full-time address.
Tel Aviv, regional centers that may not be as globally dominant.
DeFi is therefore more democratic, allowing individuals to
Economic prosperity or hardship radiate outward from hubs to
create wealth and obtain financial freedom on their own terms.
spokes and toward the rest of the global economy. In a recession
or financial crisis, what happens in the central centers of this
hub-and-spoke model, reveals the flaws in the system as these What is the Tokenization of an Asset?
hardships are felt globally.
This past year, the COVID-19 pandemic changed so much about
In stark contrast to this, a decentralized financial (DeFi) system how we work, where we work, how we meet, and how we finance
allows the individual to be the sole custodian of his or her deals. For example, there has been a thirty-fold increase in the
finances and bypasses the need for large financial institutions. amount of trading using blockchain technology.
Granted, DeFi also requires a stable monetary system. Some of
the same checks and balances that are integral to CeFi must also Within the real estate market, there is a $317 Trillion dollar

be maintained before transacting business, including know your industry but only $10 Trillion dollars is genuinely available for

customer (KYC) and anti-money laundering rules (AML). investment. Most of the other $300 trillion is held privately or
via public securities. It is tied up in loans and deals sometimes
DeFi might be considered as the merger between traditional for up to ten years without the individual investors being able
banking services with the integration of blockchain technology. to trade or liquidate their investment. Other people, other
In this model, a company like SolidBlock creates securities that institutions make those decisions.
allow non-traditional investors access to otherwise exclusive
investments. There is also full transparency of issuance, In the traditional asset world, demand for liquidity is high. To

repayments, and dividends within these transactions as all the unlock the liquidity of those projects, assets can be tokenized.

information is coded into the digitized smart contracts that are The tokenization process helps asset or fund owners raise capital

used to record transactions. more efficiently, and gives investors unprecedented access to
private real estate investments, transparency, and liquidity.

18 Real Estate Tokenization as a Bridge to DeFi

What is the process by which an asset becomes available for sold it low and hoped it would drop lower so that they could then
trading? When an asset owner decides to tokenize a property, buy it back at a profit.
a security token (ERC-20 or alternative) is created to represent
There is a risk involved in shorting a stock because it is entirely
shares of the property. The total value of all tokens will be
possible that between selling and buying, the stock becomes
equivalent to the total value of the securitized asset, as valued
more valuable. This is what happened when a group of game
at issuance. The initial sale of a security token is typically called
lovers banded together on their Reddit community platform
a Security Token Offering (STO). An STO needs to be compliant
to prop up the GameStop stock, buying it while it was low and
with the appropriate country regulations.
raising its value. That meant that the hedge funds who had sold
In the US, most STOs to date have been completed under the low lost money on their bet that the stocks would plummet.
exemption rule for fundraising without a full prospectus (Reg D
The Reddit community users were using a platform called
506C). Some have used crowdfunding regulations. Tokens can
Robinhood to buy GameStop shares. Robinhood allows users
also be potentially sold on an exchange, but in a compliant way.
to trade stocks commission-free. Suddenly, Robinhood banned
The first step in the tokenization process is to set up an entity users from buying GameStop shares, and caused outrage among
and create initial legal and offering materials. This streamlined the amateur investors that Robinhood was trying to protect
regulatory and securitization process, must include KYC and the hedge funds. In reality, Robinhood was bound by “real-time
AML. Next, asset ownership is represented by digital shares in settlement” liquidity issues and had to borrow money to cover
the form of tokens on the blockchain. The benefit from token the large amount of trading on their platform.
liquidity is listing the tokens on investor trading platforms. Once
What is clear from this example is that the average individual
tokens are created and sold to investors, they may be listed on
is primed to take control of his or her own finances. They don’t
an exchange so investors can trade their tokens.
need Wall Street investment companies to trade for them as
Many of the most popular cryptocurrency exchanges are in the alternative platforms are available. It also shows that though
process of obtaining regulatory approval to list security tokens. technology exists to streamline the buying and selling of stocks,
unfettered money exchanges have not yet been incorporated
Another option is to partner with an Alternative Trading
into the way we do business.
System (ATS). These are FINRA-registered institutions that
sometimes partner with tokenized security asset owners to
list security tokens and provide their investors with access to a On the Cusp of a DeFi System
liquid secondary market. A single token can be listed on multiple
Perhaps the most prevalent sign that we are headed towards
exchanges.
a decentralized financial system is the institutional adoption of
The digital securities market is relatively small. However, when blockchain technology among large corporations. MasterCard,
real estate assets are tokenized, we enhance accessibility, Tesla, PayPal, and JP Morgan are just some big companies that
lower transaction costs, create new financial products, make have taken tokenization into the mainstream. This turn-around
settlements faster, and enhance liquidity. is based on a combination of huge consumer popularity and the
fear of missing out.

The Example of GameStop and Robinhood In addition, the reputational risk of working on the blockchain
has been significantly reduced over time. Applying blockchain
An example of how the current central financial system favors
to their investments gives these institutions a tool to invest
big business can be seen in the “uprising” recently witnessed on
in assets early, to support these assets and shepherd them to
Wall Street by amateur investors who caused big institutions to
secondary markets where they will be more democratically
lose a lot of money.
available.
GameStop is the world’s largest retail gaming company.
As a society we are positioned on the edge of a revolution that is
But because many video games have been digitized and the
leading towards a decentralized financial system. We can close
pandemic kept people at home, their physical shops, the basis
our eyes and hold tight to the traditional way things are done.
of their business, weren’t doing well. A year ago, GameStop’s
Or we can step forward open-eyed and excited by the rapid
shares reached a low of $3 dollars. At this point, trying to make
advancements that are taking place within the financial system.
money, some Wall Street hedge funds “shorted” the GameStop
•
stock. That means that they bet on it dropping even more. They

FIBREE Industry Report 2021 Real Estate Tokenization as a Bridge to DeFi 19

Crowdfunding and Tokenization: Alternatives
or Better Together?
Author: Yael Tamar, FIBREE Co-Chair - Tel Aviv (Israel)

W ith the accumulation of major capital among players in

the cryptocurrency markets, real estate has become a
desirable asset as a way for individuals to diversify their wealth
The property is placed on a digital marketplace where
information about this and other specific projects can be
accessed by investors globally.
and the obvious choice for investing their profits. What is new
Each investor’s purchase is recorded on the blockchain ledger.
in this scenario is that there are more and more options for
For this to occur, the digital marketplace creates a special
these purchases to occur using cryptocurrencies. In the news
contract, called a “smart contract,” which provides a secure
most recently was the option through SolidBlock’s issuance
record for each investor and allows for trading of this security.
and trading platform to purchase condos with crypto in a luxury
Miami high-rise. This heralds a slow change in traditional real Digital security tokens can be sold on a specialized exchange
estate transactions and suggests that real estate corporations or ATS, Alternative Trading System. The process of listing the
are betting on the advantages of blockchain while taking on the security on an exchange is called a secondary offering.
risks of this more volatile currency.

The focus of this article is not on the buying of extensive property Identifying a Buyer
by one investor with cryptocurrency (though there are rumors
Once a buyer is identified, there are several basic steps that
that in a 2018 offering of apartments in Dubai, one investor used
must be observed to sell real estate digitally.
crypto to purchase 10 apartments) but in the tokenization of
high-end real estate assets that are accessible to a broader and A Purchase Agreement must be signed with a buyer, together
perhaps less wealthy group of investors. To better understand with an amendment to address the coin deal with its required
the tokenization process, it is important to ask first about how a compliance, fees, time frame, replacement of escrow process,
security token offering (STO) is created, how buyers are vetted, and state of residency. At this stage it is also important to know
and what we can learn from examining case studies about the if the client is an individual or part of a trust.
future of tokenized transactions.
All deals are subject to the buyer’s successful compliance with
KYC and AML requirements both for the individual and for his
Creating an STO
or her crypto wallet.
Each offering needs to be compliant appropriate according to
Once the buyer submits full payment in coin, funds are converted
the regulations (adhere to the laws governing who can invest
into USD and the account for withdrawals is frozen. The closing
in securities and which rules security issuers must follow to
agent prepares a statement for the Department of Housing and
sell the security). The platform must also facilitate regulatory
Urban Development (HUD) which then transfers the title once
compliance by creating the necessary legal documents and
all documents are received and the seller confirms the balance
providing know your customer (KYC) and anti-money laundering
on the account. At that point, the seller releases the funds to a
(AML) procedures for investor vetting.
bank account.

20 Crowdfunding and Tokenization: Alternatives or Better Together?

Two Case Studies AspenCoin is bought and sold at will. More than 5% to 10% of
the token volume is traded on a monthly basis. The current price
Case Study: Asia’s First Real Estate Tokenization for Employee In- of a token is $1.25, up from its issuance price of $1.
centive Program[1]
Having met, and perhaps exceeded, its fundraising goals, the St.
In Q4 of 2019, Liquefy, a Hong Kong-based FinTech platform, Regis Resort conducted an extensive renovation of its property,
successfully completed the first phase of a project with a with a campaign to bring in new and diverse customers.
Hong Kong property developer to tokenize a real estate asset Meanwhile, the future of AspenCoin is ensured through its
owned by the developer for its employee incentive program. vibrant secondary market trading on the tZero exchange.
The initiative was designed to motivate staff engagement in
innovation, cultivate entrepreneurship, and recognize staff Conclusions
contribution. Through the program, tokens representing an
ownership interest in the property are issued to reward high- While it remains to be seen whether a buyer will come forward
performing staff with the opportunity to share in the wealth to purchase the Villa Nove penthouse in the luxury Miami Arte
created by the capital appreciation of the property. Surfside building with cryptocurrency, it is clear from the case
studies above that the tokenization of real estate can have a
As the technology provider, Liquefy secured the digital register profound effect on smaller investors such as the employees of
of members of the holding company, which owns the property, the Hong Kong developer who were gifted property tokens, and
on blockchain. This enabled the developer to issue tokens the 900 plus investors who are now trading AspenCoin on the
representing an indirect ownership interest in the underlying tZero secondary market. This is the promise of democratization
property carrying a right to share in any capital appreciation embedded in blockchain technology, a decentralized financial
of the property. Employees can exchange performance-based system where individuals are the sole custodians of their assets.
internal credits for real estate tokens, with every transaction in Blockchain can help create a compliant, decentralized and
real estate tokens recorded on the system. When the underlying permissionless marketplace. Tokenized real estate is the bridge
property is sold, token holders will participate in the sale to this vision.
proceeds based on the tokens held.
What is needed now is a further acceptance among real estate
Looking towards the future, the next step would be to tokenize owners, sponsors and investors that this is the wave of the future,
more properties held by the developer to expand the incentive and that accepting both the profits and risks of tokenization is
program such that employees could internally trade tokens for beneficial to their businesses.
different properties among themselves.
The Villa Nova’s price tag? $38 Million. •

Case Study: The St. Regis Aspen Resort, Aspen, CO

Valued at $224 million, the St. Regis Aspen is a trophy property

and a luxury destination located in Aspen, Colorado. An equity
raise of 19% of the property in August 2018 raised $18 Million
within the first four months of being listed. This was executed in
conjunction with a regulated Security Token using Reg D 506 (c)
of the JOBS Act.

The tokenization of the St. Regis is one of the first cases of

tokenizing a commercial real estate property worldwide and
it was an unabashed success. Within 18 months of issuance,
AspenCoins had risen in value by 28%. In September 2020,
AspenCoin was listed on tZero, a secondary market where
trading increased markedly. The initial 22 investors in the equity
raise have grown exponentially to more than 900 today as

1 https://assets.kpmg/content/dam/kpmg/cn/pdf/en/2020/04/real-estate-tokenization.pdf

FIBREE Industry Report 2021 Crowdfunding and Tokenization: Alternatives or Better Together? 21
NFTs & Real Estate
Author: Alexander Appelmans, FIBREE Co-Chair - Brussels (Belgium)

Although widely discussed, tokenization still remains a rather imagination of the wider public. The Ethereum blockchain was
vague term which takes on different meanings depending on used in both these high-profile use cases. Consequently, NFTs
its specific context. When used in the context of real estate, soon became the talk of the town. The key idea underlying an
tokenization refers, broadly speaking, to either representing NFT is to give full legal ownership of a unique digital file.
units or shares in an immovable asset or using a unique non-
These approaches to real estate tokenization can be referred to
fungible, blockchain-based, token to represent a (single)
more generally as the digitalization of corporeal assets. In the
property. While the first use case focuses on liquidity and
context of a conveyance process, a real estate asset represented
fractional investments, the second aims to make it easier to
by a digital token and governed by the transactional rules of
transfer ownership of an immovable asset.
e.g., a blockchain-based smart contract, could considerably
Colored coins are a well-known example of a non-fungible crypto reduce the many frictions associated with transaction between
asset on the Bitcoin blockchain. More recently the term NFTs parties. In the context of NFTs, we focus primarily on the digital
or Non-Fungible Tokens became the popular denomination. representation of property rights becoming the “object” of a
The CryptoKitties and Beeple’s $6.6 million video captured the transaction themselves.

22 NFTs & Real Estate

If a real estate asset is tokenized, what does that mean precisely? make secondary markets more efficient and straightforward.
Again, we have to distinguish between tokenization as a form of This “investment” form of tokenization is a further digital and
alternative financing and tokenization as creating a non-fungible decentralized elaboration on secondary markets.
digital twin of a real-world asset. Of course, a combination of
Whether the asset is made fungible via a notarial deed, an
both is technically possible.
excerpt from the land registry or a “non-fungible” token, the
When studying tokenization as an investment tool, a case-by- underlying mechanism remains the same. Tokenization is mainly
case consideration is required. Is it a form of co-ownership? Is the process of digitalizing an existing process.
it a binding contract? Various legal issues arise. For example,
In that last sense, the terminology of an NFT is perhaps a bit
the economic vs. legal owner debate (some scholars see
contradictory. While it is used to contrast fungible tokens or
tokenization as a trust-like figure) and a further avenue for the
coins, the underlying mechanism it is trying to achieve in the real
dematerialization of property law.
estate context is precisely that of making the underlying asset
In the crypto-world, it is often said that the lack of a regulatory fungible. As such, an NFT does actually make a real estate asset
framework offers a first-mover advantage. In contrast, legal fungible. •
scholars are increasingly turning their attention to token sales
and cryptocurrencies and make it clear that ITOs, ICOs or other
derivatives do not operate in a legal vacuum. Today, it is not
clear what form regulation will take as several issues still need
to be fleshed out, including how tokenization will interact with
other more established securities and land law principles.[1]
There is an abundance of financial regulation, tax compliance
and company legislation that has to be respected. Different
financial watchdogs have issued statements on ICOs and token
sales. Mainly from the perspective of consumer protection,
it is necessary to develop a framework that would limit legal
uncertainty.

When we consider NFTs, on the other hand, we can see a myriad

of usages in the context of real estate. An absence of formal
property rights limits the use of land as collateral to access
credit markets. A solid property law system allows bulky assets
to be available in a more accessible format. Instead of the actual
physical asset, a representation is much easier to divide, mobilize
or use as collateral to close business deals. This is what Hernando
de Soto labels in his famous book, The Mystery of Capital[2] as
“making assets fungible.” The key mechanic, according to de Soto,
is to decouple the rigid, bulky physical state of an asset from its
economic features and value. This is generally done by creating a
representation of the asset. Creating a fungible representation
allows for the asset to easily become an object of a transaction.

In this regard, tokenization, and more precisely, NFTs are

nothing new. They are merely a digital form of a mechanism
that has existed for many centuries, i.e. creating a fungible proof
of ownership of a corresponding asset, which can be used to

1 Jane Dockeray and Jessica Thompson, ‘A Token Gesture with Real Effect’ [2019] Property
Journal; London 35.

2 Soto, Hernando de, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails
Everywhere Else, Perseus Book Group, 2000.

FIBREE Industry Report 2021 NFTs & Real Estate 23

BUPi, UOI and EBSI: a Match Waiting to
Happen
Author: Jose Reis Santos, FIBREE Co-Chair - Lisbon (Portugal)

B UPi is an initiative from the Portuguese government,

whose acronym (Balcão Único do Prédio – Building Unique
Counter) could almost be translated as a Unique Object
There are four main axes in BUPi’s mission: people, entities,
technology and simplification of data access. The first, related
to people, aims to identify and empower property owners,
Identifier (UOI). This government sponsored project intends and comprehensively involve them in sharing knowledge and
to digitize and aggregate what today are dispersed sets of opportunities that would bring added value to the Portuguese
data into a one-stop, single and organized data source. At the territory. Complementarily, BUPi intends to create synergies
moment BUPi is concentrated on rural and mixed properties, so that entities and stakeholders share in a collaborative and
an area where the lack of organized information is flagrant and consistent manner the information necessary for the effective
economically damaging and the benefits of its aggregation are management of the territory. This would facilitate the creation
evident. Once these goals are achieved, BUPi aims to expand and of new solutions while continuously developing and iterating a
extend the Building Unique Counter and respective Simplified unique, participatory and interoperable platform, which allows
Cadastral Information System to the whole country. This would automating the collection, processing and sharing of data in
develop supporting information and interoperability systems to order to generate knowledge, i.e., technology. Finally, the fourth
simplify the identification of owners and property limits. It would axis, simplification, aspires to bring digitalization and innovation
also increase the knowledge and shared information about the to procedures related to rustic and hybrid property ownership
occupation of the national territory. registration and respective regulatory frameworks. The BUPI
project, based on its declared objectives and goals, could be a
BUPi’s mission expands a simplified cadastral information system
perfect match to introduce a pilot project that would encompass
that would aggregate local information and create a relevant
the concept of UOI and an integration into the current version
knowledge-based dataset about the Portuguese territory. Its
of the EBSI.
vision is to experiment with innovative methods and transform
knowledge into value for the country. Municipalities would have
access to all the existing information from other municipalities
through the adoption of new technological solutions.

24 BUPi, UOI and EBSI: a match waiting to happen

From their declared intentions, BUPi does not contemplate network that European Blockchain Partnership members can
any future blockchain integration, a decision that should be flexibly use to cooperate. It aims to connect existing solutions or
considered prudent. It seems clear that their main attention lies integrate specific services related to public administration. Both
in setting the digitalization seeds and data integration processes the UOI and BUPi concepts / projects are a perfect fit.
to create a one-stop-shop for the Portuguese ecosystem.
Additionally, integrating BUPi and the UOI in the EBSI would
Nevertheless, this project holds potential to use or integrate
provide benefits in streamlining administrative processes by
blockchain / DLT-technologies in their future development,
harmonizing data at a pan-European level. This would reduce
especially if its intentions are to notarize documents and digital
efforts for checks and audits with other entities while also
files, streamline faster processes, bring increased security
reducing the burden for cross-border information sharing
for its digitalized processes, and benefit from the features of
and synchronization with other EU organisations / agencies
auditability, decentralization and traceability to redefine public
/ citizens. Existing EBSI-building blocks, like self-sovereign
administration models of trust.
identity, notarization of documents, diplomas and certificates
Targeting these objectives, the tangents with the UOI and EBSI can seamlessly be integrated by the UOI and BUPi. EBSI could
become clear. The Unique Object Identifier proposal is a network- enhance trust in members and external stakeholders through
solution enabler for current stand-alone solutions (silos) to the use of the EBSI Wallet with Self Sovereign Identity (EBSI
become interoperable on the level of detail that is required. SSIF) and Verifiable Credentials and EBSI. EBSI will also
UOI eases the complexity of identifying and interconnecting enhance security, resilience and performance through the
multiple different data-sources and applications for any data use of local copies of apps and data and interoperability with
about (parts of) a particular building. We see that it extends the existing systems. It will increase transparency and traceability
already holistic approach of BUPi to integrate additional sets of transactions and data managed in cross-border services
of data as follows: construction materials and methods used in and provide data harmonization due to distributed ledger
the building process; the ability to track and update a building’s technologies, which will increase reliability of records and
eco and carbon-footprint through its long-lasting life cycle; easy detection of anomalies. It is also GDPR compliant and in
adding an important digital information-infrastructure for the compliance with eIDAS. Using blockchain distributed ledger
construction and renovation sector; integrating it directly in technology and the possibility to deploy smart contracts would
the European Green Deal goals; and supporting dynamic and also increase trust of the users towards the procedures and data
innovative public administration sectors. handling.

In addition to BUPi, the UOI provides an important missing link A closer relationship between BUPi, the UOI and the EBSI is a
in the existing data landscape. It contributes to the Green Deal match waiting to happen, and a true lighthouse-project for many
and other climate objectives related to buildings and urban other countries. We strongly recommend exploring all avenues
areas; it gathers relevant data related to energy consumption that could, within the context of the current EU resilience and
and energy grid information; it collects information about indoor recovery facility (fund), produce a pilot project to be integrated
air quality management; and it supplies chain information about in selected Portuguese municipalities such as what has
building materials, creating circular economy models where currently been developed within other European governments,
crucial information can follow a building’s entire life cycle, namely Holland, as well as private initiatives across the globe.
including a breakdown of time spent on tasks, activities, etc. The ultimate goal of such a project would be to foster the
These all are new information requirements needed to achieve system innovation needed to bring to public administration the
important international climate and ESG-goals with real estate, simplification of data collection while providing new levels of
such as the “Renovation Wave,” the Green Deal taxonomy for trust, accountability and transparency to processes and data. •
buildings, and the circular economy.

BUPi is therefore the perfect blueprint for a UOI-based digital The author would like to thank Jo Bronckers and Carlos Oliveira for
infrastructure for buildings and for integrating with the EBSI. their comments and insights. All opinions are of the responsibility of
This is especially so as it has been promoted from within the the author.
public administration, laying the digitalization groundwork and
integrating a disperse set of internal processes into a single
data-entry point and an interconnected future-proof network-
Sources:
infrastructure. EBSI is a blockchain infrastructure that offers
» BUPi website, Enhanced Informations management in (re)constructing and
cross-border public services with the vision to become a operating buildings (INATBA, 2020), EBSI webpage

FIBREE Industry Report 2021 BUPi, UOI and EBSI: a match waiting to happen 25
Digital Assets
Blockchain technology contributes new ideas in the area of real estate financing and has the potential
to change the market over the long term.
Authors: Walter Strametz, FIBREE Co-Chair - Zug (Switzerland), Christoph Urbanek, Attorney at
Law - Vienna (Austria), Armin Redl, Associate - Vienna (Austria)

It sounds too good to be true: digital assets that are offered

and sold on an individual website independent of third-
party platforms. Some individuals can’t wait to use blockchain
Already Known Concept: Crowdfunding

To overcome some of these hurdles, a comparison to a well-

known model of fundraising helps. Crowdfunding is already
technology for their company; others have not yet made up their
a reality for many small investors. These platforms attract
minds as to whether they should join in. Meanwhile, security
returns of 6 to 8 percent in an economic environment of low
token offerings (STOs) compete for pole positions for the new
interest rates. Compared to the USA and China, the European
asset class.
alternative financial markets are in their infancy but are growing
Behind the catchwords “digital assets,” “security tokens,” “NFTs,” at 50-100 percent per year and are already an important source
and “decentralized financing,” is the digitization of rights (e.g., of finance for smaller companies (SMEs). The low interest rate
profit participation rights or participation in a company) using environment and simpler and uniform regulations will further
blockchain technology. For example, a digital issuance of shares fuel the market in Europe.
or their trading can be cumbersome with traditional means.
Blockchain technology enables investing with ease on
While establishing a shareholder company is not a problem,
crowdfunding platforms. From the platform‘s point of
public trading on a stock exchange is associated with weighty
view, while a simple excel sheet would track investments
requirements and high costs due to consumer protection. Using
and disbursements, blockchain technology provides the
blockchain technology, digital stocks can be implemented and
technological advancements necessary to truly profit from this
traded easily and securely, even on individual company websites.
type of investment. With blockchain-based tokens, invested
Whether the business model behind an investment is successful
shares can be traded, thereby enabling and simplifying longer-
or whether the publisher of digital assets is trustworthy cannot
term business models or investments in several projects. For
of course be predicted.
example, the issuance of shares (whose contribution is not
repaid) or of profit participation rights, such as a right to the
operating success of a property (as on Crowdlitoken.com).

