The Foundation for International Blockchain and Real Estate Expertise (FIBREE), the leading organization bringing together real estate professionals and blockchain specialists, and Blocksquare, the leading tokenization infrastructure provider for the real estate industry, are issuing the Real Estate Tokenization Challenge 2021. The first three participants to successfully 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.
The Challenge comes on the heels of a research paper that was conducted in collaboration with the University of Oxford Saïd Business School which found the practice of property tokenization to be almost non-existent in the current real estate market. Denis Petrovcic, the Co-Founder & CEO of Blocksquare, who holds that the technology is tested, proven and viable, believes it is only a matter of time before this starts to change and we begin to see tokenized properties pop-up around the globe. In his view, the Challenge is a way of hastening the “rubber meets the road” moment for those players who understand the benefits of blockchain but hesitate when it comes to implementation. Achim Jedelsky, the president of FIBREE, notes “There are a lot of theoretical talks and workshops around blockchain. Often companies don’t manage to go past that stage and fail to start specific projects or at least pilot projects. We see the Challenge as a door-opener for applied corporate innovation that helps create concrete outcomes.”
Both FIBREE and Blocksquare believe that the tokenization of real estate and DeFi markets is bound to become an alternative source of capital for investors currently facing certain limitations characterized by operating in illiquid markets. Petrovcic and Jedelsky understand that more cases need to be brought to the market before things begin to change on a larger scale. They say that when this happens, it will happen rapidly, shaking up the behemoth market currently valued at 300 trillion USD. Jedelsky added “As a leading organization spanning over 60 communities across the globe, FIBREE’s mission is to grow the knowledge about the use of blockchain in real estate. The best way to do that is by working on real-life problems.” It may well be that this can-do approach is the reason FIBREE appeared on the radar of some of the industry’s biggest players such as CBRE, the world’s largest commercial real estate services company, that recently renewed their position as the foundation’s global sponsor.
Up to now, more than 30 teams from around the world have applied to the Real Estate Tokenization Challenge 2021. Entries are open until the 15th of June. The goal of the Challenge is to tokenize a single real estate asset, which is to be achieved using proprietary tokenization solutions developed by Blocksquare, the Challenge’s main sponsor. This is the first time that members of the public will be able to learn about Blocksquare’s tokenization process, put it to the test and take a sneak peek into the future of the real estate business. Jedelsky contends “The Challenge offers everyone the chance to learn more about the tokenization of real estate. Together with Blocksquare, we provide the technological infrastructure to do this – you only need to secure a real estate property to tokenize.”
To find out more about the Real Estate Tokenization Challenge 2021 visit challenge.fibree.org
Founded in Amsterdam on July 9th, 2018 with the aim of bringing together real estate professionals and blockchain specialists from all over the world to exchange expertise. In a world that is increasingly impacted by technology, real estate processes will have to change too.
Increasingly, experiments are being conducted worldwide with the possibilities of applying blockchain for 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.
FIBREE is aware of the current hype about blockchain technology, which does not always contribute to getting to know it better. FIBREE’s mission is to help create a realistic expectation pattern that will allow the real estate market, step by step, to discover and exploit the true potential of blockchain technology.
Blocksquare is an award-winning company developing the world’s leading blockchain-based real estate tokenization system. Headquartered in Ljubljana, Slovenia (EU), Blocksquare has developed a state-of-the-art system in close co-operation with Medius—the leading provider of enterprise software solutions in the CEE region.
Blocksquare’s vision is to power 100s of platforms across the globe, connecting investors to real estate opportunities in their region. With their real estate tokenization protocol anyone can start digitising real estate assets at a fraction of the cost, while their white-label platform offers the quickest way to launch an online marketplace.
In 2021, Blocksquare is expanding their operation into decentralized finance (DeFi) with Oceanpoint, adding a new layer on top of their established tokenization infrastructure to create borderless access to real estate financing for anyone with an internet connection.