26 Digital assets
An important aspect for the real estate sector is that with When Will the use of Blockchain Technology Become
blockchain technology one is no longer dependent on external Widespread?
platforms but can offer a secure channel for one‘s own digital
The authors assume that the development in connection with
assets via one‘s own website; the “self-made” digital assets
tokens, especially through the European MiCA regulation
nonetheless, thanks to the blockchain standard, remain tradable
(Markets in Crypto-Assets regulation), which is currently
and immutable.
available as a draft, will bring an upturn and movement in
Digitization of an asset (i.e. the technical implementation) can the market. The planned regulation is intended to create a
be carried out within a few weeks. The business model and its harmonizing set of rules, especially in the area of ​​utility tokens,
regulatory protection requirements have many conditions with security tokens being explicitly excluded from the planned
and can be challenging to fulfill. It helps to ask the following set of rules. •
questions:

Walter Strametz brought blockchain-real.at to life, digitized assets

With Whom or Where do I Offer my Assets? with element36.io and built the investment platform for crowdlitoken.
com (invest from 100 EUR in 16 mCHF real estate bonds).
The placement of an offering in a private group or with purely
professional investors is much easier to manage in regulatory
terms than a public offering. Depending on the investment
volume, national regulations, including those of the Capital
Market Act or the Alternative Financing Act, must be observed
in addition to the requirements under European law.

How Much Should the Digitized Asset be Offered for?

The following are simplified threshold values in Austria and the

EU:

»» <EUR 250,000: No prospectus

»» > EUR 250,000 and <EUR 2,000,000: Simple information
sheet in accordance with the Alternative Financing Act
»» > EUR 2,000,000 and <EU 5,000,000: For security tokens,
simple prospectus in accordance with the Capital Market Act.
»» > EUR 5,000,000: Prospectus according to EU prospectus
regulations.

How Should the Assets be Traded?

If assets are only traded directly between the existing investors

(peer-to-peer), this does not pose a problem. If trading is
done via a platform, further regulatory aspects must be taken
into account. Tradable (security) tokens are also gaining in
importance due to the increased use of traditional financial
institutions in the area of ​​tokens. Just recently, Commerzbank
and Deutsche Börse announced a marketplace for digital assets
(tokens) in cooperation with Fintech 360X. In Switzerland, the
“Swiss Digital Exchange” (sdx.com) - a platform for digital assets -
is expected to be launched soon and will operate the Swiss stock
exchange, among other things.

FIBREE Industry Report 2021 Digital assets 27

Buying Real Estate with Cryptocurrency: From
a Luxury Miami Apartment Block to Tokenized
Investments
Author: Yael Tamar, FIBREE Co-Chair - Tel Aviv (Israel)

The History of Crowdfunding to take place online through an SEC-registered intermediary,

either a broker-dealer or a funding portal. It permits a company

T hough the idea of a group of individuals offering money to

support a project or fund can be traced back to the 1700s,
when the author of Gulliver’s Travels, Jonathan Swift, set up
to raise a maximum aggregate amount of $5M through
crowdfunding offerings in a 12-month period. It also limits the
amount individual non-accredited investors can invest across
the Irish Loan Fund for low-income families in Ireland, modern
all crowdfunding offerings in a 12-month period. If for example,
crowdfunding traces its roots to 1997. That was the year that
a project claims to have raised $40M through crowdfunding,
the British rock band, Marillion, funded their reunion tour
it has in fact only raised up to the maximum through the
through online donations from their fans. This in turn led to
Crowdfunding Regulation while the rest of the money was
the establishment in 2000 of ArtistShare, the first dedicated
raised from accredited investors.
crowdfunding platform.
Crowdfunding also requires disclosure of information in filings
As the internet became more popular, and more businesses
with the SEC and to investors and the intermediary facilitating
created an online presence, crowdfunding experienced a major
the offering.
growth in the early 2000s and quickly became a tool for small
businesses and entrepreneurs to fund their personal journeys With its many benefits, crowdfunding quickly became a popular
by appealing to a large network of online individuals. fundraising tool for real estate. A larger number of individuals,
of varied financial backgrounds, were able to invest in a wide
There are more than 250 crowdfunding platforms now active. In
variety of properties without having to deal with mortgage
the case of new technologies or even the publication of books,
brokers, real estate agents or contractors. There have been
platforms like Kickstarter or Indiegogo set goals and a timeline
times when a listed property is oversubscribed within minutes.
for a capital raise, often giving the investors first rights to receive
the product when it is ready. An investment can start as low as The current volume of real estate investments through
$100 and reach up to $100K. Once the objectives are achieved, crowdfunding is growing at a fast pace as more people enter this
the project is removed from the platform. online space and as regulations are expected to change for the
better. The definition of an accredited or sophisticated investor
is shifting, which may be the first of several transformations in
Crowdfunding and Real Estate
the regulations, making way for more accessible, democratized
Crowdfunding is a relatively new type of funding mechanism for investing. With these regulatory changes, experts predict
real estate and is based on the passing of the JOBS (Jumpstart that this market will skyrocket to more than $900 billion in
Our Business Startups) Act in the US in 2012. Intended to crowdfunding investments.
encourage the funding of small businesses by easing security
The returns from real estate crowdfunding investments vary
regulations, the JOBS Act allows crowdfunding to be used by
and it is important to diligently research and choose where best
private companies and private investment projects to raise
to invest.
money from the public.

The crowdfunding of real estate assets requires all transactions

28 Buying Real Estate with Cryptocurrency: From A Luxury Miami Apartment Block to Tokenized Investments
How Crowdfunding Works Crowdfunding vs REITs

Crowdfunding is the use of small amounts of capital from a When comparing the benefits of investing in crowdfunding to
large number of individuals to finance a new business venture. investing in a REIT, a traditional real estate investment trust
Depending on the type of crowdfunding, investors either donate that owns, operates, or finances income-producing properties,
money altruistically or receive rewards such as equity in the crowdfunding clearly emerges as the tool that allows investors
company that raised the money. more control. Crowdfunding also allows investors to focus
on a single asset investment based on geography, real estate
An SPV (Special Purpose Vehicle) is created with multiple
sector and specific properties. While REITs generate a steady
players, i.e., a “general partner,” and the project sponsors (who
income stream for investors, they offer little in the way of capital
own the majority of the project). On the other side, online
appreciation. They are, however, protected from the market’s
investors invest money in debt or equity that is used for project
volatility.
investment.

Both investors and developers or asset owners enjoy a number Limitations of Crowdfunding
of advantages through crowdfunding. These include:
There are a number of limitations to crowdfunding–for investors
and project owners–which are important to recognize. These
Benefits for Investors:
are mainly due to the maximum amount crowdfunding sites
»» Accessibility. Investors receive access to deals they could not are allowed to raise. In addition to fees from the crowdfunding
have accessed before. platform, there is also a lack of liquidity.
»» Diversification. Investing a lower amount of money in one
specific project allows you to diversify investments by placing Another disadvantage to consider with crowdfunding is the
your money in more than one project if you choose. fact that these projects that are raising funds are usually
open for investments at the beginning of their project’s cycle
»» Speed and flexibility. There are online tools that aid in
studying the algorithms and analytics of a specific investment when the risks are highest and the returns are highest. In this
that also enable quick actions. case, investors who are not sophisticated enough may lose
their funds. Even if an option to invest at a later stage exists, it
»» Transparency. Crowdfunding allows following other investors’
actions and there is immediate availability of information usually happens once the project is sold (a yielding asset), and is
through the platform. therefore not as lucrative at that stage as the investment risk is

»» Higher returns. New asset classes provide higher returns, much less and so is the interest (about 5% to 7% for participating
often between 8% and 25%. in that asset).

»» Lead investors. Invest along with industry experts.

Limitations for Investors:
Benefits for Developers and Asset Owners: »» Choosing the right platform. With so many platforms out
there, it is ever so important to choose the right one.
»» New financing options with a new base of investors and
capital. The platform allows for managing data and »» At-risk projects won’t get funded.
transparency.
»» Unprofessional management. There is a risk these projects
»» Lower costs compared to traditional funding. may not be as professionally managed as REITs that have
professionals choosing the best projects for investment.
»» Marketing benefits. The platform allows marketing to young
people such as millennials who invest online and who are »» Liquidity considerations. It may or may not be possible to
likely to repeat it over and again. resell the project holding.
»» Cutting out the middlemen. It is now possible to invest in
assets directly without a costly middleman (even though the Limitations for Project Owners:
crowdfunding platforms charge fees).
»» Real estate crowdfunding is still relatively in its early days.
»» Access to international properties beyond the investor’s
physical location/residence. »» May require other funding sources. Due to the regulations, it
is possible to raise only up to $1M which may not be enough
»» A shorter transaction cycle for online investments. for the project.
»» Wider exposure of assets to a larger pool of investors. »» The due diligence process of the crowdfunding platform itself
must be followed.

FIBREE Industry Report 2021 Buying Real Estate with Cryptocurrency: From A Luxury Miami Apartment Block to Tokenized Investments 29
Crowdfunding vs Tokenization Real Estate Crowdfunding Case Studies

Overall, crowdfunding holds many benefits as it has created a

Illustration A – Hard Rock Hotel Palm Springs, July 2014
new space where individuals are becoming used to buying and
selling real estate online, and it is a convenient way to raise Kittridge Hotels & Resorts/Realty Mogul
funds. Yet, as mentioned above, crowdfunding does have some $1.5M raised to refinance/renovate
limitations. 85 investors received VIP benefits
The former Hard Rock Hotel, now Hotel Zoso, is being run by a
What is tokenization, and is it an alternative option to
Portland-based receiver.
crowdfunding? In regards to assets like real estate, tokenization
is the process of issuing a security token using blockchain
technology. The token represents a fraction of the asset, similar Illustration B – BC Bacata Tower
to digital securities, and digitally renders the asset tradable.
Mixed use project in Bogota, Columbia
Tokenization, in addition to having the beneficial elements of $175M raised from 3500 investors
crowdfunding such as the online and marketing perks, and the This architectural complex was begun in 2011 and is still under
ability to invest in lower amounts and thereby retain more money construction, featuring the tallest building in the country,
for diversification, also offers other advantages. Tokenization
allows for liquidity, the ability to invest at any project stage, and Illustration C - 3 World Trade Center
flexible financing models and structures. With tokenization,
$2.49B Total Project Cost
it is possible to participate at any stage of a project’s life-span
$2M Funded with debt crowdfunding
according to the investor’s acquired or preferred risk appetite.
5% Tax-free interest secured bond
Whereas once a crowdfunding project has reached its goals, it One of the most iconic towers in New York City, 3 World Trade
is removed from the platform, when working with a real estate Center was partly funded by regular individuals. •
digital marketplace like SolidBlock, the asset never leaves the
site. This allows for a continued trading of the tokens.

In conclusion, the crowdfunding mechanism has opened up

the world of real estate investments to a previously untapped
market of investors and will continue to grow in popularity in the
coming years. Tokenization and the use of blockchain technology
is also on the rise and offers benefits that crowdfunding cannot
offer, mainly even more freedom for investors to trade at will
and obtain liquidity that is not available through crowdfunding
sources.

30 Buying Real Estate with Cryptocurrency: From A Luxury Miami Apartment Block to Tokenized Investments
Blockchain-Based Climate Action in the Real
Estate Industry
Reduction of carbon emissions through transparent, trustable and liquid real estate markets.
Author: Stefanie Behrendt, FIBREE Co-Chair - Athens (Greece)

C limate change is happening right now and must be seen as

an existential threat for humanity. We need to reach net-
zero emissions by 2050 in order to be able to prevent the worst
How Blockchain Technology is Changing Real Estate

If we look back on 2019, we have already seen how one single

infected person can change the entire world in a few weeks’
damage to our planet.
time. In regards to blockchain, it took only one single transaction
This pressing topic can be solved by cutting edge technology that in 2009, when bitcoin first appeared.
facilitates collective action to fight climate change. One of these
Interestingly, there is no requirement to understand the
highly effective and potentially game-changing technologies is
technical details of blockchain and how it works in order to use
called blockchain, a system without central authority that is used
it. The same could be said for the majority of people who do not
as a trustable data storage.
understand exactly how the internet functions. What blockchain
Amongst other things, blockchain enables every stakeholder has become today can be compared to what the internet was
in the real estate industry, no matter if company, government like in the early 1990s. We are on the edge of comprehending
or individual, to contribute to tracking and calculating carbon the endless possibilities of how blockchain can function within
emissions. Therefore, blockchain helps us evaluate the carbon our lives, fully expanding our imagination of what the future,
footprint of any type of building project and to showcase the specifically of real estate, may look like.
impact of our actions.
Building materials stored in a blockchain based-solution; voting
systems run by decentralized networks; paperless real estate
transactions conducted in seconds; smart contracts run on the
blockchain without the need of a third party. These are some of
the possibilities that will open a window of change regarding the
time and energy that can be used to take decisive action towards
climate change.

FIBREE Industry Report 2021 Blockchain-based Climate Action In The Real Estate Industry 31
How are Real Estate and the Need for Climate Action institutions. In preventing fraud, for example, a customer’s
Connected? identity can be confirmed by verifying the digital identity of that
customer. Enforcing KYC (know your customer) and AML (anti-
Real estate is the largest investment asset class worldwide,
money laundering) regulations during business transactions
responsible for 40% of all greenhouse gas emissions and
is beneficial for both parties. This development is further
consuming 50% of global raw materials.
facilitating the process of digitizing the real estate industry.
As mentioned, blockchain can enable better execution of building There is a high risk of misuse and therefore this topic needs to
projects through the recording of building materials, facilitating be handled with the greatest of care.
decision making between all stakeholders of a specific project,
Many companies currently offer their online services for free
and saving costs and time during the transaction process. These
or at a reduced price. This unlocks the gates to an advancement
innovative uses of blockchain benefit the individual as well as
of the digital economy. A major leap towards technology
the collective impact on our climate.
has already taken place and to be able to be part of a modern
Thus, the real estate industry has a huge role to play in the economy, trust in innovation is a must.
reduction of, among other issues, carbon emissions.
Furthermore, a trending collaborative attitude will strengthen
the advances of the shared economy (made popular by Airbnb
What is Needed to Drive Change in the Real Estate and Uber) and peer-to-peer transactions. Blockchain will enable
Industry? the public and private sectors to collaborate under one umbrella.

Blockchain is called a disruptive technology for a reason. It

disrupts the way we’ve been conducting business and shows an How can Blockchain in the Real Estate Industry Drive
alternative possibility, especially regarding how real estate is Future Environmental Change?
becoming a digital asset.
Real time transactions without middlemen and major
A new generation will be key in driving change in the real estate innovations are transforming our day-to-day lives. Evolving
industry. Naturally, tech savvy Gen Z and Millennials are going technologies such as artificial intelligence, machine learning,
to prefer easily accessible peer-to-peer interactions over costly virtual reality, IoT, cloud computing and automated robotics are
time consuming transactions that involve third-party financial the new normal.
institutions. Why not improve liquidity by trading real estate
Mass adoption of these disruptive technologies will not happen
digitally in seconds, and at the same time lowering costs?
overnight. A decade ago, on April 3, 2010, the first iPad was
Furthermore, the changes brought by Covid-19 are a catalyst released. How will all these new technologies and movements
for the radical move towards digitalization of real estate. In other influence us by 2030 ?
words: Corona forced us to be resilient, overcoming obstacles
In terms of the changing climate, global warming will cause more
by adapting to digital solutions.
severe storms, floods and forest fires that will force us to take
climate action. If we look to real estate, there is evidence that
What are the Challenges When Adapting Blockchain- the integration of blockchain will save time and money in this
Based Solutions in the Real Estate Industry? industry. We can use these saved resources for facing major
challenges during the climate crisis. •
Blockchain can help not only a large group of people to reach
consensus but can also allow individuals to agree on any kind
of contract or transaction peer-to-peer. There are hurdles,
however. Anonymity and automation can cause challenging
situations. Therefore, a global legal and regulatory framework
for blockchain use in real estate and behavioural changes in our
economy and society are required.

The tracking of people through applications and by digital

surveillance is most likely creating the rapid increase in the
use of digital identities. The uses of digital identities can have
many applications, both positive and negative, for financial

32 Blockchain-based Climate Action In The Real Estate Industry

FIBREE Investor Research 2021
Author: Denis Petrovcic, FIBREE Co-Chair - Ljubljana (Slovenia)

A key indicator for any nascent industry is, amongst others,

how much money is being invested into it on a global
level. Furthermore, FIBREE looks to compare funding related
FIBREE aims to close the gap that currently exists on the
intersection of blockchain, proptech and crypto. This year our
research team has started mapping out investors showing
accomplishments into blockchain-enabled real estate solutions interest in the space, with the goal of supporting the growth of
with those of the Proptech, blockchain and the crypto industries. this young industry by facilitating investor decision making in
The comparison with these three much more mature industries the years to come.
is interesting, allowing us to observe the emergence of a niche
Throughout our research, FIBREE analysed 5000+ VC investors
global movement at their intersection in a wider economic
globally, and found 15% of these investors show interest in
context.
either Proptech, blockchain or crypto startups. What’s more,
Comparing the more mature three industries - Proptech, about 12% are focused on “early stage” investments, making
Blockchain and Crypto - they have all followed similar them relevant to an industry where most companies are still in
trajectories of investment growth over the past ten years. Still, the formation or market validation phase. In fact, out of the 390
looking at professional investments in these industries from products listed in our database, only 30% have been used by at
a high level perspective, it is inevitable to see they are all but a least 3 external market players or customers.
small fraction of the global venture capital markets. For instance,
This 3rd edition of the FIBREE industry report marks the very
blockchain VCs make up less than 1% of the global VC market.
beginning of a curated investor database that in time aims to
A significant obstacle for growth of blockchain for real estate become a tool to facilitate investor decision making process and
solutions has been a lack of open investment data about this startup fundraising activities. We invite both sides to engage
nascent industry, even simple information like how much has with FIBREE to collectively increase the quality of investment
been cumulatively invested, and comparables information related data. Only when we all actively contribute to the research
are often impossible to get hold of. Without data, VCs can’t findings in this niche topic, fragmented information can become
confidently engage with companies providing blockchain-based valuable, driving adoption further, opening the door to larger
solutions for the real estate industry. Thus, even the greatest, investors seeking new opportunities in a young and fascinating
most innovative companies are less likely to receive substantial industry on the horizon. •
investment on fair terms.

6,89% 1,64% 3,29%

Asia & Pacific Latin America Crypto

7,46% 45,87% 12,43%

Middle East Europe Early stage
& Africa 4,48%
Proptech 1800+
5000+
Investors per
Global Investors
Segment

38,13% 7,26%
North America Blockchain

FIBREE Industry Report 2021 FIBREE Investor Research 2021 33

The State of Blockchain in Real Estate 2021
Authors: Jo Bronckers, FIBREE Chair - Amsterdam (The Netherlands), Florian Huber, FIBREE Chair -
Vienna (Austria)

A s in the two previous years, in the run-up to the release of

the Industry Report, FIBREE assembled an international
working group to examine the state of blockchain in real estate.
Database Insights

In this article we will highlight the most important insights and

results of the 2021 product database analysis together with
This year‘s working group started in early 2020 with last year‘s
several comparisons of previous years results. The first focus
product database as a starting point.
will be on general findings, eg. how many products are found
and their geographical distribution, their product-focus, growth
Methodology stages and their so-called entry points. This is followed by a
more in depth analysis of the findings in each of the 8 different
The first step was to check the website and the Linkedin profile
defined product categories.
to make sure that the products already known are still up to
date. All questionable products are initially earmarked not to be
included in the product database by 2021, but not yet definitively Number of Products
removed. This was the first step in the working group‘s desktop
This year is the third year FIBREE conducts this global Blockchain
research.
and Real Estate-survey. This allows us to compare the results
As a second step, online listing platforms such as ICO Bench of all these years with one another. Starting in 2019 with 501
and Crunchbase, as well as Linkedin, were used to search for products, followed by a 40% drop towards 297 products in 2020,
new products that were not yet in the product database using we see that the number of products in 2021 increased again
keywords around the narrow space of blockchain and real with more than 30% to a total of 394 products. In terms of the
estate. As soon as new products have current listings on the Gartner Hype Cycle[1], these figures might indicate blockchain
online platforms and also have a working website, they are and real estate has - on a global level - left the bottom of the so-
added to the product database. In the same time we reached out called ‘Through of Disillusionment’ behind. The future will tell us
to all 125 FIBREE Regional Chairs with the request to check the if this is really the case and if this is happening everywhere in the
listings in their region and provide additional or amend wrong world simultaneously.
information to the database.
600
By the end of April 2021 the database showed roughly 405
start-ups globally. Using this set of data we reached out to those 500
companies via e-mail with a detailed survey to gain deeper insight
400
within the industry. 27 fully answered questionnaires returned
helping us to deepen the analysis which you find further below. 300

To finally verify whether any additional changes in the product 200

database could be observed we left the desktop research open
until mid June 2021. By closing the research-period, we can 100
announce 394 products are listed in the 2021-edition of the
0
worldwide FIBREE Product-database for blockchain and real
2019 2020 2021
estate.

Number of blockchain & realestate products in the database

1 See: https://www.gartner.com/en/research/methodologies/gartner-hype-cycle

34 The State of Blockchain in Real Estate, 2021

 Gartner Number of
Hype 600 Blockchain &
Peak of Inflated
Cycle Real Estate
Expectations
Products
500
(Source: FIBREE)
Expectations

400
Slope of
Enlightenment 300

200

100

Time 0
Technology Trough of Plateau of
2019 2020 2021
Trigger Disillusionment Productivity

Geographic Spread
Top 5 Fastest growing countries Fastest falling countries

In previous editions it already became obvious that the action is

1 USA (+36) Germany (-9)
happening everywhere around the world. Most blockchain and
real estate products originate from Europe and North-America, 2 UK (+10) Switzerland (-7)
with Asia & Pacific in third place. When looking at the figures
3 Italy (+9) Netherlands (-3)
for this year we notice the start of a slight balance-shift. The
growth-pace in the various continents is obviously different, 4 Singapore (+8) France (-3)
as illustrated in the figure below. After the decline in 2020,
both North-America and Asia & Pacific saw a strong increase 5 Canada (+7) Belgium (-2)

again in 2021, where all other continents only showed a small

Continental spread development
growth of the number of products listed. Europe is perhaps
the most striking, because a strong decline in 2020 has hardly
been followed by a returning growth in 2021, like in North-
America and Asia & Pacific. However Europe is in 2021 still the The biggest shifts, both growing and falling, occur in the countries
continent with most of the blockchain and real estate products, that have the most products listed. Like previous years, this
it might be losing its leading position in the next few years. When year‘s product database shows that the action is happening in
extrapolating the most recent growth-figures, we think it is likely many different countries around the world. A few of which have
North-America or even Asia & Pacific will surpass Europe soon. a relatively large number of products listed and many countries
with only one or two products. In total the 394 products in the

250
2021 product database come from 57 different countries, of
2021 which 29 of them (50%) have only one or two products listed.
200 2020 Only 11 countries are having more than 10 products in the
2019 product database. The table below shows the evolution of their
150
ranking of these 11 top-countries during the past 3 years.
100
The USA and UK maintained their position as leading countries in

50
the world. Followed by Australia and Canada who both climbed
several spots in the ranking and share this year‘s 3rd position.
0 This position was shared last year by Switzerland and Germany
Asia & Europe Latin Middle East North which dropped in this year‘s ranking to a respective 7th and
Pacific America & Africa America
9th place. Singapore dropped from 3rd in 2019 to the 10th
position last year, but strongly came back with a 5th position
this year. This 5th position is shared with Italy, a country that -
When looking more closely at individual country-levels, we different from many other European countries - climbs fast for
see the continental shift back in the fastest growing and falling the second successive year in the global ranking, coming from
countries in the world. the 16th position in 2019. The opposite is happening with The

FIBREE Industry Report 2021 The State of Blockchain in Real Estate, 2021 35
 Number of products, 2021 Ranking 2021 Ranking 2020
Country Ranking 2019
(delta with 2020) (delta with 2020) (delta with 2019)

USA 108 (+36) 1 (=) 1 (=) 1

UK 34 (+10) 2 (=) 2 (=) 2

Australia 21 (+6) 3 (+2) 5 (+2) 7

Canada 21 (+7) 3 (+3) 6 (+5) 11

Singapore 16 (+8) 5 (+5) 10 (-7) 3

Italy 16 (+9) 5 (+6) 11 (+5) 16

Switzerland 13 (-7) 7 (-4) 3 (+1) 4

China 12 (+3) 8 (+1) 9 (+5) 14

Germany 11 (-9) 9 (-6) 3 (+5) 8

Netherlands 11 (-3) 9 (-3) 6 (-1) 5

Spain 11 (-1) 9 (-1) 8 (+2) 10

Netherlands, this country is for the second year in row falling on trends are the decline of formerly ‘established’ European cities
the global ranking, from position 5 in 2019 to position 11 this in the toplist of capitals, like Berlin, Amsterdam and Munich
year, which is shared with Germany and Spain. or outside Europe, like Dubai. Their position has been taken
by ‘new’ European blockchain and real estate capitals, like
New York Luxembourg or Madrid, but mostly by multiple new capitals in
London North America and Asia & Pacific.
Singapore
Zug / Zurich / Baar
San Francisco New Key-Criteria for a Better Overview
Toronto
Los Angeles Based on the methodology and the learnings of the last two
Milano Industry Reports one of our biggest goals for this year’s issue
Melbourne
was to emphasis and level up the quality of our research, thus
Vancouver
Hong Kong defining new key-criteria to help market participants understand
Luxembourg better where the effort towards the technology of blockchain is
Sydney coming from and where start-ups are heading to irrespective of
Madrid
which growth stage they are in.
0 5 10 15 20 25 30

Top 14 Blockchain & Real Estate Capitals in the world

For the second year in a row, New York can be called the leading
capital in the world for blockchain and real estate. After taking
over the lead from London last year, the British capital is coming
back strongly this year. Whereas last year, New York was clearly
ahead of London, this year they are competing for the leading
position with 28 and 27 products respectively. Other notable

36 The State of Blockchain in Real Estate, 2021

Product Category

We defined eight product categories, which stand in close

relation to the real estate life cycle and cover the most important
segments of the market, thus being able to undermine the

Pla

rate
n

Ope
findings out of the perspective of our local representatives,

&B
ui l d

ge &
current market players and the working groups desktop

na
research. A brief overview can be seen below and more detailed

Ma
Res s
in the specific analysis of each segment at the end of the article. ear orm
ch &
Val Platf
ua ts &
te rke
»» Plan & Build - Any product start-up that offers services and Ma
solutions as architects or construction.
»» Markets & Platforms - Any product that lists real estate Tr
nce Esc ansact
related products or services and connects the needs of Fina row io
st & Ser n &
Inve

ies
different market participants. vice

Sma
s

olog

rt C
»» Transaction & Escrow Services - Any product that supports

chn

ity S
g Te
market participants in any kind of transaction.

ldin

olut
»» Smart City Solutions - Any product that offers solutions for

Bui

ion
cities and municipalities.
»» Invest & Finance - Any product that focuses on the
investment and loan providing market for real estate.
»» Research & Valuate - Any product that offers services related Entry Points
to any data out of the real estate market.
It is evident that there is a strong foundation of entrepreneurs
»» Building Technologies - Any product that offers software
giving a clear sign that blockchain technology is not only a
development
buzzword. This is what we discovered within three years of
research. Reaching the peak of inflated expectations, followed
The figure below shows the distribution of the different product by a decline, it seems that we now are slowly marching out of the
categories in the total database of 2021. trough of disillusionment. We are also experiencing an increasing
interest by real estate organisations to start implementing
3,05% 2,79% blockchain solutions as value add to their existing processes. A

Research & Valuate Plan & Build

good example is a real estate developer who decides to attract
a part of the project-funding via token-offerings, next to own
1,52%
5,08% equity and bank loans. Besides that it provides him with faster
Smart City Solutions
Transaction & project-funding, it is also a first step to discover in real praxis the
Escrow Services potential of real estate-tokenization and the effects it can have
44,16% on their business model.
5,84%
Invest & Finance
Manage &
Strong products can be seen on both sides of the market. That’s
Operate why we decided to create the key-criteria of the “‘Entry Point”, to

Product Focus
see where the initiative is actually coming from.
15,23%
The entry point of “Blockchain to Real Estate” encourages
Building
Technologies technology start-ups and entrepreneurs to approach the real
estate industry with new solutions while vice-verca the entry
32,99% point of “Real Estate to Blockchain” explains that coming from
the real estate market, solutions have been developed out of the
Markets & Platforms
need that digitization is an important means to change current
processes in daily routines.

Often it was not quite clear which side actually is the driving
force behind the product development, thus leaving it open to

FIBREE Industry Report 2021 The State of Blockchain in Real Estate, 2021 37
an equal approach of “50:50”. Together with the FIBREE growth FIBREE Growth Stages
stages this can be seen as an indicator about the level of market
When looking at the market‘s activities in 2019 most of the
adoption of blockchain backed digital solutions for the real
start-ups and products suppliers were early adopters and
estate industry.
early stage ventures. Maybe a small percentage of those in
the product database already were running a solid business.

10,15% 39,34% We received frequent requests from real estate organisations

who would like to know which products in the database had
Unknown BC > RE
already found their way to market adoption. This brought us to
the idea to look more closely at the different growth stages of
17,51% those which evidently are still offering their services and those
RE > BC who are still under development or in their earliest new to the
Entry Point market implementation efforts. We defined 3 growth stages
to distinguish these new product-suppliers. Once the market
adoption of products grows, additional growth stages can be
added. The current 3 stage are:
32,99% »» Growth Stage 1: Still under development/ Proof of concept/
50/50 Prototype
Any start-up that cleary communicates via it’s website that
the product is still under development and/ or traction can
not be detected yet. This stage primarily was indicated by the
year of incorporation stated in the imprint.

»» Growth stage 2: Between MVP and already in use by three

external market players
Any start-up that shows first traction and success stories
to be found on the website and/ or indicated by the year of
incorporation stated in the imprint.

»» Growth stage 3: Already in use by more than three external

market players
Any start-up that by year of incorporation indicated by
the imprint shows a clear track record and/ or gives the
impression of a full functional product.

20,05% 30,46%
Growth Stage 2 Growth Stage 3

FIBREE Growth
Stage

24,11% 28,38%
Unknown Growth Stage 1

38 The State of Blockchain in Real Estate, 2021

A Close up on the Different Product Focuses: In the same in depth-survey we asked participants what
blockchain technology they are using in their product. Almost
60% of the respondents say they are using Ethereum. The
Invest & Finance
second most stated blockchain, but on a decent distance, is
Bitcoin with 11% mentioning it. Other blockchain-protocols that
Key Facts:
are mentioned are Ardor, Tezos, Avalanche or own protocols.
»» Number of products: 174
»» Average score spider diagram country pages: 2,78 Entry Point & Growth Stages

For market take up we believe the entry point, that shows from
This is - by far - the most common category in the 2021 product what direction the earliest engagement in the products is coming
database. With 174 products, almost half of all blockchain and from, might be a clear indicator. It is clear that the initiatives
real estate products fall into this category. But in fact there are for Invest & Finance products are not coming from inside the
many more. Many products are classified in another category, real estate industry itself. Only in Europe, North-America and
but also have common ground with invest & finance. This shows Asia & pacific we see a few Invest & Finance products that are
once again that the real estate sector sees a lot of value in the initiated by real estate organisations. Most of the products are
irrefutable recording of digital information exchange in the case initiated by pure blockchain-organisations or from a blockchain-
of financial interests between parties. developer in a collaboration with a real estate organisation.
Perhaps North-America is showing the biggest engagement
We asked participants at an in depth-survey among product
from the real estate sector with almost half of the products
suppliers for what purpose they use blockchain technology
having a 50/50 entry point.
in their product-proposition. For answering this question,
participants were allowed to select more than one purpose from
a list. The table below shows how it was responded to by all
suppliers in the product-category Invest & Finance.
70
Unknown
60 RE > BC
50 50/50
Purpose Percentage BC > RE
40
Tokenizing (providing identity & ownership structure) 23%
30
Smart Contracts (proof of purchase) 18% 20

Digital ledger (asset, transaction, business registry) 15% 10

0
Facilitate digital (crypto)payments, crowdfunding & digitize
15% Europe North APAC Middle East Latin
fiat-currencies (DEFI)
America & Africa America

Transparency, data security & audit trail 13%

Facilitate transactions (marketplaces) 11%

Providing escrow services 3% 70

Unknown
60 Growth Stage 1
Land registry 2%
50 Growth Stage 2
Growth Stage 3
Workflow management 2% 40

30

Tokenization and Smart Contracts are stated by almost every 20

respondent, shortly followed by facilitating digital payments and 10

transactions. It becomes also clear that creating transparency
0
and a digital ledger are often included in this category. Europe North APAC Middle East Latin
America & Africa America

FIBREE Industry Report 2021 The State of Blockchain in Real Estate, 2021 39
Perhaps this explains why there are significantly more products
Source Percentage
in North-America that have already reached FIBREE Growth
Stage 3. Compared to Europe and Asia & Pacific, there is a clear Own sources 38%
difference in market uptake. In Europe and Asia & Pacific roughly
Equity finance / venture capital 31%
35% is still in Growth Stage 1, where in North-America roughly
35% has already reached Growth Stage 3. Family and friends 14%

What is also striking is that most products in Latin America are Crowdfunding / ICO 14%
already in Growth Stage 3, even though most of them were
initiated by a blockchain developer. Because of the small number Public / Philanthropic funds 3%
of products in this continent it was difficult for the research-
team to find more statistical evidence that explains this.

In line with the above, it will come as no surprise that the USA
currently has by far the most suppliers of Invest & Finance
products that are already in a Growth Stage 3. No less than 22
products originate from this country. Australia, India and Brazil
share second place on this list, albeit at a considerable distance
behind the USA. However, these countries illustrate once again
that blockchain and real estate is a global phenomenon and
solutions are being developed and offered all over the world.

We asked the in depth-survey participants about the challenges

they faced when bringing their product to the market. In this
category regulatory constraints and compliance are most often
mentioned, almost by every product supplier. Other frequently
mentioned challenges are adoption and industry readiness.
Technical hurdles and education are also mentioned but only a
few times.

Already in use at >3 external

Top-6 Leading Countries
market players

USA 22

Australia 3

India 3

Brazil 3

Netherlands 2

Spain 2

When looking at how the companies that already have reached

FIBREE Growth Stage 3 (Already in use at > 3 external market
players) are being funded, we see that exactly 50% of them have
attracted more than 1 million USD and the other 50% between
200K and 1 million USD. There is a large variety of funding-
sources. Almost 97% say they are funded by more than one
source, of which own sources and equity/venture financing are
most common.

40 The State of Blockchain in Real Estate, 2021

Markets & Platforms Different from the invest & finance-category, products in the
markets & platforms-category are much more showing that
real estate organisations took the initiative for the product-
Key Facts:
development. This might also be the reason that products seem
»» Number of products: 88 to arrive faster at growth stage 2 or even 3. There is no exception
»» Average score spider diagram country pages: 2,18 to this when the situation in different continents is compared.
The 8 leading countries in this category, which are shown in the
table below, are therefore located all over the world.
In this category the products are again offering solutions
for different purposes. Often tokenization is combined with The biggest challenges faced when developing their products
facilitating smart contracts for targeting the real estate- and are again regulatory constraints, but also solving the product
construction-industry. Examples are focussing on land title and market fit to find clients. Technical hurdles like blockchain-, API-
ownership transfer or rental contract-solutions, others on supply and database-integration seem to be scarce. What is strongly
chain and workflow facilitating in the construction industry. required is education but also larger funding opportunities
Again others are enabling digital transacting of real estate would be very welcome for accelerating the market-adoption.
tokens or facilitating escrow processes. What they all have in Looking at the blockchain-technology applied, again Ethereum is
common is that a digital distributed ledger is used to create data leading in this category. Other technologies that are mentioned
security or audit trails to facilitate the right transparency for the are HyperLedger and Dragoncoin. When asked how the
actors involved. It is therefore no surprise that the participants blockchain-technology brings value to the clients or users,
indicate that the target groups for their products cover the participants answered in random order:
entire industry chain.
»» cost reduction,decentralization (remove of silos/ data
monopolies);
Entry Point & Growth Stages
»» decentralized finance (DeFi);
»» disintermediation;
35
Unknown »» increased liquidity;
30 RE > BC
50/50 »» speed through automation;
25
BC > RE »» transparency;
20
»» trust;
15
»» reduced risk through immutability.
10

0 Already in use at >3 external

Top-7 Leading Countries
market players
Europe North APAC Middle East Latin
America & Africa America
Canada 6

USA 4

UK 3
35
Unknown
30 Netherlands 3
Growth Stage 1
25 Growth Stage 2
China 2
Growth Stage 3
20
Poland 2
15
Italy 2
10

0
Europe North APAC Middle East Latin
America & Africa America

FIBREE Industry Report 2021 The State of Blockchain in Real Estate, 2021 41
Building Technologies When looking at the spread of these products throughout the
world, Europe is the clear leading continent. On a decent distance
Key Facts: followed by Asia & Pacific and North-America. In the other
continents hardly any product in this category exists. A large
»» Number of products: 61 majority of all products are initiated by blockchain-organisation.
»» Average score spider diagram country pages: 1,94 There are almost no initiatives from the real estate market
itself. This is not that much reflected in the market adoption.
Market adoption is happening at a moderate level, perhaps
The third category is Building Technologies. In this category
because most suppliers focus on specifically selected types of
more technology-focussed products can be found, like
real estate organisations. Examples of product providers that
blockchain infrastructure for integrators and vendors or
have outgrown the start-up stage. The USA, China, Germany
providing specific software for real estate organizations. These
and Austria are the countries with the most products that have
solutions are again being offered for different clusters in the
reached FIBREE growth stage 3.
industry chain. We see for example products focussing on land
title registry, BIM-integration, property or facility management
or smart cities. The value blockchain brings for their clients
and users is cost reduction,decentralization (removal of Already in use at >3 external
Top-4 Leading Countries
silos/ data monopolies),reduced disputes,speed through market players

automation,transparency,trust and reduced risk through

USA 4
immutability, according to the participants in the in depth-
survey. China 3

Germany 3

Austria 2
Entry Point & Growth Stages

35
Unknown
30 RE > BC
25 50/50
BC > RE
20

15

10

0
Europe North APAC Middle East Latin
America & Africa America

35
Unknown
30 Growth Stage 1
25 Growth Stage 2
Growth Stage 3
20

15

10

0
Europe North APAC Middle East Latin
America & Africa America

42 The State of Blockchain in Real Estate, 2021

Manage & Operate Transaction & Escrow Services

Key Facts: Key Facts:

»» Number of products: 23 »» Number of products: 20

»» Average score spider diagram country pages: 1,78 »» Average score spider diagram country pages: 2,14

Manage and Operate is a category that mostly is initiated by This category has initially been added this year to the existing
blockchain-developers. They often focus on creating solutions 7 categories. It stands in close relation to the segment of invest
for large real estate investors and asset managers. Apart from & finance and markets & platforms as product suppliers found
one product in Australia, initiatives are only found in North- in this field offer - mostly financial - transaction services, but
America and Europe. Participants at the in depth-survey different from capital market investments.
indicate that they have only used their own sources to fund
the development of their product. Regulatory constraints, Entry Point & Growth Stages
funding, technical hurdles and education are mentioned as the
biggest challenges. Although it seems products have a hard road It is somehow understood that the entry point moreover
towards their markets, almost half of all initiatives in the world comes from the real estate sector or with the involvement of
seem to have reached growth stage 3. The USA is clearly the a real estate organisation, rather than from technology driven
leading country in the world for this category, half of all products start-ups alone, as real estate transactions or investments in
in this category are initiated in this country of which 10 of the 14 real estate related products have traditionally been guided by
products with growth stage 3. escrow agents. On a global scale this can be observed on nearly
every continent that new solutions originate out of more than
50 % real estate related businesses.

Entry Point & Growth Stages

8

14 7
Unknown
12 RE > BC 6 RE > BC
50/50 50/50
10 5
BC > RE BC > RE
8 4

6 3

4 2

2 1

0 0

North Europe APAC North Europe APAC Middle East Latin

America America & Africa America

14 7
Unknown Unknown
12 Growth Stage 1 6 Growth Stage 1
10 Growth Stage 2 5 Growth Stage 2
Growth Stage 3 Growth Stage 3
8 4

6 3

4 2

2 1

0 0
USA

UK

Italy
Germany

Belgium

Canada

Hungary

USA

Italy

Spain

Poland

Portugal
Australia

Canada

Ecuador

India

UK

Nigeria
Australia

China

FIBREE Industry Report 2021 The State of Blockchain in Real Estate, 2021 43
An assumption which could be made is that looking at the Research & Valuate
growth stages we only see a few product suppliers being at
FIBREE growth stage 3 and the vast majority of the countries Key Facts:
in question are not clearly defined, thus maybe are still trying
to understand the underlying new business models emerging »» Number of products: 12
around the new technology of blockchain. Especially products »» Average score spider diagram country pages: 2,38
which we discovered in the USA could be an indication of early
Data driven start-ups not only play an important role in the
stage start-ups. As already stated at the beginning of this section,
real estate sector but in general are expected to be seen as
it is the first time we are researching this category because there
masterminds in any industry: data is the new gold. It does not
is a fast growing number of products allowing to create it apart
surprise that the vast majority of products with entry point
from the already existing categories. For the moment there still a
out of the technological side stam from the USA. In Europe the
lot to be researched in this category, we expect to provide more
picture shows a more equal approach as it seems the demand
insights in next year‘s industry report.
for services and products in this category comes from the real
estate market as from tech driven start-ups.

Only a small number of product suppliers are already operating

in the market offering services to more than 3 external players
and originating from the USA and UK. The majority of product
suppliers in this segment are still under development and mainly
coming from countries in Europe. Interestingly the expectations
of the FIBREE’s local representatives are higher in this field
compared with the products available on the global market. This
could show that the demand for real estate data is strong but
can not be covered yet.

Entry Point & Growth Stages

6
Unknown
5 RE > BC
4 50/50
BC > RE
3

0
North Europe APAC Middle East
America & Africa

5 Unknown
Growth Stage 1
4 Growth Stage 3
3

0
USA

UK
Spain

Italy

Nigeria

Germany
Switzerland

Singapore

44 The State of Blockchain in Real Estate, 2021

Plan & Build Smart City Solutions

Key Facts: Key Facts:

»» Number of products: 10 »» Number of products: 6

»» Average score spider diagram country pages: 1,69 »» Average score spider diagram country pages: 2,16

Construction seems a very traditional business and maybe

digitization hardly finds entry points, as globally only 10 product The field and segment of smart city solutions is the smallest
suppliers are thinking of new solutions for this particular group of product suppliers being researched by the working-
segment, which by all means plays an very important role in the group. More than 50 % are developing solutions with a
value chain of the real estate life cycle. strong technological background and those are prominently
represented in Europe. Only one product originates directly
Especially in the Asia & Pacific region start-ups emerging out of
from the real estate market and can be found in South America.
the real estate market are trying new approaches toward the
field of construction or partner up with tech driven companies Looking at the FIBREE growth stages we assume due to the fact
as observed in Europe too. Only in North America a small that smart city solutions are closely related to political impact
percentage originates out of the field of blockchain technology we on the one hand see so little initiatives and secondly those
to offer new solutions. who started something are still at the very beginning.

The vast majority of product suppliers are still under

Entry Point & Growth Stages
development or working on a prototype. First market entries
could be discovered in Singapore and The Netherlands.
5

4 RE > BC
50/50
3 BC > RE
2
Entry Point & Growth Stages 1

0
5
Europe Middle East Latin
4 RE > BC & Africa America
50/50
3 BC > RE
3
2

1 Unknown
2 Growth Stage 1
0
Growth Stage 2
APAC Europe North
America
1

0
5
Unknown UK Russia Austria Ghana Colombia
4 Growth Stage 1
3 Growth Stage 2
Growth Stage 3
2

0
USA

Italy

UK
Singapore

Thailand

Netherlands
Australia

Spain

FIBREE Industry Report 2021 The State of Blockchain in Real Estate, 2021 45
Featured Companies
FIBREE is not only a network of experts but also a network of innovative startups. Next to the
support we receive from our corporate sponsors it is also of crucial importance to us to have a close
link to the international startup scene. FIBREE provides access to the global market to all startups
who can use our platform to feature their business; in return, their features support FIBREE to have
a global presence. This mutual support is what defines FIBREE and we are very glad to present these
companies in the FIBREE Industry Report 2021.

Blocksquare CEO Denis Petrovcic

blocksquare.io

Blocksquare d.o.o.
Structuring and digitizing real estate is about strategy, not financing. Tržaska cesta 118
Our tokenization protocol increases value and liquidity of real estate 1000 Ljubljana, Slovenia
assets in your portfolio, while our customizable white-label platform
allows you to easily manage the lifecycle of tokenized real estate
properties. [email protected]

Element36 CEO Walter Strametz

element36.io

Element36 Ag
We accompany companies into the world of decentralized financing Bahnmatt 25
- from idea to go-live and beyond. Our products offer the worldwide CH 6340 Baar
unique possibility to interact directly with Blockchain via e-Banking -
without any crypto know-how.
[email protected]

MountX CEO Enrique Suarez

mountx.io

Creating the next generation of digital financial products to enable MountX Real Estate Capital
access to International Real Estate Investing to 140 million mill- S.A.P.I. de C.V.
ennials in LATAM. Tokenization powered by Blockchain is allowing Av. Magnocentro No. 5-102
investors at any scale to participate in fractionalized real estate Huixquilucan, 52786, Mexico
opportunities. Tokenized assets will help provide greater liquidity,
better price discovery, faster and cheaper transactions with more
transparency, and global accessibility. Be part of the Digital Real [email protected]
Estate Future!!!

46 Featured Companies
 SOLIDBLOCK CEO Yuval Wirzberger
solidblock.co

SolidBlock Ltd.
SolidBlock transforms real estate into a financial product that can 500B Grand St., Suite 6E,
be traded, using blockchain to establish the asset‘s financial history, NY, New York 10002, United States
increase its liquidity and ensure optimal growth of the base asset via
our data-driven platform.
[email protected]

Suscribo CEO Jaime Antonio Rumbea

Dueñas
suscribo.com

SUSCRIBO-Contratos Digitales markets contracting and electronic Suscribo

signature solutions with smart contract technology. The solutions Calle Fernán Sánchez y Av. Los Arcos
offered by SUSCRIBO are developed by global leaders in contractual Edif. SBC Office Center
flows and management of obligations; they are the missing link to Piso 1 Officina 9
integrate the content of contracts with the systems and applications
in use by companies leading the digital transformation. [email protected]

Ubitquity CEO Nathan D. Wosnack

ubitquity.io

Ubitquity, LLC
Ubitquity offers a simple user experience for securely recording 300 Delaware Avenue, Suite 210-A
and tracking property with our Blockchain-as-a-Service (BaaS) / Wilmington, Delaware, USA,
blockchain platform, ecosystem, and API called unanimitySM. 19801

[email protected]

FIBREE Industry Report 2021 Featured Companies 47

Global Network
As of June 2021 FIBREE is represented in 40 countries at 81 locations with 119 active regional
chairs. The data for the following country reports have been aggregated by the regional chairs of the
specific country based on their knowledge of the industry. This data does not claim to be complete or
accurate, but is intended to provide an indication of the current state of the industry.

Canada

USA
Colombia

Mexico Brazil

Ecuador

Argentina

48 Global Network
 Denmark
Germany
Finland
Luxembourg

Netherlands
Austria
UK
Poland
Ireland

Hungary
Belgium
France
Greece
Spain Russia
Georgia
Portugal India China
Malta
Saudi Arabia
Switzerland
Italy Croatia

Slovenia Israel

Turkey
United Arab Emirates
Nigeria
Singapore
Kenya
Uganda

Australia

FIBREE Industry Report 2021 Global Network 49

 Country Map Country Facts
Argentina
Find your local chapter Source: Wikipedia

Buenos Aires 44,938,712

Capital Population

Argentine Peso Spanish

Currency Language

$444.458 billion
GDP

FIBREE Facts

November 2020 < 100

First chapter Size of community
Buenos Aires
2
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Binance Smart Chain (BSC)

Readiness by Financial Authorities to Accept

Regional Chairs Blockchain Applications

Buenos Aires Open, but not there yet

Damian Lopo [email protected]
Néstor Kreimer [email protected]

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

31

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

-
50
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

30%
SME <200
Pla employees

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 70%
ua ts &
te rke
Ma Start-Ups

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products - 1 4
Global ranking - #33 #17

Product Database by Segment

Active products 2021 and change directions since 2020.

1
Manage & Operate

Invest & Finance

3

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Argentina

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Australia
Find your local chapter Source: Wikipedia

Canberra 25,810,000
Capital Population

Australian Dollar English

Currency Language

Agnes Water $1.618 trillion

GDP

Brisbane
Perth
Sydney FIBREE Facts

December 2018 >1000

First chapter Size of community

Melbourne 8
Regional chairs

Analog to Digital

Regional Chairs How far the country is moving from paper-based business to a
digital economy in the real estate industry.

Agnes Water
Gordon Christian [email protected] Partly digital,
Still mostly Mostly 100%
but mostly
Brisbane paperbased digital digital
paperbased
Lindy Chen [email protected]

Melbourne
Ikram Akbar [email protected] Most Used Technology for Blockchain Applications
John Bassilios [email protected]

Perth Hyperledger
Chris Dorian [email protected]
Julia Buchholz [email protected]

Sydney Readiness by Financial Authorities to Accept

Alan McNamara [email protected] Blockchain Applications
Bradley C. Hughes [email protected]

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

158

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

University of New South Wales, Australia Blockchain

Alliance, RMIT, Monash University
52
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

11,67%
Government
Public authorities
18,33%
Corporate
>200 employees
Pla

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

nage &
Ma

Res s
ear orm
ch &
Val P latf 51,67% 18,33%
ua ts &
te rke
Ma Start-Ups SME <200
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 19 15 21
Global ranking #7 #5 #3

Product Database by Segment

Active products 2021 and change directions since 2020.

2 3 2
Plan & Build Markets & Platforms Building Technologies

Manage & Operate Transaction & Escrow Services Invest & Finance
1 1 12

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2021
2020
Australia

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Austria
Find your local chapter Source: Wikipedia

Vienna 8,935,112
Capital Population

Euro German
Currency Language
Vienna

$446,315 billion
GDP

Graz

FIBREE Facts

July 2018 < 500

First chapter Size of community
Regional Chairs
3
Regional chairs
Vienna
Dominik Alphart [email protected]
Florian Huber [email protected]

Graz Analog to Digital

Marco Neumayer [email protected]
How far the country is moving from paper-based business to a
digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Yes

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

117

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Austrian Blockchain Center, FH Wien, University for

Econcomics and Business Administration Vienna
54
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

5% 5%
Government Corporate
Public authorities >200 employees

10%
SME <200
Pla

rate
Overall Activity in
employees
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val P latf 80%
ua ts &
te rke
Ma Start-Ups

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 4 4 8
Global ranking #16 #13 #13

Product Database by Segment

Active products 2021 and change directions since 2020.

1 3
Smart City Solutions Invest & Finance

Building Technologies
4

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2021

2020
Austria

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Belgium
Find your local chapter Source: Wikipedia

Brussels 11,492,641
Capital Population

Euro Dutch, French,

Currency German
Language
$503,416 billion
Brussels GDP

FIBREE Facts

March 2019 < 50

First chapter Size of community

1
Regional chairs

Analog to Digital

Regional Chairs How far the country is moving from paper-based business to a
digital economy in the real estate industry.
Brussels
Alexander Appelmans [email protected]
Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

129

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

KU Leuven
56
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

20% 40%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
20% Blockchain &
&B

Real Estate
uild

ge & SME <200

employees
na
Ma

Res s
ear orm
ch &
Val Platf 20%
ua ts &
te rke
Ma Corporate
>200 employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 2 5 3
Global ranking #34 #12 #23

Product Database by Segment

Active products 2021 and change directions since 2020.

1 1
Manage & Operate Building Technologies

Markets & Platforms

1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Belgium

2020/2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Brazil
Find your local chapter Source: Wikipedia

Brasília 210,147,125
Capital Population

Real Portuguese
Currency Language

$1.491 trillion
GDP

FIBREE Facts
São Paulo

November 2018 < 500

First chapter Size of community

2
Regional chairs

Analog to Digital

Regional Chairs How far the country is moving from paper-based business to a
digital economy in the real estate industry.
São Paulo
Rafael Stocco [email protected]
Partly digital,
Rubens Neistein [email protected] Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum, Hyperledger

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

48

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

USP Universidade de São Paulo / UNICAMP, FIAP

58
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

15%
Government
Public authorities

10%
Corporate
Pla

rate
Overall Activity in >200 employees
n

Ope
Blockchain &
&B

Real Estate 10%

uild

ge &
SME <200
na

employees
Ma

Res s
ear
ch & lat form
Val
ua ts &P 65%
te rke
Ma Start-Ups

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 1 3 7
Global ranking #41 #17 #15

Product Database by Segment

Active products 2021 and change directions since 2020.

3 3
Markets & Platforms Invest & Finance

Building Technologies
1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2021
Brazil

2020

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Canada
Find your local chapter Source: Wikipedia

Ottawa 38,048,738
Capital Population

Canadian Dollar English, French

Currency Language

$1.883 trillion
GDP

Vancouver

FIBREE Facts

Toronto March 2019 < 50

First chapter Size of community

2
Regional chairs

Regional Chairs Analog to Digital

How far the country is moving from paper-based business to a

Toronto
digital economy in the real estate industry.
Nathan Wosnack [email protected]

Vancouver
Kazim Kargi [email protected] Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Yes

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

446

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

University of Toronto, George Brown, Toronto School of

Management, Ryerson
60
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

30% 10%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na

30%
Ma

Res s
ear
ch & tform
Val & Pla 30% Corporate
ua ts
te rke
Ma SME <200
>200 employees
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 14 14 21
Global ranking #11 #6 #3

Product Database by Segment

Active products 2021 and change directions since 2020.

1 1 9
Manage & Operate Transaction & Escrow Services Invest & Finance

Markets & Platforms Smart City Solutions

9 1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2021

2020
Canada

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
China
Find your local chapter Source: Wikipedia

Beijing 1,444,390,177
Capital Population

Renminbi Standard Chinese

Currency Language

$16.64 trillion
GDP

Qingdao

Shanghai FIBREE Facts

March 2020 < 100

First chapter Size of community

2
Regional chairs

Analog to Digital

Regional Chairs How far the country is moving from paper-based business to a
digital economy in the real estate industry.
Qingdao
Brian Suin [email protected]
Partly digital,
Still mostly Mostly 100%
but mostly
Shanghai paperbased digital digital
paperbased
Albert Xuan [email protected]

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

109

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

-
62
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

20% 50%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

10%

Ope
Blockchain &
&B

Real Estate
uild

ge & SME <200

employees
na
Ma

Res s
ear orm
ch &
Val Platf 20%
ua ts &
te rke
Ma Corporate
>200 employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 7 9 12
Global ranking #14 #9 #8

Product Database by Segment

Active products 2021 and change directions since 2020.

3 3
Markets & Platforms Building Technologies

Transaction & Escrow Services Invest & Finance

1 5

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

China

2021/2020

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Colombia
Find your local chapter Source: Wikipedia

Bogotá 50,372,424
Capital Population

Colombian Peso Spanish

Currency Language

$343.177 billion
GDP

FIBREE Facts

Bogotá February 2020 < 50

First chapter Size of community

1
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
Regional Chairs paperbased

Bogotá
Andrés Assmus [email protected] Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Yes

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

33

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Univ Distrital, Univ de la Sabana, Sergio Arboleda

64
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

10%
Government
Public authorities 15%
Corporate
>200 employees
Pla

rate
Overall Activity in
n

5%

Ope
Blockchain &
&B

Real Estate
uild

ge & SME <200

employees
na
Ma

Res s
ear orm
ch &
Val Platf 70%
ua ts &
te rke
Ma Start-Ups

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 3 0 0
Global ranking #25 - -

Product Database by Segment

Active products 2021 and change directions since 2020.

No Products

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2020
Colombia

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Croatia
Find your local chapter Source: Wikipedia

Zagreb 4,058,165
Capital Population

Kuna Croatian
Currency Language
Zagreb
$63.172 billion
GDP

FIBREE Facts

July 2018 < 50

First chapter Size of community

1
Regional chairs

Analog to Digital

Regional Chairs How far the country is moving from paper-based business to a
digital economy in the real estate industry.
Zagreb
Tomica Cesar [email protected]
Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

55

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

-
66
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

40% 10%
Start-Ups Government
Public authorities

20%
Pla

rate
Overall Activity in
n

Ope
Blockchain &
&B

Corporate
Real Estate >200 employees
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 30%
ua ts &
te rke
Ma SME <200
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 1 0 0
Global ranking #41 - -

Product Database by Segment

Active products 2021 and change directions since 2020.

No Products

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Croatia

2020

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Denmark
Find your local chapter Source: Wikipedia

Copenhagen 5,843,347
Capital Population

Danish Krone Danish

Currency Language

$370 billion
GDP
Copenhagen

FIBREE Facts

October 2020 < 50

First chapter Size of community

1
Regional chairs

Regional Chairs
Analog to Digital
Copenhagen
Claus Skaaning [email protected] How far the country is moving from paper-based business to a
digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Yes

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

120

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

CBS, DTU
68
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

30% 50%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
10%
na
Ma

Res s
ear
ch & latform SME <200
Val &P employees 10%
ua ets
te
M ark
Corporate
>200 employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 0 0 1
Global ranking - - #40

Product Database by Segment

Active products 2021 and change directions since 2020.

1
Invest & Finance

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Denmark

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Ecuador
Find your local chapter Source: Wikipedia

Quito 17,684,536
Capital Population

United States Dollar Spanish

Currency Language

$106.289 billion
GDP

Guayaquil
FIBREE Facts

March 2021 < 50

First chapter Size of community

1
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

Regional Chairs
digital economy in the real estate industry.

Guayaquil
Jaime Antonio Rumbea Dueñas Partly digital,
Still mostly Mostly 100%
[email protected] but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

No

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

-
70
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

40% 20%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 20% 20%
ua ts &
te rke
Ma SME <200 Corporate
employees >200 employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 0 0 1
Global ranking - - #40

Product Database by Segment

Active products 2021 and change directions since 2020.

1
Transaction & Escrow Services

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Ecuador

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Finland
Find your local chapter Source: Wikipedia

Helsinki 5,536,146
Capital Population

Euro Finnish, Swedish

Currency Language

$277 billion
GDP

FIBREE Facts

August 2020 < 50

First chapter Size of community

1
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Hyperledger

Helsinki Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Regional Chairs
Investors Overview
Helsinki
Ivan Nokhrin [email protected] Total number of investors with focus on early-stage,
blockchain, prop-tech and crypto related start-ups.

131

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Aalto University, Tampere University of Applied Sciences,

LUT
72
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

10%
Government
Public authorities
10%
Corporate
>200 employees
Pla

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 50% 30%
ua ts &
te rke
Ma Start-Ups SME <200
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 0 0 4
Global ranking - - #17

Product Database by Segment

Active products 2021 and change directions since 2020.

2
Building Technolgies

Invest & Finance

2

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Finland

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
France
Find your local chapter Source: Wikipedia

Paris 67,413,000
Capital Population

Euro French
Currency Language

Paris $2.551 trillion

GDP

FIBREE Facts

July 2020 < 50

First chapter Size of community

1
Regional chairs

Analog to Digital
Regional Chairs
How far the country is moving from paper-based business to a
Paris digital economy in the real estate industry.
Grégoire d‘Avout [email protected]

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Tezos

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

420

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

-
74
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

40% 30%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na

10%
Ma

Res s
ear
ch & tform
Val & Pla 20% Corporate
ua ts
te rke
Ma SME <200
>200 employees
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 9 4 1
Global ranking #12 #13 #40

Product Database by Segment

Active products 2021 and change directions since 2020.

1
Markets & Platforms

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

France

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Georgia
Find your local chapter Source: Wikipedia

Tbilisi 3,716,858
Capital Population

Georgian Lari Georgian,

Currency Abkhazian
Language
Tbilisi $17.83 billion
GDP

FIBREE Facts

July 2018 < 50

Regional Chairs First chapter Size of community

1
Tbilisi Regional chairs
Mariam Turashvili [email protected]

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Bitcoin

Readiness by Financial Authorities to Accept

Blockchain Applications

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

11

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

-
76
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

30%
Start-Ups
Pla

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na

70%
Ma

Res s
ear
ch & tform
Val & Pla Government
ua ts
te rke
Ma Public authorities

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 14 14 21
Global ranking #11 #6 #3

Product Database by Segment

Active products 2021 and change directions since 2020.

No Products

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2020/2021
Georgia

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Germany
Find your local chapter Source: Wikipedia

Berlin 83,190,556
Capital Population

Hamburg Euro German

Currency Language

$4.319 trillion
GDP
Bremen

Berlin

FIBREE Facts

Frankfurt
July 2018 > 1000
First chapter Size of community

10
Regional chairs
Regensburg
Stuttgart

Analog to Digital

Munich How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
Regional Chairs paperbased digital digital
paperbased

Berlin
Achim Jedelsky [email protected] Most Used Technology for Blockchain Applications
Axel von Goldbeck [email protected]

Bremen Ethereum, IOTA, Bitcoin

Balte Jorns [email protected]

Frankfurt
Roland Farhat [email protected] Readiness by Financial Authorities to Accept
Hamburg Blockchain Applications
Marc Driessen [email protected]
Paul Huelsmann [email protected] Yes
Munich
Michael Reuter [email protected]

Regensburg
Investors Overview
Sandor Horvath [email protected]
Total number of investors with focus on early-stage,
Stuttgart blockchain, prop-tech and crypto related start-ups.
Fabian Süß [email protected]
Sebastian Steimer [email protected] 325

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

TUM,LMU, Frankfurt School of Finance, FHTW Berlin,

DHBW Stuttgart, IREBS at University of Regensburg, HSBA
78
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

55,5% 12%
Start-Ups Government
Public authorities

20,5%
Pla

rate
Overall Activity in
n

Ope
Blockchain &
&B

Corporate
Real Estate >200 employees
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 12%
ua ts &
te rke
Ma SME <200
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 17 20 11
Global ranking #8 #3 #9

Product Database by Segment

Active products 2021 and change directions since 2020.

2 5
Manage & Operate Invest & Finance

Building Technologies Research & Valuate

3 1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Germany

2021
2020

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Greece
Find your local chapter Source: Wikipedia

Athens 10,718,565
Capital Population

Euro Greek
Currency Language

$194.376 billion
Athens GDP

FIBREE Facts

October 2019 < 1000

First chapter Size of community

3
Regional chairs

Analog to Digital

Regional Chairs How far the country is moving from paper-based business to a
digital economy in the real estate industry.
Athens
Evangelos Lianos [email protected]
Partly digital,
Paul Tzelepis [email protected] Still mostly Mostly 100%
but mostly
Stefanie Behrendt [email protected] paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum, Bitcoin

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

61

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Technical University of Athens

80
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

45% 20%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na

21,67%
Ma

Res s
ear
ch & tform
Val & Pla 13,33% Corporate
ua ts
te rke
Ma SME <200
>200 employees
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 1 3 2
Global ranking #41 #17 #30

Product Database by Segment

Active products 2021 and change directions since 2020.

1
Building Technolgies

Invest & Finance

1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Greece

2020/2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Hungary
Find your local chapter Source: Wikipedia

Budapest 9,730,000
Capital Population

Forint Hungarian
Currency Language

Budapest $149.939 billion

GDP

FIBREE Facts

May 2019 < 50

First chapter Size of community

1
Regional chairs

Analog to Digital

Regional Chairs How far the country is moving from paper-based business to a
digital economy in the real estate industry.
Budapest
Kornel Kalocsai [email protected]
Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Hyperledger

Readiness by Financial Authorities to Accept

Blockchain Applications

No

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Budapest University of Technology and Economy

82
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

10%
Government
Public authorities 10%
Corporate
>200 employees
Pla

rate
Overall Activity in
10%
n

Ope
Blockchain &
&B

Real Estate SME <200

uild

ge &
na
employees
Ma

Res s
ear orm
ch &
Val Platf 70%
ua ts &
te rke
Ma Start-Ups

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 0 1 2
Global ranking - #33 #40

Product Database by Segment

Active products 2021 and change directions since 2020.

1
Manage & Operate

Invest & Finance

1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Hungary

2020/2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
India
Find your local chapter Source: Wikipedia

New Delhi 1,352,642,280

Capital Population

Indian Rupee Hindi, English

Currency Language

Kolkata $3.050 trillion

GDP
Mumbai

Hyderabad
FIBREE Facts
Pune

October 2018 < 50

First chapter Size of community
Bangalore
5
Regional chairs

Analog to Digital

Regional Chairs How far the country is moving from paper-based business to a
digital economy in the real estate industry.
Bangalore
Rajesh D‘Souza [email protected]
Partly digital,
Still mostly Mostly 100%
but mostly
Hyderabad paperbased digital digital
paperbased
Azmatullah Muhammad
[email protected]

Kolkata
Arnab Paul [email protected] Most Used Technology for Blockchain Applications

Pune
Hyperledger
Darshana Parmar Jain [email protected]

Raipur
Bishal Goyal [email protected]
Readiness by Financial Authorities to Accept
Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

97

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

IIT Madras, MIT Pune, IIT Kharagpur, IIT Hyderabad

84
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

51,67% 13,33%
Start-Ups Government
Public authorities

20%
Pla

rate
Overall Activity in
n

Ope
Blockchain &
&B

Corporate
Real Estate >200 employees
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 15%
ua ts &
te rke
Ma SME <200
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 1 3 8
Global ranking #41 #13 #13

Product Database by Segment

Active products 2021 and change directions since 2020.

1 5
Transaction & Escrow Services Invest & Finance

Building Technologies
1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2020

2021
India

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Ireland
Find your local chapter Source: Wikipedia

Dublin 4,977,400
Capital Population

Euro Irish, English

Currency Language

$477 billion
GDP

FIBREE Facts

Dublin
July 2020 < 500
First chapter Size of community

1
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Regional Chairs Readiness by Financial Authorities to Accept

Blockchain Applications
Dublin
David Lyons [email protected] Yes

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

84

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

-
86
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

27% 25%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 22% 26%
ua ts &
te rke
Ma SME <200 Corporate
employees >200 employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 1 0 4
Global ranking #41 - #17

Product Database by Segment

Active products 2021 and change directions since 2020.

4
Invest & Finance

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Ireland

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Israel
Find your local chapter Source: Wikipedia

Jerusalem 9,355,340
Capital Population

New Shekel Hebrew

Currency Language

$410.501 billion
GDP

Tel Aviv

FIBREE Facts

August 2018 < 500

First chapter Size of community

3
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Regional Chairs Readiness by Financial Authorities to Accept

Blockchain Applications
Tel Aviv
Ido Shacham [email protected] Open, but not there yet
Or Perelman [email protected]
Yael Tamar [email protected]

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

414

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Tel Aviv University

88
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

10%
Government
Public authorities

10%
Corporate
Pla

rate
Overall Activity in >200 employees
n

Ope
Blockchain &
&B

Real Estate
17,5%
uild

ge &
na
SME <200
Ma

Res s employees
ear orm
ch & latf 62,5%
Val
ua ts &P
te rke
Ma Start-Ups

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 2 4 4
Global ranking #34 #13 #17

Product Database by Segment

Active products 2021 and change directions since 2020.

1
Building Technologies

Invest & Finance

3

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2020/2021
Israel

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Italy
Find your local chapter Source: Wikipedia

Rome 60,317,116
Capital Population
Milano
Euro Italian
Genova Currency Language

$2.106 trillion
GDP

Florence

FIBREE Facts
Rome
July 2018 < 500
First chapter Size of community

6
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Regional Chairs Still mostly
but mostly
Mostly 100%
paperbased digital digital
paperbased
Genova
Federico Garaventa [email protected]

Florence Most Used Technology for Blockchain Applications

Gianfranco Dote [email protected]
Ethereum, Bitcoin
Milano
Alex Dell‘Orto [email protected]
Emanuele Rizzardi [email protected]
Francesco Filippo Bruno [email protected] Readiness by Financial Authorities to Accept
Rome Blockchain Applications
Patrizia Giannini [email protected]
Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

126

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Politecnico di Milano, Università Federico II Napoli,

Bocconi Milano, Politecnico Turin
90
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

65% 12,5%
Start-Ups Government
Public authorities

16,25%
Pla

Corporate

rate
Overall Activity in
>200 employees
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na 6,25%
SME <200
Ma

Res s
ear
ch & tform employees
Val & Pla
ua ts
te rke
Ma

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 4 7 16
Global ranking #16 #11 #7

Product Database by Segment

Active products 2021 and change directions since 2020.

1 2 8
Plan & Build Transaction & Escrow Services Invest & Finance

Markets & Platforms Building Technologies Research & Valuate

2 2 1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2020

2021
Italy

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Kenya
Find your local chapter Source: Wikipedia

Nairobi 54,985,698
Capital Population

Kenyan Shilling English, Swahili

Currency Language

$109.116 billion
GDP

FIBREE Facts
Nairobi
January 2019 < 50
First chapter Size of community

1
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Regional Chairs Still mostly

Partly digital,
Mostly 100%
but mostly
paperbased digital digital
paperbased
Nairobi
Samuel Ouko [email protected]

Most Used Technology for Blockchain Applications

Hyperledger

Readiness by Financial Authorities to Accept

Blockchain Applications

No

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

19

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Strathmore University
92
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

65% 20%
Start-Ups Government
Public authorities

5%
Pla

rate
Overall Activity in
Corporate
n

Ope
Blockchain &
&B

>200 employees
Real Estate
uild

ge &
na
10%
Ma

Res s
ear orm
ch & latf SME <200
Val
ua ts &P employees
te rke
Ma

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 4 1 2
Global ranking #41 #33 #40

Product Database by Segment

Active products 2021 and change directions since 2020.

2
Invest & Finance

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Kenya

2020/2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Luxembourg
Find your local chapter Source: Wikipedia

Luxembourg City 633,622

Capital Population

Euro Luxembourgish,
Currency French, German
Language
$69.453 billion
GDP

FIBREE Facts

June 2020 < 50

First chapter Size of community

1
Regional chairs

Luxembourg City

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Regional Chairs
Ripple
Luxembourg
Audrey Baverel [email protected]

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

68

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

University of Luxembourg
94
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

20%
Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 80%
ua ts &
te rke
Ma Start-Ups

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 2 3 6
Global ranking #34 #17 #14

Product Database by Segment

Active products 2021 and change directions since 2020.

1 3
Markets & Platforms Invest & Finance

Building Technologies
2

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Luxembourg

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Malta
Find your local chapter Source: Wikipedia

Valletta 514,564
Capital Population

Euro Maltese, English

Currency Language

$15.134 billion
GDP

FIBREE Facts

Valletta
September 2019 < 100
First chapter Size of community

1
Regional chairs

Analog to Digital

Regional Chairs How far the country is moving from paper-based business to a
digital economy in the real estate industry.
Valletta
Andrea Romaoli [email protected]
Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Bitcoin

Readiness by Financial Authorities to Accept

Blockchain Applications

Yes

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

20

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

L-Università ta‘ Malta (UM)

96
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

40% 20%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in 10%
n

Ope
Blockchain &
&B

Real Estate Corporate

uild

ge &
na >200 employees
Ma

Res s
ear orm
ch &
Val Platf 30%
ua ts &
te rke
Ma SME <200
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 1 1 2
Global ranking #41 #33 #30

Product Database by Segment

Active products 2021 and change directions since 2020.

2
Markets & Platforms

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2021

2020
Malta

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Mexico
Find your local chapter Source: Wikipedia

Mexico City 126,014,024

Capital Population

Peso Spanish
Currency Language

$1.322 trillion
GDP

Mexico City
FIBREE Facts

February 2020 < 500

First chapter Size of community

4
Regional chairs
Regional Chairs

Mexico City Analog to Digital

Alejandro Vélez [email protected]
Carlos Vazquez [email protected]
Enrique J. Suárez Avilés [email protected] How far the country is moving from paper-based business to a
Francisco Arias [email protected] digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum, Tezos, Hyperledger

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

49

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Uady University, Parque Tecnologico San Miguelense

98
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

3,33% 8,33%
Government Corporate
Public authorities >200 employees

8,33%
SME <200
Pla

rate
Overall Activity in employees
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 80%
ua ts &
te rke
Ma Start-Ups

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 4 4 3
Global ranking #16 #17 #23

Product Database by Segment

Active products 2021 and change directions since 2020.

2
Markets & Platforms

Invest & Finance

1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Mexico

2020/2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Netherlands
Find your local chapter Source: Wikipedia

Amsterdam 17,469,635
Capital Population

Euro Dutch
Currency Language

$1.012 trillion
GDP
Amsterdam
Enschede

FIBREE Facts

July 2018 < 500

First chapter Size of community

2
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Regional Chairs Still mostly
but mostly
Mostly 100%
paperbased digital digital
paperbased
Amsterdam
Jo Bronckers [email protected]

Enschede Most Used Technology for Blockchain Applications

Jan Veuger [email protected]
Ethereum, Bitcoin

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

218

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Saxion University / TU Eindhoven / TU Delft / Tias School

for Business and Society
100
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

22,5% 32,5%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 22,5% 22,5%
ua ts &
te rke
Ma SME <200 Corporate
employees >200 employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 26 14 11
Global ranking #5 #6 #9

Product Database by Segment

Active products 2021 and change directions since 2020.

1 5
Plan & Build Invest & Finance

Markets & Platforms

5

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Netherlands

2020/2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Nigeria
Find your local chapter Source: Wikipedia

Abuja 211,400,708
Capital Population

Naira English
Currency Language

Abuja $514.049 billion

GDP

Lagos
FIBREE Facts

April 2020 < 500

First chapter Size of community

5
Regional chairs

Analog to Digital
Regional Chairs
How far the country is moving from paper-based business to a
Abuja digital economy in the real estate industry.
Justin Okpu [email protected]
Nura Jibo [email protected]
Partly digital,
Lagos Still mostly Mostly 100%
but mostly
paperbased digital digital
Ifemayowa Omotunde-Bank paperbased
[email protected]
Jide Oluwadeyi [email protected]
Sola Enitan [email protected]
Most Used Technology for Blockchain Applications

Ethereum, Bitcoin

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

24

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

University of Abuja (UNIABUJA), Enugu State University

of Science and Technology (ESUT), University of Lagos
(UNILAG), Covenant University
102
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

38% 14%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate 21%

uild

ge &
Corporate
na

>200 employees
Ma

Res s
ear orm
ch &
Val P latf 27%
ua ts &
te rke
Ma SME <200
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 4 1 4
Global ranking #16 #36 #17

Product Database by Segment

Active products 2021 and change directions since 2020.

1 1
Transaction & Escrow Services Invest & Finance

Building Technologies Research & Valuate

1 1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2021

2020
Nigeria

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Poland
Find your local chapter Source: Wikipedia

Warsaw 38,268,000
Capital Population

Polish Złoty Polish

Currency Language

$642 billion
GDP

Warsaw

FIBREE Facts

January 2019 < 100

First chapter Size of community

3
Regional chairs

Analog to Digital

Regional Chairs How far the country is moving from paper-based business to a
digital economy in the real estate industry.
Warsaw
Adrian Karczewicz [email protected]
Partly digital,
Alexander Morari [email protected] Still mostly Mostly 100%
but mostly
Sylwia Toczyska [email protected] paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

109

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

-
104
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

40% 20%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 10% 30%
ua ts &
te rke
Ma SME <200 Corporate
employees >200 employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 3 3 5
Global ranking #25 #17 #17

Product Database by Segment

Active products 2021 and change directions since 2020.

3 1
Markets & Platforms Building Technologies

Transaction & Escrow Services

1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Poland

2020/2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Portugal
Find your local chapter Source: Wikipedia

Lisbon 10,295,909
Capital Population

Euro Portuguese
Currency Language

$257.4 billion
GDP

FIBREE Facts

October 2019 < 100

First chapter Size of community

2
Regional chairs

Lisbon
Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Regional Chairs Blockchain Applications

Lisbon Open, but not there yet

Cristina Campian [email protected]
José Reis Santos [email protected]

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

112

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Universidade Católica, Instituto Superior Técnico -

Universidade de Lisboa, Porto Business School, ISEC Lisboa
- Instituto Superior de Educação e Ciências
106
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

50% 20%
Start-Ups Government
Public authorities

10%
Pla

rate
Overall Activity in
n

Ope
Blockchain &
&B

Corporate
Real Estate >200 employees
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 20%
ua ts &
te rke
Ma SME <200
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 0 0 2
Global ranking - - #30

Product Database by Segment

Active products 2021 and change directions since 2020.

1
Transaction & Escrow Services

Building Technologies
1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Portugal

2021

2020

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Russia
Find your local chapter Source: Wikipedia

Moscow 143,759,445
Capital Population

Moscow
Russian Ruble Russian
Currency Language

$1.710 trillion
GDP

FIBREE Facts

May 2019 < 50

First chapter Size of community

1
Regional Chairs Regional chairs

Moscow
Stephen Inscoe [email protected]
Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

33

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

-
108
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

50% 20%
Start-Ups Government
Public authorities

10%
Pla

rate
Overall Activity in
n

Ope
Blockchain &
&B

Corporate
Real Estate >200 employees
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 20%
ua ts &
te rke
Ma SME <200
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 23 2 3
Global ranking #23 #2 #3

Product Database by Segment

Active products 2021 and change directions since 2020.

1
Smart City Solutions

Building Technologies
2

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2020/2021
Russia

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Saudi Arabia
Find your local chapter Source: Wikipedia

Riyadh 34,218,169
Capital Population

Saudi Riyal Arabic

Currency Language

$779.289 billion
GDP

Riyadh

FIBREE Facts

February 2020 < 50

First chapter Size of community

1
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

Regional Chairs digital economy in the real estate industry.

Riyadh
Faraj Alhouty [email protected] Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Bitcoin

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

17

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

„Taibah University, King Abdulaziz University, King

Abdullah University For Science and TechnologyKing
Abdulaziz City For Science and Technology“
110
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

5% 15%
Government Corporate
Pla Public authorities >200 employees

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 50% 30%
ua ts &
te rke
Ma Start-Ups SME <200
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 0 0 2
Global ranking - - #13

Product Database by Segment

Active products 2021 and change directions since 2020.

2
Invest & Finance

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Saudi Arabia

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Singapore
Find your local chapter Source: Wikipedia

Singapore 5,703,600
Capital Population

Singapore Dollar English, Malay,

Currency Mandarin, Tamil
Singapore Language
$374.394 billion
GDP

FIBREE Facts

September 2019 < 50

First chapter Size of community

1
Regional chairs
Regional Chairs

Singapore
Analog to Digital
Oliver Siah [email protected]

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Yes

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

85

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

SUSS, NUS
112
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

40% 20%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 20% 20%
ua ts &
te rke
Ma SME <200 Corporate
employees >200 employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 28 9 16
Global ranking #3 #10 #5

Product Database by Segment

Active products 2021 and change directions since 2020.

2 2 1
Plan & Build Building Technologies Research & Valuate

Markets & Platforms Invest & Finance

7 4

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Singapore

2021

2020

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Slovenia
Find your local chapter Source: Wikipedia

Ljubljana 2,108,977
Capital Population

Euro Slovene
Currency Language

Ljubljana
$56 billion
GDP

FIBREE Facts

July 2018 < 500

First chapter Size of community

2
Regional chairs

Regional Chairs

Ljubljana Analog to Digital

Andrej Lampe [email protected]
Denis Petrovcic [email protected] How far the country is moving from paper-based business to a
digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

47

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Univerza v Ljabljani
114
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

5% 5%
Government Corporate
Public authorities >200 employees

15%
Pla

rate
Overall Activity in SME <200
employees
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 75%
ua ts &
te rke
Ma Start-Ups

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 3 3 2
Global ranking #25 #17 #30

Product Database by Segment

Active products 2021 and change directions since 2020.

1
Building Technologies

Invest & Finance

1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2021
Slovenia

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Spain
Find your local chapter Source: Wikipedia

Madrid 47,450,795
Capital Population

Barcelona
Euro Spanish
Currency Language
Madrid
$1.450 trillion
GDP
Levante (Region)

Sevilla
Malaga FIBREE Facts

January 2019 < 500

First chapter Size of community

10
Regional chairs

Regional Chairs
Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.
Barcelona
Daniel Codina Guerra [email protected]
Partly digital,
Edwin Mata [email protected] Still mostly
but mostly
Mostly 100%
Lorenzo Moreno [email protected] paperbased digital digital
paperbased

Levante (Region)
Andrew Campbell-Boross
[email protected]
Most Used Technology for Blockchain Applications
José García Caballero [email protected]

Madrid Ethereum
Alfredo Díaz-Araque Moro
[email protected]
Miguel Linera Alperi [email protected]

Malaga Readiness by Financial Authorities to Accept

Ali Parandeh Zandpour Blockchain Applications
[email protected]
Vicente Ortiz [email protected] Open, but not there yet
Seville
Eric Sanchez Galvez [email protected]
Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

178

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Universidad de Malaga
116
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

6,5% 8,5%
Government Corporate
Pla Public authorities >200 employees

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 57,5% 27,5%
ua ts &
te rke
Ma Start-Ups SME <200
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 15 12 11
Global ranking #10 #8 #9

Product Database by Segment

Active products 2021 and change directions since 2020.

1 1 5
Plan & Build Transaction & Escrow Services Invest & Finance

Markets & Platforms Buidling Technologies

3 1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2020
Spain

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Switzerland
Find your local chapter Source: Wikipedia

Bern 8,570,146
Capital Population
Zug
Swiss Franc German, French,
Currency Italian, Romansh
Language
$749 billion
GDP

Lugano

FIBREE Facts

July 2018 < 1000

First chapter Size of community

4
Regional chairs

Regional Chairs

Analog to Digital
Lugano
Paolo Siligoni [email protected]
How far the country is moving from paper-based business to a
Zug digital economy in the real estate industry.
Lutz Thelen [email protected]
Michael Trübestein [email protected]
Walter Strametz [email protected] Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Yes

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

154

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

-
118
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

30% 35%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 22,5% 12,5%
ua ts &
te rke
Ma SME <200 Corporate
employees >200 employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 27 20 13
Global ranking #4 #3 #6

Product Database by Segment

Active products 2021 and change directions since 2020.

2 5
Markets & Platforms Invest & Finance

Building Technologies Research & Valuate

5 1

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Switzerland

2020 2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Turkey
Find your local chapter Source: Wikipedia

Ankara 83,614,362
Capital Population

Istanbbul Turkish Lira Turkish

Currency Language

$794.530 billion
GDP

FIBREE Facts
Regional Chairs

June 2020 < 50

Istanbul First chapter Size of community
Sima Baktas [email protected]
1
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Avalanche ( AVAX )

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

47

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Bahcesehir University, Blockchain TURKEY Platform

120
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

30%
Start-Ups
Pla

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 70%
ua ts &
te rke
Ma Government
Public authorities

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 3 0 1
Global ranking #25 - #40

Product Database by Segment

Active products 2021 and change directions since 2020.

1
Markets & Platforms

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2021
Turkey

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
Uganda
Find your local chapter Source: Wikipedia

Kampala 42,729,036
Capital Population

Ugandan Shilling English, Swahili

Currency Language

$30.765 billion
GDP

FIBREE Facts
Kampala

August 2019 < 50

First chapter Size of community

1
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

Regional Chairs
Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
Kampala paperbased
Ronald Kaweesi [email protected]

Most Used Technology for Blockchain Applications

Hyperledger

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Makerere University
122
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

20% 50%
Start-Ups Government
Public authorities

10%
Pla

rate
Overall Activity in
n

Ope
Blockchain &
&B

SME <200
employees Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 20%
ua ts &
te rke
Ma Corporate
>200 employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 0 2 1
Global ranking - #28 #40

Product Database by Segment

Active products 2021 and change directions since 2020.

1
Building Technologies

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

Uganda

2020/2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
United Arab Emirates
Find your local chapter Source: Wikipedia

Abu Dhabi 9,890,400

Capital Population

Dubai UAE Dirham Arabic

Currency Language

$353.899 billion
GDP

FIBREE Facts

March 2021 < 50

First chapter Size of community

1
Regional chairs

Regional Chairs Analog to Digital

How far the country is moving from paper-based business to a

Dubai
digital economy in the real estate industry.
Makram Hani [email protected]

Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications

Open, but not there yet

Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

27

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Amity University
124
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

15% 50%
Start-Ups Government
Public authorities

5%
Pla

rate
SME <200 Overall Activity in
employees
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 30%
ua ts &
te rke
Ma Corporate
>200 employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 17 3 3
Global ranking #8 #17 #23

Product Database by Segment

Active products 2021 and change directions since 2020.

2
Markets & Platforms

Invest & Finance

1 United Arab Emirates
Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
United Kingdom
Find your local chapter Source: Wikipedia

London 67,886,004
Capital Population

Pound Sterling English

Currency Language

$3.124 trillion
GDP

FIBREE Facts

May 2019 > 1000

First chapter Size of community

3
Regional chairs

Analog to Digital

How far the country is moving from paper-based business to a

digital economy in the real estate industry.

London Partly digital,

Still mostly Mostly 100%
but mostly
paperbased digital digital
paperbased

Most Used Technology for Blockchain Applications

Ethereum

Readiness by Financial Authorities to Accept

Blockchain Applications
Regional Chairs

Open, but not there yet

London
Irina Karagyaur [email protected]
Jeremy Barnett [email protected]
Kevin O‘Grady [email protected] Investors Overview

Total number of investors with focus on early-stage,

blockchain, prop-tech and crypto related start-ups.

569

Research on Blockchain and Real Estate

FIBREE Global Network

Universities and education programs in the field of blockchain

and real estate.

Cardiff and Cambridge, UCL

126
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

31,67% 23,33%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s
ear orm
ch &
Val Platf 15% 30%
ua ts &
te rke
Ma SME <200 Corporate
employees >200 employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 53 23 34
Global ranking #2 #2 #2

Product Database by Segment

Active products 2021 and change directions since 2020.

2 9 2 14
Plan & Build Markets & Platforms Smart City Solutions Invest & Finance

Manage & Operate Transaction & Escrow Services Building Technologies Research & Valuate
4 1 1 1

Gartner Hype Cycle

United Kingdom

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2020

2021

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
 Country Map Country Facts
USA
Boston Source: Wikipedia
Seattle
New York
San Francisco / Silicon Valley Washington 331.449.281
Philadelphia
Salt Lake City Capital Population
Chicago
Los Angeles Washington DC United States Dollar English
Pasadena Currency Language
Denver
Phoenix Tampa $21,4 trillion
Dallas GDP
Houston

Miami FIBREE Facts

Regional Chairs October 2018 > 1000

First chapter Size of community

Boston 19
Paul Ferreira [email protected] Regional chairs

Chicago
Geoffrey Kasselman [email protected]
Analog to Digital

Dallas How far the country is moving from paper-based business to a

Chris Deans [email protected] digital economy in the real estate industry.
Lee Bratcher [email protected]

Denver
Garratt Hasenstab [email protected] Partly digital,
Still mostly Mostly 100%
but mostly
paperbased digital digital
Houston paperbased
Mark Kingston [email protected]
Sachin Kapoor [email protected] Most Used Technology for Blockchain Applications
Los Angeles
Eric Bryant [email protected] Ethereum, Hyperledger, Bitcoin
Miami
John Dean Markunas [email protected] Readiness by Financial Authorities to Accept
Blockchain Applications
New York
Bill Staniford [email protected]
Open, but not there yet
Pasadena
Ken Rhinehart [email protected]
Investors Overview
Philadelphia
Gary Brandeis [email protected]
Total number of investors with focus on early-stage,
Phoenix blockchain, prop-tech and crypto related start-ups.
Ian Staley [email protected]
2110
Salt Lake City
Demitri Haddad [email protected]
Research on Blockchain and Real Estate
San Francisco
Ranganathan Krishnan [email protected]
Universities and education programs in the field of blockchain
Seattle and real estate.
Brock Freeman [email protected]
MIT, U.C. U.C. Berkeley, Harvard, Stanford University, Ox-
Silicon Valley ford, California Institute of Technology (Cal Tech); Universi-
Peter Su [email protected] ty of Southern California (USC), University of Arizona,Uni-
FIBREE Global Network

versity of Colorado at Boulder, Columbia, NYU, University

Tampa / Saint Petersburg Of Illinois, George Mason University, Georgetown Univer-
Lori Souza [email protected] sity, Johns Hopkins University, Brigham Young University,
University of Utah, Utah Valley University, University of
Washington D.C. Texas Dallas, University of Miami, State of Ohio, Cornell
Todd Miller [email protected] University, Cornell NY, UC Irvine, USC, UCLA
128
 Level of Engagement with Blockchain Sector Activity

FIBREE INDUSTRY REPORT 2021 ©

in Defined Segments

38,33% 18%
Start-Ups Government
Pla Public authorities

rate
Overall Activity in
n

Ope
Blockchain &
&B

Real Estate
uild

ge &
na
Ma

Res s 22,67%
ear orm
ch &
Val Platf 21%
ua ts & Corporate
te rke
Ma SME <200 >200 employees
employees

Tr
nce Esc ansact
Fina row io
st & Ser n &
Inve
ies

vice
Sma

s
olog

Product Database Keyfigures

rt C
chn

ity S
g Te
ldin

olut

Active products due to desktop research and input by regional

Bui

ion

chairs and FIBREE representatives in this country. Ranking

according to globally available products.
2021
2020
2019 2020 2021
Number of products 125 69 108
Global ranking 1 1 1

Product Database by Segment

Active products 2021 and change directions since 2020.

2 20 11 5
Plan & Built Markets & Platforms Building Technologies Research & Valuate

Manage & Operate Transaction & Escrow Services Invest & Finance
11 7 52

Gartner Hype Cycle

At the Sliding into Climbing Entering

On the Rise
Expectations

Peak the Trough the Slope the Plateau

2020

2021
USA

Time

Innovation Peak of inflated Trough of Slope of Plateau of

Trigger Disillusionment Disillusionment Enlightment Productivity
Product Database
This product database was created by a FIBREE working group mainly based on desktop research
(see page 34). Products that were public available by 15 June 2021 have been recognized to the best
of our effort. As the industry is constantly changing this can only be a snapshot and has no claim to be
complete. So please be aware that some of the products listed, might in the period in between have
ceased their activities. Via the FIBREE website you can add products / startups to this database or let
us know in case projects that are listed here ceased meanwhile. Highlighted products are supporting
FIBREE as a featured company.

Want to be found in the haystack? Have a look on how to become a FIBREE supporter as featured
company on our website: fibree.org/advertise

130 Product Database

 FIBREE
Entry
Brand Focus City Country Growth Website
point
Stages

Crowdium Invest & Finance Buenos Aires Argentina BC > RE 3 crowdium.com

Avestix Invest & Finance Brisbane Australia RE > BC 3 avestix.com

Benext Transaction & Escrow Services Melbourne Australia BC > RE 1 benext.io
Bricklet Invest & Finance Manly Australia BC > RE - bricklet.com.au

BuildSort Plan & Build Perth Australia 50/50 1 buildsort.com

Contracoin Markets & Platforms Southport Australia BC > RE - contracoin.network

Deedcoin Invest & Finance Melbourne Australia BC > RE - deedcoinlaunch.com
EnergyStorageRights Manage & Operate Canberra Australia 50/50 1 energystoragerights.com
Fractonium Invest & Finance Sydney Australia BC > RE - fractonium.com
GiFang Invest & Finance Sydney Australia RE > BC 3 gifang.com
GREIT Invest & Finance Sydney Australia BC > RE 2 greit.io
Hutly Markets & Platforms Brisbane Australia 50/50 3 hutly.com

iContract
Building Technologies Sydney Australia BC > RE 1 icontract.ai
Technologies

Konkrete Invest & Finance Melbourne Australia BC > RE 1 konkrete.io

Liquid Token Invest & Finance Melbourne Australia BC > RE - liquidtoken.net
Locihub Markets & Platforms Brisbane Australia BC > RE 2 ocihub.com
MNotes Invest & Finance Sydney Australia BC > RE 3 mnotes.online
Piptle Invest & Finance Brisbane Australia BC > RE 1 piptle.com
Powerledger Building Technologies Perth Australia BC > RE 3 powerledger.io
Propoty Invest & Finance Melbourne Australia BC > RE 2 propoty.com
Serenity Source Building Technologies Narrabeen Australia BC > RE 1 serenitysource.com.au
Tokenized Invest & Finance Canberra Australia BC > RE - tokenized.com
Black Manta Capital
Invest & Finance Vienna Austria BC > RE 3 blackmanta.capital
Partners
Blockchain Consultig Building Technologies Graz Austria BC > RE - blockchain-consulting.io

Brickwise Invest & Finance Graz Austria 50/50 1 brickwise.at

Chris Miess Invest & Finance Schwaz Austria BC > RE - chrismiess.com

Hot City Smart City Solutions Vienna Austria BC > RE - picapipe.com
Obsnetwork Building Technologies Vienna Austria BC > RE 3 0bsnetwork.com
Riddle&Code Building Technologies Vienna Austria BC > RE - riddle&code.com
Weavs Building Technologies Dornbirn Austria BC > RE 3 weavs.io
Rise Markets Invest & Finance - Bahamas 50/50 - risemarkets.io
Dexma Manage & Operate Antwerpen Belgium RE > BC 3 dexma.com
Settlemint Markets & Platforms Leuven Belgium BC > RE 3 settlemint.com
Trase Building Technologies Hasselt Belgium BC > RE 3 trase.be
BlockImob Markets & Platforms Sao Paulo Brazil 50/50 - blockimob.com.br
Growth Tech Building Technologies Rio de Janeiro Brazil BC > RE 3 growthtech.com.br

FIBREE Industry Report 2021 Product Database 131

 MB Digital Assets Invest & Finance Sao Paulo Brazil BC > RE 3 mercadobitcoin.com.br
Netspaces Markets & Platforms Porto Alegre Brazil 50/50 1 netspaces.org
One Percent Invest & Finance Sao Paulo Brazil BC > RE 3 onepercent.io
ReitBz Invest & Finance Sao Paulo Brazil BC > RE 3 reitbz.io
Toke Invest Markets & Platforms Curitiba Brazil 50/50 - tokeinvest.com.br
Limechain Building Technologies Sofia Bulgaria BC > RE 3 limechain.tech
Acreage Invest & Finance Toronto Canada - - acreageway.com
Arextech Markets & Platforms Toronto Canada BC > RE 3 arex.technology
Atlas One Invest & Finance Vancouver Canada BC > RE 1 atlasone.ca
Bitcoin Real Estate Markets & Platforms Port Alberni Canada BC > RE 3 bitcoin-realestate.com
BRED Token Invest & Finance Ontario Canada - - bredtoken.com
Chelle Coin Invest & Finance Mississauga Canada - - chellecoin.com
Coinvestion Technologies
Invest & Finance Vancouver Canada BC > RE 2 coinvestion.com
Inc.
GeoClique Invest & Finance Montreal Canada BC > RE 1 welcome.geoclique.com
Honestdoor Markets & Platforms Edmonton Canada RE > BC 3 honestdoor.com
Infiblocks Technologies Inc Manage & Operate Toronto Canada RE > BC 1 infiblocks.com
International Deal Gate-
Markets & Platforms Vancouver Canada 50/50 - dealgateway.com
way
Metavest Invest & Finance Toronto Canada BC > RE 1 metavest.io
Nobul Markets & Platforms Toronto Canada - - nobul.com
ProximaX Markets & Platforms Vancouver Canada - - proximax.io
RealShare Invest & Finance Calgary Canada - - yourealshare.com
Reitium Markets & Platforms Vancouver Canada BC > RE 3 reitium.com
Sold solutions Transaction & Escrow Services Toronto Canada BC > RE - soldwallet.com
Tokenfunder Invest & Finance Toronto Canada BC > RE 3 tokenfunder.com
XR Web Markets & Platforms Toronto Canada BC > RE 3 xrweb.network
Zooky Markets & Platforms Vancouver Canada RE > BC 3 zooky.ca
Evareium Invest & Finance George Town Cayman Islands - - evareium.io
Brix International Limited Invest & Finance Hong Kong China - - brix.international
Chaintech Markets & Platforms Beijing China 50/50 3 cchaintech.com
Conflux Network Building Technologies Changsha China BC > RE 3 confluxnetwork.org
Cybereits Invest & Finance Hong Kong China - - cybereits.com
E-House Transaction & Escrow Services Shanghai China RE > BC 3 eju.com
EBaas Building Technologies Shanghai China BC > RE 3 ebaas.com
IHT Markets & Platforms Shanghai China BC > RE - ihtcoin.com
iReam Invest & Finance Shanghai China - - iream.club
Rocktree Capital Markets & Platforms Beijing China BC > RE 3 rocktreecapital.com
Uprets Invest & Finance Beijing China - - uprets.io
VastChain Building Technologies Hang Zhou China BC > RE 3 vastchain.cn
Wealthe Coin Invest & Finance Shanghai China BC > RE 3 wealthe.io

Cityzeen Smart City Solutions Bogota Colombia RE > BC 1 cityzeen.co

Blocknify Building Technologies Prague Czech Republic BC > RE 2 blocknify.com

Brikkapp Markets & Platforms Prague Czech Republic 50/50 1 Brikkapp.com

132 Product Database

 DigiShares Invest & Finance Aalborg Denmark BC > RE 3 digishares.io

Transaction & Escrow

Suscribo Services
Guayas Ecuador BC > RE 3 suscribo.com

BitOfProperty Markets & Platforms Tallinn Estonia RE > BC 1 bitofproperty.com

United Token Invest & Finance Tallinn Estonia BC > RE 1 unitedtoken.eu
W2B.IO Invest & Finance Tallinn Estonia - - w2b.io
DIAS Invest & Finance Helsinki Finland BC > RE - dias.fi
Empirica Building Technologies Turku Finland BC > RE - empirica.fi
Realstocks Invest & Finance Helsinki Finland 50/50 - realstocks.io
Tomorrow Tech Building Technologies Helsinki Finland BC > RE - tomorrow.fi
Olarchy Markets & Platforms Paris France RE > BC - olarchy.com
Apato Invest & Finance Berlin Germany - - apato.company
Bloxxter Invest & Finance Hamburg Germany 50/50 1 bloxxter.com
Datarella Building Technologies Munich Germany BC > RE 3 datarella.com
Domi Research & Valuate Berlin Germany 50/50 1 domilabs.io

Finexity AG Invest & Finance Hamburg Germany BC > RE 3 finexity.com

Fundament Invest & Finance Hamburg Germany - - fnd.group

INFINITE Manage & Operate Munich Germany BC > RE 1 infinite.de
KlickOwn AG Invest & Finance Hamburg Germany RE > BC 1 klickown.com
Micobo Building Technologies Frankfurt am Main Germany BC > RE 3 micobo.com
OLI Systems Manage & Operate Stuttgart Germany BC > RE 3 my-oli.com
UBIRCH Building Technologies Cologne Germany BC > RE 3 ubirch.com
Bitland Smart City Solutions Kumasi Ghana 50/50 1 bitlandghana.org
Zilios Building Technologies Gibraltar Gibraltar 50/50 1 zillios.io
LVE Building Technologies - Greece - - lveblockchain.org
Realchain Invest & Finance Athens Greece - - f6s.com/realchainp.c
LABS Group Invest & Finance Hong Kong Hong Kong 50/50 1 labsgroup.io
Liquefy Invest & Finance Hong Kong Hong Kong 50/50 1 liquefy.com
Mai blocks Invest & Finance Hong Kong Hong Kong 50/50 1 maiblocks.com
Riodefi Building Technologies Hong Kong Hong Kong BC > RE 2 riodefi.com
eHaz Manage & Operate Budapest Hungary RE > BC - ehaz.hu
SmartDeposit Invest & Finance Budapest Hungary BC > RE 1 smartdeposit.hu
CoBuy Invest & Finance Pune India 50/50 1
Definite Invest & Finance Delhi India 50/50 3 definite.re
hBits Invest & Finance Mumbai India 50/50 3 hbits.co
Minddeft Building Technologies Ahmedabad India BC > RE 2 minddeft.com
Property Share Invest & Finance Bangalore India 50/50 1 propertyshare.in
prosares Transaction & Escrow Services Mumbai India RE > BC 3 prosares.com

Snapperfuturetech Markets & Platforms Pune India BC > RE 1 snapperfuturetech.com

StarProp Invest & Finance Pune India 50/50 3 strataprop.com

I-Pro Token Invest & Finance Indonesia BC > RE 1 i-protoken.com

FIBREE Industry Report 2021 Product Database 133

 Triumland Invest & Finance Bitung Indonesia RE > BC 1 triumland.com
BidX1 Invest & Finance Dublin Ireland RE > BC 3 bidxcom
CasaCrowd Invest & Finance Dublin Ireland BC > RE 1 casacrowd.com
Geowox Invest & Finance Dublin Ireland 50/50 1 geowox.com
Spry Finance Invest & Finance Dublin Ireland 50/50 2 spryfinance.ie
Brikoin Invest & Finance Tel Aviv Israel 50/50 2 brikoin.com
Everflow Invest & Finance Tel Aviv Israel - - everflow.global
Inveniam Building Technologies - Israel - 3 inveniam-group.com

Solidblock Markets & Platforms Tel Aviv Israel BC > RE 3 solidblock.co

Acca Transaction & Escrow Services Napoli Italy BC > RE - acca.it

Affidaty Building technologies Firenze Italy BC > RE 2 affidaty.io
Alyon Invest & Finance Verona Italy 50/50 1 alyon.co

Transaction & Escrow

Bcademy Services
Pordenone Italy RE > BC 2 bcademy.it

Brickoin Invest & Finance Milano Italy 50/50 1 brickoin.com

CASAVO Markets & Platforms Milano italy RE > BC 3 casavo.com/it
Ekobonus Invest & Finance Padova Italy 50/50 2 ekobonus.com
HomePanda Markets & Platforms Milano italy 50/50 3 homepanda.it
Mybrix Invest & Finance Rome Italy RE > BC - mybrix.it
Realhouse Invest & Finance Milano Italy 50/50 - realhouse.io
Rechain Plan & Build Milano Italy 50/50 1 rechain.it
REDD Research & Valuate Rome Italy 50/50 1 realestatedocumentsdata.com

RElabs Manage & Operate Rome Italy BC > RE 1 relabs.it

Reply S.p.A. Transaction & Escrow Services Torino Italy 50/50 3 reply.com
Scrypta Building technologies Firenze Italy BC > RE - scrypta.foundation
Trusters Invest & Finance Milano Italy 50/50 2 trusters.it
WIZKEY Invest & Finance Milano italy BC > RE 2 wizkey.io
Zwei Space Building Technologies Tokyo Japan 50/50 2 zweispace.co.jp
Land Layby Invest & Finance Nairobi Kenya 50/50 - hrbe.io
Ubricoin Invest & Finance Nairobi Kenya BC > RE 1 ubricoin.com
CROWDLITOKEN AG Invest & Finance Triesen Liechtenstein 50/50 2 crowdlitoken.com
Stone coin Invest & Finance Triesen Liechtenstein 50/50 2 thestonecoin.com
World Opo Invest & Finance Triesen Liechtenstein 50/50 2 worldopo.io
Eliacin Invest & Finance Luxembourg Luxembourg BC > RE 3 eliacin.lu
Estate Share Invest & Finance Luxembourg Luxembourg 50/50 1 estateshare.eu
Housetoken Invest & Finance Luxembourg Luxembourg RE > BC 1 housetoken.io
Niu Group Building Technologies Luxembourg Luxembourg BC > RE 3 niugroup.lu
STOKR Markets & Platforms Luxembourg Luxembourg BC > RE 2 stokr.io
Tokeny Building Technologies Luxembourg Luxembourg BC > RE 2 tokeny.com
Scarlett invest Invest & Finance Penang Malaysia 50/50 1 scarlettinvest.com
REX Markets & Platforms - Malta RE > BC - rexhomes.com
Tokenomica Markets & Platforms San Gwann Malta RE > BC 1 tokenomica.com
Kauri Markets & Platforms - Marshall Islands 50/50 2 kauricrypto.com

134 Product Database

 101ladrillos Invest & Finance Guadalajara Mexico 50/50 3 100ladrillos.com

San Miguel de
Mexenova Markets & Platforms
Allende
Mexico RE > BC 2 mexenova.com

Mountx Markets & Platforms Mexico City Mexico RE > BC 2 mountx.io

Ofertare Markets & Platforms Mexico City Mexico RE > BC 3 ofertare.com

Blandlord Markets & Platforms Rotterdam Netherlands 50/50 2 blandlord.com
Blockmaterials Plan & Build Heerlen Netherlands RE > BC 2 blockmaterials.com
Bloqhouse Invest & Finance Amsterdam Netherlands 50/50 3 bloqhouse.com

Blyver Invest & Finance Rotterdam Netherlands BC > RE 1 blyver.com

Empowa Invest & Finance The Hague Netherlands 50/50 1 empowa.io

Fundum Capital Invest & Finance Amsterdam Netherlands 50/50 - fundum.capital
Kate Innovations Markets & Platforms Utrecht Netherlands RE > BC 3 kateinnovations.com
Loek! Markets & Platforms The Hague Netherlands RE > BC 3 loekonline.nl

LTO Network Building Technologies Amsterdam Netherlands BC > RE 3 ltonetwork.com

Max Property
Invest & Finance Rotterdam Netherlands RE > BC 3 maxpropertygroup.com
Group B.V.

ReCheck Markets & Platforms Heerlen Netherlands BC > RE 3 recheck.io

Synopsis Invest & Finance Amsterdam Netherlands RE > BC 1 synopsis.capital

BAM Tecnology Building Technologies Lagos Nigeria BC > RE 2 blockchainmgt.com

Hilton top Solicitor Transaction & Escrow Services Lagos Nigeria RE > BC 3 hiltontopsolicitors.com
Justin Okpu & Co. Ltd. Research & Valuate Abuja Nigeria - - justinokpuandco.wordpress.com
PropVat Invest & Finance Abuja Nigeria 50/50 2 propvat.com
Aqwire Markets & Platforms Manila Philippines 50/50 3 aqwire.io
Cestates Markets & Platforms Manila Philippines 50/50 2 cestates.io
Quickwire Inc. Building Technologies Manila Philippines BC > RE 2 qwikwire.com
CCUniverse Building Technologies Warsaw Poland 50/50 - ccuniverse.org
Exea Smart Space Transaction & Escrow Services Warsaw Poland 50/50 3 smartspace.io
FCQ Platform Markets & Platforms Lublin Poland 50/50 2 fcqplatform.com
Pracownia Finansowa Markets & Platforms Warsaw Poland RE > BC 3 pracownia-finansowa.pl
SonarHome Markets & Platforms Warsaw Poland RE > BC 3 sonarhome.pl
Next Reality Building Technologies Lisbon Portugal 50/50 3 nextreality.com
Smart Deed Transaction & Escrow Services Lisbon Portugal 50/50 1 -
In Portal Markets & Platforms San Juan Puerto Rico 50/50 2 inportalusa.com
Squarex PLatform Building Technologies Moscow Russia 50/50 1 squarex.io
Universal Blockchain Smart City Solutions - Russia 50/50 2 universablockchain.com
Waves Enterprise Building Technologies - Russia BC > RE 3 wavesenterprise.com
Avrio BC Invest & Finance Jeddah Saudi Arabia 50/50 2 avrioinvest.com
Quara Holding Invest & Finance Ryad Saudi Arabia 50/50 1 quaraholding.com

FIBREE Industry Report 2021 Product Database 135

 BIMPROQR Plan & Build Singapore Singapore RE > BC 2 bimproqr.com
BlockCrowd Markets & Platforms Singapore Singapore 50/50 1 blockcrowd.io
Chintai Invest & Finance Singapore Singapore 50/50 1 chintai.io
Comm X Markets & Platforms Singapore Singapore 50/50 2 commx.io

Fraxtor Invest & Finance Singapore Singapore RE > BC 2 fraxtor.com

iatokens Markets & Platforms Singapore Singapore 50/50 1 iatokens.com

Investax Markets & Platforms Singapore Singapore - - investax.io
Moonwhale Building Technologies Singapore Singapore - - moonwhale.io
Real estate DOC Markets & Platforms Singapore Singapore 50/50 1 realestatedoc.co
SDAX Invest & Finance Singapore Singapore RE > BC 2 sdax.co
Shareable assets Markets & Platforms Singapore Singapore RE > BC 2 shareableasset.com
Spazio NOON Plan & Build Singapore Singapore RE > BC 2 noon.sg
STIE Building Technologies Singapore Singapore RE > BC 3 stie.com.sg
TUU Research & Valuate Singapore Singapore 50/50 1 tuu.eco
Twin Capital Invest & Finance Singapore Singapore BC > RE 1 twincapital.com
Zwei Space Markets & Platforms Singapore Singapore 50/50 2 zweispace.co.jp
SIMMST Building Technologies Piestany Slovakia 50/50 1 simmst.de

Blocksquare Invest & Finance Ljubljana Slovenia BC > RE 2 blocksquare.io

Elements Estates Invest & Finance Ljubljana Slovenia 50/50 1 elementsestates.io

Bitprop Invest & Finance Cape Town South-Africa - - bitprop.com
Kasa Markets & Platforms Seoul South-Korea 50/50 2 kasa.co.kr
Mossland Invest & Finance Seoul South-Korea BC > RE 1 moss.land
TUTI.FUND Invest & Finance Barcelona Spain 50/50 1 tuti.fund
Bionm Plan & Build Madrid Spain RE > BC 1 bionm.es

Brickken Invest & Finance Barcelona Spain BC > RE 3 brickken.com

Deed Markets & Platforms Malaga Spain RE > BC - deedspain.com

Dyvare Markets & Platforms Almeria Spain 50/50 1 dyvare.com
Housers Invest & Finance Madrid Spain RE > BC 3 housers.com
RealFund Invest & Finance Madrid Spain BC > RE 2 realfund.tech
RentalT Transaction & Escrow Services Madrid Spain 50/50 - rentalt.co

Tokeniza Research & Valuate Madrid Spain BC > RE 1 tokeniza.es

Transfertrade Building Technologies Castellón de la Plana Spain BC > RE 1 transfertrade.com

Vicente Ortiz&Co Markets & Platforms Marbella Spain BC > RE 1 vicenteortizabogados.com
ChromaWay Building Technologies Stockholm Sweden 50/50 2 chromaway.com
AdNovum Building Technologies Zurich Switzerland - 1 adnovum.ch
Algotecture Research & Valuate Zurich Switzerland - 1 algotecture.github.io
Blockimmo Markets & Platforms Zug Switzerland - 1 blockimmo.ch
BlockState Markets & Platforms Zug Switzerland - 1 blockstate.com
Brickmark AG Invest & Finance Zug Switzerland - 1 brickmark.net
Casa Real Estate AG Invest & Finance Trogen Switzerland - 1 casarealestate.ch

136 Product Database

 Consensys Building Technologies Zug Switzerland - 1 consensys.net
Crowdlitoken Invest & Finance Zurich Switzerland RE > BC 3 crowdlitoken.com
element36 Building Technologies Zug Switzerland BC > RE 3 element36.io
Idoneus Invest & Finance Zug Switzerland RE > BC 1 idoneus.io
Swiss-Crowd Building Technologies Lugano Switzerland - 1 swiss-crowd.com
Token Factory Building Technologies Zug Switzerland - 1 tokenfactory.global
Tokenestate Invest & Finance Geneva Switzerland - 1 tokenestate.io
NOON Property Manage-
Plan & Build Phuket Thailand RE > BC 1 noon.sg
ment
Sharkaroo Building Technologies Bangkok Thailand RE > BC 2 sharkaroo.io
GABORAS Markets & Platforms İstanbul Turkey - - gaboras.com.tr
Chiragh Markets & Platforms Dubai UAE 50/50 2 chiragh.com
GRIP Investments Invest & Finance Dubai UAE 50/50 - grip.investments
SmartCrowd Markets & Platforms Dubai UAE 50/50 1 smartcrowd.ae
Crypto Savannah Building Technologies Kampala Uganda BC > RE 1 cryptosavannah.com
ATLANT Markets & Platforms - UK 50/50 - atlant.io
Aztec Protocol Transaction & Escrow Services London UK BC > RE - aztec.network
Bips Invest & Finance Cheshire UK BC > RE 1 bips.moneybrain.com
Block Estates Markets & Platforms London UK BC > RE 2 blockestates.io
Blockdeed Invest & Finance London UK - - blockdeed.com
Brikcoin Invest & Finance London UK - - brikcoin.net

Building Innovation
Manage & Operate Farnborough UK BC > RE 2 buildingim.com
Management

Click to Purchase Markets & Platforms London UK RE > BC 3 clicktopurchase.co

Coadjute Manage & Operate London UK BC > RE 3 coadjute.com
CurveBlock Invest & Finance Leeds UK BC > RE 2 curveblock.io
Dacx Markets & Platforms London UK BC > RE - dacx.io
ehab Plan & Build Norwich UK 50/50 - ehab.co
ELAND ATLAS Smart City Solutions London UK BC > RE - elandatlas.com
eLocations Markets & Platforms London UK 50/50 3 elocations.com
Fetch Smart City Solutions Cambridge UK BC > RE - fetch.ai
Global Prop Xchange (GPX) Markets & Platforms London UK BC > RE 1 gpx-int.co.uk
Helex Markets & Platforms London UK BC > RE 1 helex.world
Inferium Invest & Finance London UK BC > RE 1 inferium.co
Leaseum Partners Invest & Finance London UK BC > RE - leaseumpartners.com
Move Estate Invest & Finance London UK BC > RE 1 moveestate.com
PIF-Propertyinfofile Manage & Operate London UK BC > RE 1 propertyinfofile.com
RE5Q Manage & Operate London UK RE > BC 3 www.re5q.com
Red Girraffe Invest & Finance London UK 50/50 3 redgirraffe.com
Resilience Parnters Ltd Research & Valuate London UK 50/50 3 resilience-partners.co.uk
Singer Vielle Markets & Platforms London UK RE > BC 3 singerviellesales.com
Smartl&s Invest & Finance London UK BC > RE - smartlands.io
Space-iz Invest & Finance London UK BC > RE - space-iz.com
Tag World Exchange Invest & Finance London UK BC > RE - twex.info
Tech Alchemy Building Technologies London UK BC > RE - techalchemy.co
TPX Invest & Finance London UK RE > BC - tpx-london.io
TravelBirdz Invest & Finance London UK BC > RE 1 travelbirdz.co.uk

FIBREE Industry Report 2021 Product Database 137

 Unique Network Markets & Platforms London UK - 2 uniquenetwork.io
YieldCoin / Liqquid Invest & Finance London UK BC > RE 1 yieldcoin.io
Zortrex Manage & Operate Prestonpans UK BC > RE - zortrex.com
Illuminates Building Technologies Ukraine 50/50 - illuminates.org
Stobox Invest & Finance Kyiv Ukraine BC > RE - stobox.io
A Real Blockchain Solution Invest & Finance Dallas USA BC > RE 3 arealblockchainsolution.com
Abstract Invest & Finance Seattle USA 50/50 3 abstracttokenization.com
Agentscomefirst Transaction & Escrow Services Toledo USA - - agentscomefirst.com
Akru Invest & Finance Cincinatti USA 50/50 3 akru.co
Aston Morley Transaction & Escrow Services South-Lake Tahoe USA RE > BC - astonmorley.com
AVRads Markets & Platforms Cheyenne USA - 1 avrads.io
BDS Holding LLC Invest & Finance Norcross USA 50/50 1 bigbds.io
Bee Mortgage Invest & Finance Jacksonville USA 50/50 - beemortgageapp.com
BEI.RE Research & Valuate San Jose USA BC > RE 1 bei.re
BIT Real Estate Exchange Invest & Finance Lewis Center USA BC > RE 3 cointinuum.io
BIXReal Invest & Finance Lewes USA BC > RE 3 bixreal.io
Blockchain CRE Invest & Finance Palo Alto USA BC > RE 1 blockchaincre.io
Blockchain Hotels Invest & Finance Lewes USA RE > BC 1 innovasishotels.com
Blockchain in CRE Building Technologies Palo Alto USA BC > RE 2 blockchaincre.io
Blockcities Markets & Platforms Pleasant Grove USA BC > RE 2 blockcities.com
BuildBlock Invest & Finance San Jose USA BC > RE 3 buildblock.io
Casacrowd Manage & Operate Delaware USA 50/50 1 casacrowd.com
Ceres Invest & Finance Austin USA 50/50 3 cerescoin.io
CertifiedTrue Manage & Operate New York USA BC > RE 3 certifiedtrue.co
Colony Hills Invest & Finance Wilbraham USA RE > BC 3 colonyhillscapital.com
Community Electricity Markets & Platforms Los Angeles USA 50/50 3 communityelectricity.io
Compound Invest & Finance New York USA 50/50 3 getcompound.com
CompStak Research & Valuate New York USA RE > BC 1 compstak.com
Concreit Invest & Finance Seattle USA 50/50 3 concreit.com
ConsenSys Building Technologies New York USA BC > RE 1 consensys.net
Covenantz Plan & Build Bellevue USA BC > RE - covenantz.com
Cprop Manage & Operate Covington USA BC > RE 3 cprop.io
Crowd Capital Invest & Finance Miami USA 50/50 - crowdcapital.io
Deedcoin Transaction & Escrow Services Melbourne USA BC > RE - deedcoin.com
DeedLock Building Technologies Rochester USA BC > RE - deedlock.com
Earn.Re Markets & Platforms New York USA 50/50 2 earn.re
Elevated Returns Invest & Finance Aspen USA RE > BC - elevatedreturns.com
Enledger Invest & Finance Denver USA BC > RE 1 enledger.io
EquityCoin Invest & Finance Wilmington USA 50/50 1 equitycoin.org
Everflow Invest & Finance New York USA 50/50 - everflow.global
Fabrica Transaction & Escrow Services San Francisco USA - - fabrica.l&
Figure Invest & Finance San Francisco USA 50/50 3 figure.com
Fintech World Markets & Platforms Palo Alto USA 50/50 2 fintechworld.com
FundingTree Markets & Platforms Westlake Village USA 50/50 2 fundingtree.com
Harbor Invest & Finance San Francisco USA BC > RE 3 harbor.com
HomeBloc Building Technologies New York USA BC > RE 3 homebloc.io
HouseAfrica Building Technologies San Francisco USA BC > RE - houseafrica.io
Houzlink Technologies Markets & Platforms New York USA BC > RE 2 houzlinktechnologies.com

138 Product Database

 Hudly title Transaction & Escrow Services Austin USA 50/50 - hudlytitle.com
Jointer Invest & Finance Los Altos USA 50/50 2 jointer.io
Konectcity Building Technologies Westlake Village USA BC > RE 3 konectcity.com
KoreConX Building Technologies New York USA BC > RE 3 koreconx.com
Liberty Fund Invest & Finance Oak Brook USA 50/50 3 libertyfund.io
Liquidigy Invest & Finance Sunnyvale USA BC > RE - liquidigy.com
Liquidity Horizons Invest & Finance Lakeway USA 50/50 2 liquidityhorizons.com
Mony Invest & Finance Los Angeles USA 50/50 2 mony.network
Mountain Life Companies Invest & Finance Denver USA 50/50 - mountainlifecompanies.com
NYCREC Invest & Finance New York USA 50/50 2 nycrec.io
NYSTX Markets & Platforms New York USA 50/50 2 nystx.com
Piquet Rentals Transaction & Escrow Services Miami USA RE > BC - piquetrealty.com
Propellr / Fluidity Manage & Operate New York USA BC > RE 3 propellr.com
PropertyClub Markets & Platforms New York USA RE > BC 2 propertyclub.nyc
Propy Markets & Platforms Delaware USA RE > BC 3 propy.com
QuantmRE Invest & Finance Newport Beach USA RE > BC 2 quantmre.com
R3 Research & Valuate New York USA BC > RE 3 rcom
Real Asset Exchange Invest & Finance San Jose USA 50/50 2 rax.exchange
Real Trade Markets & Platforms West Palm Beach USA RE > BC 2 realtrade.io
Realblocks Invest & Finance New York USA BC > RE 3 realblocks.com
Realio Invest & Finance New York USA 50/50 2 realio.fund

Realium Invest & Finance Provo USA BC > RE 2 realium.io

RealNex Markets & Platforms Stafford USA RE > BC 3 realnex.com

RealT Invest & Finance Aventura USA 50/50 - realt.co
Realto Invest & Finance Frisco USA RE > BC 3 realto.estate
Rebloc Research & Valuate New York USA BC > RE 1 rebloc.io
Recon Manage & Operate San Francisco USA BC > RE 3 reconsortia.com
Red Swan Invest & Finance Houston USA 50/50 3 redswan.io
Reinno Invest & Finance Massachusetts USA 50/50 2 reinno.io
RELedger Markets & Platforms New York USA BC > RE 2 reledger.org
Relex Invest & Finance New Jersey USA 50/50 3 relex.io
Rentivity Markets & Platforms Orlando USA RE > BC 2 rentivity.com
Reposit Invest & Finance San Francisco USA 50/50 2 reposit.com
Resolute Invest & Finance New York USA 50/50 - resolute.fund
Resourceblockchain Building Technologies Denver USA RE > BC 3 resourceblockchain.io
Rise Markets Invest & Finance New York USA 50/50 - risemarkets.io
Securitize Invest & Finance New York USA 50/50 3 securitize.io
ShelterZoom Corp. Manage & Operate New York USA BC > RE 3 shelterzoom.com
Smart Florida Building Technologies Miami USA BC > RE - smartfl.org
SmartSaleRE Invest & Finance Clearlake Park USA BC > RE 2 smartsalere.com
Social Spaces Markets & Platforms Los Angeles USA 50/50 2 socialspaces.life

Socratic Consultancy Manage & Operate Seattle USA 50/50 3 socraticconsultancy.com

SoluLab Building Technologies Los Angeles USA BC > RE - solulab.com

StreetWire Research & Valuate New York USA 50/50 1 streetwire.net

FIBREE Industry Report 2021 Product Database 139

 Superworld Markets & Platforms Los Angeles USA 50/50 2 superworldapp.com
Task Cycle Building Technologies Atlanta USA BC > RE 3 gettaskcycle.com
Tellus Title Company Manage & Operate San Francisco USA BC > RE 3 tellustitle.com
TerraChain CRE Manage & Operate Seattle USA BC > RE 3 terra-chain.io
The LendingCoin Invest & Finance Boise USA 50/50 3 thelendingcoin.com
The Praetorian Group Invest & Finance New York USA 50/50 3 praetoriangroup.io
Token Listings Markets & Platforms New York USA 50/50 2 tokenproperty.netlify.com

Ubitquity LLC Manage & Operate Wilmington USA BC > RE 3 ubitquity.io

Uprets Invest & Finance New York USA 50/50 - uprets.io

Vairt Invest & Finance Connecticut USA BC > RE 2 vairt.com
vBlock Transaction & Escrow Services Rochester USA 50/50 - vblock.us

Vertalo Markets & Platforms Austin USA RE > BC 3 vertalo.com

Vesta Invest & Finance Sarasota USA RE > BC 2 vestaequity.com

Vestfar Invest & Finance Los Angeles USA BC > RE 2 vestfar.io
VTS Manage & Operate New York USA RE > BC 3 vts.com
Weaver Invest & Finance New York USA - - weaver-iq.com
WePropertyOwners Markets & Platforms Newport Beach USA RE > BC 1 wepropertyowners.com
Yinc Markets & Platforms Los Angeles USA BC > RE 2 yinc.com
Yoonify Invest & Finance San Diego USA 50/50 3 yoonify.io
Zeehaus Inc. Invest & Finance San Francisco USA 50/50 3 zeehaus.com
Zweispace Plan & Build Sunnyvale USA RE > BC 3 zweispace.co.jp

140 Product Database

FIBREE Industry Report 2021 141
Our Global Sponsor
Support in bringing together the expertise of pioneers and exchanging knowledge and insights that
have already been gained.

CBRE
cbre.com

„The partnership with FIBREE offers us excellent opportunities to engage with the real
estate blockchain scene in a global network,“ says Dr. Susanne Hügel, Head of Digital
Innovation & Business Acceleration CE at CBRE. „It is great to see how well established
FIBREE has become since its foundation in 2018 by constantly sharing knowledge and
insights on blockchain applications for real estate.” CBRE, a Fortune 500 and S&P 500
company, is the world’s largest commercial real estate services and investment firm
(based on 2020 revenue). CBRE has more than 100,000 professionals serving a diverse
range of clients with an integrated suite of services in more than 100 countries.

Our Regional Sponsors

Rabobank CMS Delta

rabobank.nl cms.law delta-group.at

142 Our Global and Regional Sponsors

Our Partners

Builtworld GBA HCP Odyssey

builtworld.com gbaglobal.org contechproptech.nl odyssey.org

Provada Stekademy INATBA WTIA

provada.nl stekademy.nl inatba.org washingtontechnology.org

RESO Alastria Global Proptech Dialogue Capital

reso.org alastria.io globalproptech.online dialoguecapital.com

UNIC Blockchain Programs Blockchain Expo PropTech For Good

unic.ac.cy/blockchain blockchain-expo.com proptechforgood.com

FIBREE Industry Report 2021 Our Partners 143

FIBREE Executive Board
Based on the steady growth of the network we clearly stated that evenmore we want to connect
people and organisations globally who share a common interest of blockchain and real estate. By
bringing together the expertise of pioneers in this field and sharing knowledge and insights already
gained, FIBREE wants to make an important contribution to the adoption and implementation of this
technology in the real estate market in the coming years.

Our mission

Since founding FIBREE three years ago not only our network is
growing, but our day to day challenges. We therefore decided
to enlarge the board seats and being more diverse in sense of
gender, location and expertise. We are proud to have the best
experts within FIBREE and to have regional chairs that can lead
and inspire their network, thus being able providing the best
data about blockchain and real estate in each local network.

With the newly introduced concept of the FIBREE Challenge

we created a framework to cooperate with industry players
on specific topics and lower the entry barrier for companies or
individuals in applying innovative solutions. The first endeavour
on this new concept is the FIBREE Tokenization Challenge that
will help to increase the number of tokenized real estate.

Furthermore we are developing the FIBREE consultancy service

that will match the competencies of the international FIBREE
network with the many inquiries we receive from the real estate
industry.

144 Executive Board

 Achim Jedelsky Jo Bronckers
President Vice President

Berlin, Germany Amsterdam, The Netherlands

Kevin O‘Grady Denis Petrovcic

Secretary Board Member

London, UK Ljubljana, Slovenia

Walter Strametz Florian Huber

Board Member Board Member

Zug, Switzerland Vienna, Austria

John Dean Markunas Alex Dell‘Orto

Board Member Board Member

Miami, USA Milano, Italy

John Bassilios Stefanie Behrendt

Board Member Board Member

Melbourne, Australia Athens, Greece

Cristina Campian Andrés Assmus

Board Member Board Member

Lisbon, Portugal Bogotá, Colombia

FIBREE Industry Report 2021 Executive Board 145

The FIBREE Tokenization Challenge 2021 —
We’re off to a Great Start!
Author: Denis Petrovcic, FIBREE Co-Chair - Ljubljana (Slovenia)

S ince the beginning of FIBREE’s founding, our vision has

always been to help connect people with similar interests
and different backgrounds. The value that FIBREE creates is
2021 is demonstrating FIBREE’s importance not only for
startups, SMEs and corporations, but also for individuals who
wish to become actively involved. The great success of the
undoubtedly huge and is reflected in the constantly growing FIBREE Tokenization Challenge, announced in collaboration
number of participants within the network. This steady organic with the challenge sponsor, Blocksquare, has proven that we
growth has prompted FIBREE to appear on the radar of some have entered a position of driving adoption. By bringing more
of the industry’s biggest players such as CBRE, the world’s than 40 teams from all over the world to apply and compete
largest commercial real estate services company. CBRE recently to tokenize a single property, the Challenge has exceeded
renewed their position as FIBREE’s global sponsor, positioning all expectations. The first three participants to successfully
FIBREE as an organization that is ready to jump to the next step. tokenize a single real estate property will be awarded with their
own white-label real estate tokenization platform powered
by Blocksquare — an award worth more than 150,000 EUR in
licenses and services.

146 The FIBREE Tokenization Challenge 2021 — We’re off to a great start!
To give you a bit of background, the challenge comes on the Dan Lazar, a Forbes 30 under 30 serial entrepreneur, comments
heels of a research paper that was conducted in collaboration on his application: “I applied to tokenize the first project in
with the University of Oxford Saïd Business School which found Australia!” Dan who exited two companies before turning 27,
the practice of property tokenization to be almost non-existent is a former tennis player and vice-champion of Romania, who
in the current real estate market. Achim Jedelsky, alongside „raised“ the first round of funding for HeroX on Shark Tank. When
other FIBREE board members, understands more cases of asset asked what he likes about the challenge and FIBREE’s approach,
tokenization need to be brought to the market before things can Dan answers, “The simple but effective way of accelerating the
start to change on a larger scale. adoption of tokenization. It seems almost too good to be true. All
in all, there are amazing people involved, always ready to assist.”
“As a leading organization spanning more than 60 communities
across the globe, FIBREE’s mission is to grow the knowledge The FIBREE‘s Tokenization Challenge also attracted some
about the use of blockchain in real estate,” explains Achim deserved media attention, through Michael Juul Rugaard,
Jedelksy, FIBREE’s president. “The best way to do that is by founding partner of Norfico and the editor-in-chief at The
working on real-life problems.” Tokenizer. „We have a collective obligation to help push our
new industry forward. And the Real Estate Tokenization
In his view, the Challenge is a way of hastening the “rubber meets
Challenge is a good example of an initiative with the potential
the road” moment for those players who understand the benefits
to accelerate things for the benefit of all. And, of course, it’s a
of blockchain but hesitate when it comes to implementation.
great opportunity for creative teams to explore exciting ways of
“There are a lot of theoretical talks and workshops around tokenizing real estate.”
blockchain,” he emphasized. “Often companies don’t manage to
With this report being published only days after the official
go past that stage and fail to start specific projects or at least
closing for new applications to the challenge, FIBREE,
pilot projects. We see the Challenge as a door-opener for applied
Blocksquare and The Tokenizer have agreed to publish exclusive
corporate innovation that helps create concrete outcomes.”
articles and interviews about the various teams participating
The challenge is the first time that members of the public will be in the FIBREE Tokenization Challenge 2021. The Tokenizer
able to learn about Blocksquare’s tokenization process, put it to will thus be exclusively covering their progress and sharing the
the test and take a sneak peek into the future of the real estate outcomes with the wider community.
business.
“I found this to be a great initiative and I fully support for FIBREE
“The Challenge offers everyone the chance to learn more about to partner with other companies in the near term future to
the tokenization of real estate,” Jedelsky contends. “Together organize similar challenges that can promote the development
with Blocksquare, we provide the technological infrastructure of blockchain applications for the real estate market.“ said
to do this; applicants only need to secure a real estate property Rubens Neistein, one of the biggest advocates for real estate
to tokenize.” tokenization in South America.

“We have a startup that has been looking for ways to tokenize Rubens is focused on driving his team to the top three. ”I see the
real estate for a while,” says Henrique Conte, financial manager FIBREE Challenge as an opportunity to pioneer our market and
at BRAVO Empreendimentos, an innovative Brazilian real estate show Brazil how tokenization of a property can be carried out
company. “When we heard about the challenge, we knew it would in a safe and efficient way. Blocksquare seems like the perfect
be a great opportunity to get out of the inertia. Other challenges match for our team to succeed!” he said.
such as this one would bring a much needed help to grow the
FIBREE and Blocksquare wish success to all the teams who are
community and bring responsible people to the table,” BRAVO
participating in the FIBREE Tokenization Challenge 2021. •
has applied to the Challenge alongside Hanasson Limited.

In fact, FIBREE’s vision is to host more challenges like this in

the near future. From my personal experience, and as the CEO
of Blocksquare, I believe sponsoring this challenge was one of
the best things we did this year. The value FIBREE brings to the
table is immense and I can already see other sponsors coming up
with new challenges after this one concludes.

FIBREE Industry Report 2021 The FIBREE Tokenization Challenge 2021 — We’re off to a great start! 147
Advisory & Consultancy Services of FIBREE
Author: Evangelos Lianos, FIBREE Co-Chair - Athens (Greece)

FIBREE Advisory & Consultancy Services Use Case: Tokenization

F IBREE’s core mission is to bring together real estate

professionals and blockchain specialists to exchange
expertise. FIBREE has an extensive network of different
A tokenization project commences with the pre-assessment
including:

»» Scope assessment and realization valuation;

sector specific experts and partners, therefore companies and
governments benefit from FIBREE’s collective knowledge »» Understanding the asset (tangible/intangible/NFT class type,
subtype);
and experience with regard to real estate assets digitization,
securitization, tokenization, regulation and more. »» Optimizing structure for the STO;
»» Framing financing requirements and token type definition
In addition to industry experts, FIBREE’s network includes
(equity, debt, asset-backed, etc.);
academics who research the prevailing methodologies in various
»» Reviewing existing business/project documentation (business
markets, including digitalization of the construction industry
plan);
and governance with blockchain.
»» Adaptation of documentation to STO requirements;
FIBREE’s presence in already 40 countries guarantees global
»» Assessment of regulated or unregulated STO approach;
insights and state-of-the-art blockchain applicable technology
»» Risks/benefits analysis;
consultancy capabilities.
»» Budget/cost definition for all phases prior, during & after
Once a client initiates preliminary communication with members launch.
of FIBREE (https://bit.ly/32OvRKU), FIBREE custom builds an
All-Star-Team of the most suitable experts and partners in the
If the FIBREE analysis suggests that a tokenization of a
respective fields to optimally serve the client‘s needs. FIBREE’s
specific asset makes sense, the STO concept definition and
360-degree, full-scale approach accompanies the client from
implementation detailing services will follow. These include:
the ideation phase of first discussions to the concept phase for
the establishment of a detailed business model and action plan »» Approach & project planning, optimal timing and workplan;
to the execution phase. »» Targeting investors for the specific STO (types, countries, etc.);

For private or corporate clients, FIBREE has recently started »» Token design / conditions definitions.
introducing a structured services approach.
Smart contracts are the backbone of blockchain transactions.
FIBREE advises on concept, design, programming and auditing.

Trading happens on centralized and decentralized exchanges

on the blockchain. FIBREE offers services focusing on market
evaluation of exchanges for tokens and coins trading and
issuance, recommendations or use-case reports based on
hypothetical or planned projects.

148 Advisory & Consultancy Services of FIBREE

The blockchain (and smart contracts) need information-feed- Our goal is to enhance the widespread use of blockchain
in from the off-chain realm. FIBREE analyzes the market and technology and to promote the benefits for the public at large.
technology, creates trust and legal reviews and recommends Therefore, it is important for FIBREE to work with governments,
Oracle platforms based on the specific project at hand. universities, market organizations and regulatory bodies
towards that end. Therefore, FIBREE offers specific advisory on:
FIBREE has an extensive global network of legal experts who
can be utilized as needed for regulatory, legal and contractual »» Blockchain, tokenization (assets, financial instruments, NFTs);
matters. With respect to STOs, FIBREE’s legal partners advise »» Regulation drafting & reviews on digital assets, RE & land
on issues such as: registry;

»» Legal set-up recommendations based on selected jurisdiction; »» Legal support;

»» Regulation and jurisdiction issuance advisory; »» Education and workshops;

»» Coordination for establishment of SPV(s); »» Knowledge / experience exchange with other regulators;

»» Communication with regulator(s); »» All around support for integration into governmental digital
strategy.
»» Recommendations for managing partner relationships (legal,
issuance, etc.) in selected jurisdictions.
Knowledge exchange is part of our mission. We provide
education and training in the form of short virtual or on-
When we are asked, “How can my company benefit from these
site seminars, webinars, and deep-dive courses. We design
new technologies called blockchain and tokenization?” FIBREE’s
educational programs for companies, governments and
Management Advisory services comes into action to offer the
educational organizations around our major themes.
following:
If you are interested in learning more about FIBREE’s Services
»» Risks/benefits analysis on opportunities in tokenization of
existing or future corporate assets; let us know. Contact us on https://bit.ly/32OvRKU or send us an
email to [email protected] •
»» Investment approach & managing opportunities in tokenized
third-parties assets; and
»» Workshops for management and teams.
»» Roadmap-creation with clear and realistic milestones

On the practical front, it is evident that the FIBREE-network and

available expertise can provide hands-on, experienced-based
services for our clients, including

»» Preparing information documentation (one-pager,

whitepaper, public technical specifications, etc.);
»» Evaluating and selecting best fitting technology platforms for
the specific STO;
»» Adapting an investors’ dashboard for custody, security, KYC/
AML, etc.;
»» Recommendation of marketing/PR agencies;
»» Advising and supporting in the execution of the marketing, PR
& sales strategy;
»» Turn-key project management and implementation of STO
Projects.

FIBREE Industry Report 2021 Advisory & Consultancy Services of FIBREE 149
The FIBREE “Fintech Navigator”
Author: Walter Strametz, FIBREE Chair - Zug (Switzerland)

B lockchain technology offers more flexibility than traditional

financing: Crowdfunding, public tradable shares or
participation rights can be combined in one digital product that
Large and X-Large - everyour tokenization project can be
mapped to this model, as well as to the regulations of different
countries, thus making them more easily comparable. For
can be sold on an individual website. However, using disruptive example, who the buyers of your tokens are makes a difference.
technology such as blockchain may lead to confusion. This Two such examples are a private placement among professionals
overview will help answer some of the important questions or a public offering of tokens where consumer investment
when using this new technology in relation to asset tokenization protection fully affects the business model.
and trading.
Below, we will examine tokenization vectors in Austria using not
»» Volume: Is there a minimum or maximum size of an only the idea of standardized Small, Medium, Large and X-Large
investment using blockchain technology? Can both crypto approaches to business, but also to the questions of volume,
and real money be used?
mobility, storage, publicity and technology. •
»» Mobility: Can the investment be traded, i.e., bought and sold?
»» Storage: How is money from the investment disbursed?
»» Publicity: On what platforms will the investment be sold? Find the right
And who is eligible to invest? approach for your
»» Technology: Is there a limit on the type of technology that can
business model
Investment
be used in an investment scheme? Volume?

»» Volume: What is the investment size overall and per person?

Crypto or real money?
»» Mobility: What can be done with the investment? Can it be
traded?
»» Storage: Who stores the private keys if wallets are involved?
»» Publicity: Where will the investment be sold? To professional Who will Tradeable?
investors, costumers, employees or publicly? invest?

»» Technology: What can be done with the investment? Can it

be traded? Who stores the private keys if wallets are involved?

When dealing with smart contracts, a computer program or a

transaction protocol which is intended to automatically execute
the terms of a contract or an agreement, every token may have
different dimensions based on the business model of the token.
If we standardize and simplify the many types of tokenization
projects with a classification of T-Shirt sizes - Small, Medium,

150 The FIBREE “fintech navigator”

Tokenization Vectors - FIBREE Fintech
Navigator Applied on Regulatory Aspects in
Austria
Authors: Walter Strametz, Christoph Urbanek, Attorney at Law - Vienna (Austria), Armin Redl,
Associate - Vienna (Austria)

Kind of Token/Token Classification Publicity:

In Austria, a distinction can be made between three types

of tokens which are also widely recognized by the Austrian
Financial Market Supervision („FMA“): i) security token, ii)
S: According to the Austrian Capital Market Act 2019, if a token
is regarded as a security or an investment, it is exempt from
publishing a prospectus if:
payment token and iii) utility token. This classification is not
»» There is no public offering;
conclusive as there are hybrid forms as well as other types of
tokens, and the specific design of the token is relevant in each »» The total investment volume is capped at EUR 250.000;
individual case. »» An investment offer where the minimum investment amount
required by an investor is EUR 100.000 or an investment
Security tokens are often considered as transferable offer with a minimum denomination of EUR 100.000;
securities as defined in the Austrian Capital Market Act
»» A securities or investment offer that is addressed exclusively
2019 (Kapitalmarktgesetz 2019) and the Austrian Securities to qualified investors;
Supervision Act 2018 (Wertpapieraufsichtsgesetz 2018), which
»» An offer addressed to fewer than 150 natural or legal persons
are based on MiFID II, whereby this classification is conducted
per EEA member states who are not qualified investors;
on a case-by-case basis. Security tokens embody claims for a
pay-out towards the issuer which may be designed in accordance No prospectus is required if the token does not qualify as a
with corporate law or under contract law. According to the security or investment.
FMA, there is a strong indication for such a classification if the
M: A public offering with a total investment volume of less than
rights associated with the token are comparable to well-known
EUR 2 million is also exempt from the prospectus requirement.
categories of securities.
If the investment volume exceeds EUR 250.000 but is less than
In particular, the „embodiment“ of a right (payment of capital), EUR 2 million, only the preparation of an information sheet
the tradability and the comparability with shares, bonds or in accordance with the Austrian Alternative Financing Act
similar transferable securities therefore indicate the existence (Alternativfinanzierungsgesetz) is required.
of a security.
L: A public offering of securities or investments with an
Utility tokens are primarily designed to provide the holder with investment volume ranging between EUR 2 million and EUR
a benefit related to a specific product or service (vouchers). A 5 million requires the preparation of a full capital market
payment token is a type of token whose primary purpose is a prospectus in accordance with the Austrian Capital Market Act.
payment function.
XL: Public offerings of securities in excess of EUR 5 million
require the preparation of a prospectus as defined by the
European Prospectus Regulation.

FIBREE Industry Report 2021 Tokenization vectors - FIBREE fintech navigator applied on Regulatory Aspects in Austria 151
Technology Nature

Austrian law does not regulate the application of specific S: Utility tokens are generally not subject to supervisory/
technologies. regulatory law. A utility token provides the holder with a benefit
related to a specific product or service, e.g. a voucher for a stay
in a hotel.
Mobility
M: If the token represents a means of payment, it qualifies as a
S: Peer-to-peer trading is admissible.
Payment Token. In this case, certain regulatory laws apply.
M: Public issuance/marketing of securities requires the
L: Tokens can embody profit participation rights, corporate
applicability of the prospectus provisions and might trigger a
bonds or any other type of debt security. They then usually
license requirement as an investment services company.
qualify as securities, which is why the supervisory/regulatory
L: The marketing of „third-party“ securities is subject to a license provisions apply.
and requires a license as an investment services company.
XL: Tokens can also represent shares (stocks) of a stock company
Third-party securities also include those of subsidiaries or sister
(Aktiengesellschaft). However, tokens cannot represent limited
companies.
liability company shares, because these are subject to strict
XL: A token exchange for tokens that qualify as securities may formal requirements under Austrian law. •
trigger a license as an exchange or OTF/MTF. A pure brokerage
platform for peer-to-peer trading does not trigger a license
requirement.

Storage

S: Providers in relation to virtual currencies (such as a crypto

wallet provider) need to be registered before offering their
services in Austria under the Austrian Financial Markets Anti-
Money Laundering Act. However, tokens are not considered to
be virtual currencies. Virtual currencies are defined as „a digital
representation of value that is not issued or guaranteed by a
central bank or a public authority, is not necessarily attached to
a legally established currency and does not possess a legal status
of currency or money, but is accepted by natural or legal persons
as a means of exchange and which can be transferred, stored and
traded electronically.“

M: Tokens that do not qualify as securities or investments may

be held in trust at any time and without a license.

L: Self-custody is not regulated.

XL: The safekeeping (custody) of securities requires a license as

a custodian bank and is consequently a banking business subject
to licensing.

152 Tokenization vectors - FIBREE fintech navigator applied on Regulatory Aspects in Austria
FIBREE Industry Report 2021 153
FIBREE Academic Board (FAB)
The main objective is to share knowledge in this specific research area and to increase the number
of participants with a scientific or professional research background. This specific professional group
(academic partners) is intended for professionals who are active in real estate or blockchain/IT within
the FIBREE community. The academic board offers student participation and PhD participation.

Purpose Activities 2020-2022

The objective of the AB is to increase the number of participants »» 2021

in FIBREE and thus also the number of participants with a Start database thesis en PhD researches

scientific or professional research background. This is a specific, »» September 16-17, 2021

but very valuable, professional group (Academic partner) Participation on CIRRE 2021 The Netherlands www. cirre.eu
intended for professionals who are professionally active in real with presentations and publications of research.

estate or Blockchain/IT. within the FIBREE community, which »» End of 2021

is expected to experience great added value if it can be easily Blockchain PhD Day
connected to scientific and research professionals elsewhere »» January 30, 2022 - February 4, 2022
in the world. FIBREE has many advantages for this community Blockchain Week Saxion University The Netherlands
because they, as researchers and scientists, share their research with PhD-day, FIBREE Blockchain & real estate day and
Blockchain Challenge.
results within FIBREE. That is why FIBREE wants to set up the
‚AB‘ specifically intended to unite and, where possible, facilitate »» June 2021
this community. The AB advises the board of FIBREE on both Scientific articles in FIBREE Industry Report 2021
solicited and unsolicited matters relating to FIBREE‘s strategy
and the connection - both internally and externally - with
professional research institutes and professional researchers
and scientists.

Education

We are working on a way of incorporating developments about

Blockchain and real estate into a Massive Open Online Course
(MOOC) with opportunities for certification, mirco credentials,
etc. in collaboration with other universities and the professional
field.

PhD-participation

Scientists with a PhD title or PhD candidates and/or a professional

association with a university of applied sciences can participate
in this group. The main objective is to share knowledge in this
specific research area and to jointly develop a scientific agenda.
In addition to the two Meetups per year in which participation is
possible, at least four new research-output titles in the field of
Blockchain & real estate can be delivered.

154 Academic Board

 Prof. Dr. Ing. Jan Veuger, Prof. Dr. Michael Truebestein,
MRE, FRICS MRICS
President, Saxion University of Ap- Lucerne University of Applied Scien-
plied Sciences (Blockchain Institute) ces and Arts

Netherlands Switzerland

Dr. Balkiz Yapicioglu Dr. Rebecca Leshinsky

Arkin University of Creative Arts and RMIT University
Design
Australia
Cyprus

Andrew Baum
Alexander Appelmans, MSc
Saïd Business School University of
KU Leuven
Oxford
Belgium
United Kingdom

Dr. Eleni Papadonikolaki

The Bartlett School of Construction
and Project Management (Faculty of
the Built Environment)

United Kingdom

FIBREE Industry Report 2021 Academic Board 155

Summary on Blockchain Research in the
Leading Global Academic Institutions
Author: Jan Veuger, President Academic Board, FIBREE

F IBREE‘s Academic Board (AB) was established in 2019

with the aim of bringing together real estate professionals
and blockchain specialists from around the world to exchange
Methodology Worldwide

We asked every Regional Chair (RC) and active community-

members who are academically engaged in blockchain and real
academic expertise. The AB is aware of the current state of
estate research to answer the following questions: (1) What
academic level research on blockchain technology, which can be
blockchain and real estate research do you see occuring and is
further expanded in the coming years. The mission of FIBREE‘s
it relevant from your point of view?; (2) What research output
AB is to help create a realistic academic expectation that the
on blockchain and real estate have you developed?; and (3) Can
real estate market will discover and exploit the true potential
you identify the experts on blockchain and real estate at the
of blockchain technology. By bringing together academics and
academic level?
pioneers in this field and sharing already acquired knowledge
and insights, FIBREE‘s AB aims to contribute to the adoption An overview of the surveyed academic experts can be found
and implementation of this technology in the academic and real in the table below. The data collection started in mid-March-
estate markets. In addition, the AB expects to contribute to May 2021. In April and May 2021, the analysis was carried out
FIBREE through Industry Reports such as this which give an centrally and coordinated, with the RC.
indication of the development of blockchain and real estate from
FIBREE‘s research worldwide. This article provides an overview
and analysis of current and relevant scientific insights from
academic partners within FIBREE.

156 Summary on Blockchain Research in the Leading Global Academic Institutions

 FIBREE role /
Name Organization Region Country
Contact of

Prof. Dr. Michael

Lucerne University of Applied Sciences and Arts Luzern Switzerland Academic Board
Truebestein, MRICS
Dr. Balkiz Yapicioglu Arkin University of Creative Arts and Design Arkin Cyprus Academic Board
Dr. Rebecca Leshinsky RMIT University Melbourne Australia Academic Board
Alexander Appelmans
KU Leuven Leuven Belgium Academic Board
MSc
Andrew Baum Saïd Business School University of Oxford Oxford UK Academic Board
Dr. Eleni Papadonikolaki The Bartlett School of Construction and Project Management London UK Academic Board
Alan McNamara PhD Candidate in Digital Construction Sydney Australia Academic Board
Regional Chair
Bill Stanford Licensed Real Estate instructor for New York New York USA
FIBREE
Lecturer for Real Estate Economics at NBS Northern Business School Regional Chair
Marc Driessen Hamburg Germany
University for Applied Sciences in Hamburg FIBREE
Regional Chair
Jeremy Barnett Honorary Professor at the Bartlett, UCL (BREIT) London UK
FIBREE
Yingli Wang Reader in Logistics and Operations Management at Cardiff University Cardiff UK Kevin O‘ Grady
FIBREE Executive
Achim Jedelsky Visiting lecturer at HTW Berlin Berlin Germany
Board
Regional Chair
Andrea Romaoli Professor for Master Degree in Science of Law in IBET UNIVERSITY Valetta Malta
FIBREE
Prof. Dr.-Ing. Katarina Achim Jedelsky / Jo
HTW Berlin Berlin Germany
Adam Bronckers
Professor at DBU researching blockchain applications in social science Regional Chair
Lee Bratcher Dallas USA
at The University of Texas FIBREE
Regional Chair
Claus Skaaning PhD at Department of Computer Science, Aalborg University Aalborg Denmark
FIBREE
Regional Chair
Jose Reis Santos Professor at ISTEC Lisbon Portugal
FIBREE
John Dean
PHD Researcher (Industrial Fellowship) in economic geography at
Anetta Proskurovska Luxembourg Luxembourg Markunas / Jo
Luxembourg Institute of Socio-Economic Research (LISER)
Bronckers
Jacob Sagi Professor at UNC Kenan-Flagler Business School Chapel Hill USA Jo Bronckers
Regional Chair
Federico Garaventa Former Professor at the University of Genova, Faculty of Architecture Genova Italy
FIBREE
Professor at FHNW University of Applied Sciences and Arts Northwes- Achim Jedelsky / Jo
Knut Hinkelmann Basel Switzerland
tern Switzerland Bronckers
Senior Lecturer and Researcher, University of Applied Sciences and Arts Achim Jedelsky / Jo
Galia Kondova Basel Switzerland
Northwestern Switzerland Bronckers
Visiting lecturer for Scrum, Design Thinking & Lean Startup in Facility
Regional Chair
Fabian Suess Management & in the Center for Digital Transformation at Baden-Wu- Stuttgart Germany
FIBREE
erttemberg Cooperative State University (DHBW) Stuttgart
Anniina Saari Doctoral Candidate, Aalto University School of Engineering Aalto Finland Jo Bronckers
Dirk Brounen Professor of Real Estate at Tilburg University (TIAS Vastgoedlab) Tilburg Netherlands Jo Bronckers
Prof Cristina Poncibo‘ Professor in International Law and Comparative Law System Turin Italy Alex Dell Orto
Regional Chair
Emanuele Ricciardi Department of Development and Landscape - Politecnico Milano Milan Italy
FIBREE

Dr. Ing. Jan Veuger MRE

Saxion University of Applied Sciences (Blockchain Institute) Deventer Netherlands Academic Board
FRICS

Table 1: Academic experts. Response: In total, 28 experts were asked to complete the survey, 15 of whom did so, all of whom were useful for the study. The total response rate is
therefore 54% and can be generalised. Jan Veuger did not participate in the survey as he is the author of the article and the survey.

FIBREE Industry Report 2021 Summary on Blockchain Research in the Leading Global Academic Institutions 157
Active Universities and Companies in Research on Keywords in Research
Blockchain and Real Estate
Digital Twin, Land Title Registry, Response, Provenance,
When asked, which universities or companies are most active Circular Economy, IoT, BIM, Trust, Open-Ended, Smart
in research on blockchain and real estate, we can conclude that Contract, Transaction, Peer to Peer, Tokenization, Ownership
England (Cardiff University, UCL, Oxford Said Business School, Fractionalization, Decentralized Machine Lending
University of British Columbia), in particular is a leader in the
field followed by the Netherlands (Saxion UAS and University
Leading Authors of Blockchain and Real Estate Studies
of Maastricht). Looking at companies, there were only a limited
number mentioned (4): DigiShares, Cronos Group, IBM and The answer to the question of which individuals are leading in
Dutch Blockchain Coalition. blockchain and real estate studies is limited. Besides the fact
that some respondents say they don‘t know and/or don‘t think
it‘s relevant, there was also a comment that it depends on which
PhD Research on Blockchain and Real Estate
subcategory of topic was involved. Names that are mentioned
Following the survey answers as to where PhD research on once are Victoria Lemieux. Andrew Baum, Sjef van Erp,
blockchain and real estate is taking place, it seems to be limited. Alexander Savelyedv, Jaques Vos, Nasarre-Aznarm, Tjon Tjin Tai
Only five universities are mentioned: Technischen Universität and Jan Veuger (three times).
Kosice, Liverpool Business School, Aalto University, Finland,
University of Turin and KU Leuven. In addition, only three
The Focus of Research in the Coming Years
specific names of PhD researchers are mentioned. When we
look at the level of research in the field of blockchain and real The respondents indicated - in no particular order - that the
estate, we see that it is mainly at a PhD level (70%) and to a following focus points should be applied:
lesser extent applied at the bachelor level (30%).
»» Long term applications.
»» New business models with decentralized applications based
Topics on blockchain technology.

The experts were asked which topics they see being researched »» Funding of real estate development projects.
with regards to blockchain and real estate. The following topics »» Investing.
were listed in order of receiving the most mention: Transaction
»» Supply chain.
& Escrow Services (30%) and Invest & Finance (30%) scored
»» Smart contracts.
the highest of all topics, followed by Smart City Solutions (20%),
Market & Platforms (10%) and Research & Valuate (10%). This »» Sustainability, business use cases and scale-up applications,
shows that the financial side of real estate in particular receives tokenization.
more attention while Research & Valuate received the least »» An EU comparative study about blockchain and real estate
attention. law(s).

Research in Countries Overall, quality research is needed in many areas. Thus far, the
academic blockchain research has concentrated on technical
Responding to the question of which countries are engaged aspects. In the short term, the respondents believe quality case
in blockchain and real estate research generated five front studies of actual blockchain real estate applications (even if on
runners: The Netherlands (25%), UK (20%), Germany (10%), closed/private blockchains) - successful or unsuccessful - would
Sweden (10%), and the US (10%). All other countries listed benefit both academia and the practitioners. The research
including Canada, Estonia, Belgium, Switzerland and Hong Kong should answer why blockchain has been applied and how it was
all scored 5%. applied. The scope of the case studies should be thorough and
concentrate on the business benefits that were received (if any)
when compared to traditional centralized solutions. Examining
actual cases would help the general public to understand
blockchain better as well as help in forming best practices
through experience.

158 Summary on Blockchain Research in the Leading Global Academic Institutions

Topics on the FIBREE Academic Board in the Coming Years

Respondents were also asked what topics should be on the

FIBREE Academic Board‘s agenda in the coming years. Based
on the survey, the following topics will be on the agenda in the
coming years. The topics are:

»» Creating a FIBREE blockchain and real estate certification

program.
»» Standardization, communication, forming strong networks.
»» Interaction with other technologies.
»» Monitoring the development of real, working business
solutions and building the bridge between them and real
estate players.
»» Digital Twins for machine lending.

»» NFT and Decentralized Finance (Defi). •

FIBREE Industry Report 2021 Summary on Blockchain Research in the Leading Global Academic Institutions 159
Chairs

Europe

Austria
Dominik Alphart / Vienna Greece Portugal
Florian Huber / Vienna
Evangelos Lianos / Athens Cristina Cornelia Campian / Lisbon
Marco Neumayer / Graz
Paul Tzelepis / Athens José Reis Santos / Lisbon
Belgium Stefanie Behrendt / Athens
Russia
Alexander Appelmans / Brussels Hungary Stephen Inscoe / Moscow
Croatia Kornel Kalocsai / Budapest
Slovenia
Tomica Cesar / Zagreb Ireland Andrej Lampe / Ljubljana
Denmark David Lyons / Dublin Denis Petrovcic / Ljubljana
Claus Skaaning / Coopenhagen Italy Spain
Finland Alessandro Dell’Orto / Milano Alfredo Diaz-Araque Moro / Madrid
Emanuele Rizzardi / Milano Ali Parandeh Zandpour / Malaga
Ivan Nokhrin / Helsinki Andrew Mark Campbell-Boross /
Federico Garaventa / Genova
France Francesco Filippo Bruno / Milano Levante
Gianfranco Dote / Florence Daniel Codina / Barcelona
Grégoire d‘Avout / Paris Patrizia Giannini / Roma Edwin Mata / Barcelona
Eric Sanchez Galvez / Sevilla
Georgia Luxembourg José Garciá Caballero / Levante
Mariam Turashvili / Tibilisi Audrey Baverel / Luxembourg Lorenzo Moreno Muñoz / Barcelona
Miguel Linera Alperi / Madrid
Germany Malta Vicente Ortiz Alonso / Malaga
Achim Jedelsky / Berlin Andrea Romaoli / Valetta
Axel von Goldbeck / Berlin Switzerland
Balte Jorns / Bremen Netherlands Lutz Thelen / Zug
Fabian Süß / Stuttgart Jan Veuger / Groningen Michael Trübestein / Zug
Marc Driessen / Hamburg Jo Bronckers / Amsterdam Paolo Siligoni / Lugano
Michael Reuter / Munich Walter Strametz / Zug
Paul Huelsmann / Hamburg Poland
Roland Farhat / Frankfurt Turkey
Adrian Karczewicz / Warsaw
Sandor Horvath / Regensburg Alexander Morari / Warsaw Sima Baktas / Istanbul
Sebastian Steimer / Stuttgart Sylwia Toczyska / Warsaw
United Kingdom
Irina Karagyaur / London
Jeremy Barnett / London
Kevin O‘Grady / London

Middle East and Africa

Israel Nigeria Saudi Arabia

Ido Shacham / Tel Aviv Ifemayowa Omotunde-Bank / Lagos Faraj Alhouty / Riyadh
Or Perelman / Tel Aviv Jide Oluwadeyi / Lagos
Yael Tamar / Tel Aviv Justin Okpu / Abuja United Arabic Emirates
Nura Jibo / Abuja Makram Hani / Dubai
Kenia Sola Enitan / Lagos
Samuel Ouko / Nairobi
Uganda
Ronald Kaweesi / Kampala

160 Chairs
Asia and Pacific

Australia China
Alan McNamara / Sydney Albert Xuan / Shanghai Singapore
Bradley Hughes / Sydney Brian Suin / Qingdao
Oliver Siah / Singapore
Chris Dorian / Perth
Gordon Christian / Agnes Water India
Ikram Akbar / Melbourne Arnab Paul / Kolkata
John Bassilios / Melbourne Azmatullah Muhammad /
Julia Buchholz / Perth Hyderabad
Lindy Chen / Brisbane Bishal Goyal / Raipur
Darshana Parmar Jain / Pune
Rajesh D‘Souza / Bangalore

North America

Canada Mexico USA

Kazim Kargi / Vancouver Alejandro Velez / Mexico City Bill Staniford / New York City
Nathan Wosnack / Toronto Carlos Vazquez / Mexico City Brock Freeman / Seattle
Enrique Suárez / Mexico City Chris Deans / Dallas
Francisco Arias / Mexico City Demitri Haddad / Salt Lake City
Eric Bryant / Los Angeles
Garratt Hasenstab / Denver
Gary Brandeis / Philadelphia
Geoffrey Kasselman / Chicago
Ian T. Staley / Seattle
John Dean Markunas / Miami
Ken Rhinehart / Pasadena (L.A.)
Lee Bratcher / Dallas
Lori Souza / Phoenix
Mark Kingston / Houston
Paul Ferreira / Boston
Peter Su / Silicon Valley
Ranganathan Krishnan /
San Francisco
Sachin Kapoor / Houston
Todd Miller / Washington D.C.

South America

Argentina Brazil Colombia

Damian Lopo / Buenos Aires Rafael Stocco / Sao Paulo Andrés Assmus / Bogotá
Nestor Kreimer / Buenos Aires Rubens Neistein / Sao Paulo

Ecuador
Jaime Antonio Rumbea Dueñas /
Guayaquil

FIBREE Industry Report 2021 Chairs 161

Notes

162 Notes
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FIBREE Industry Report Blockchain Real Estate 2021