Blockchain and Web3 technologies are poised to transform the global real estate market, according to industry leaders at the World Trade Centres Association (WTCA) Global Business Forum in Marseille, France. Lia Rochat, CEO of Archismart Solar, emphasised the importance of adopting these technologies to stay competitive, highlighting their potential to enable decentralised and transparent interactions without traditional intermediaries.
Web3, the next generation of the internet, aims to create a more secure and transparent network through decentralised technologies like blockchain. This innovation allows for the tokenisation of assets, where digital tokens represent ownership of physical properties. These tokens can be traded on blockchain platforms, offering a new asset class for investors.
Diego Cortese from Dubai World Trade Centre noted that these innovations are already being implemented, with partnerships formed to regulate and tokenise real estate transactions. In Singapore, the property sector remains robust, with a projected 10% growth in transaction volumes, driven by residential, logistics, and data centre segments. The adoption of blockchain and asset tokenisation is seen as a strategic move to enhance transaction efficiency and support economic growth.
CitaDAO, a blockchain-based platform, has completed Singapore’s first commercial real estate tokenisation project, marking a significant milestone. The Monetary Authority of Singapore has also piloted the issuance of wholesale central bank digital currencies, further integrating digital assets into the financial system.
As the real estate industry evolves, the integration of blockchain and Web3 technologies is expected to redefine investment and development strategies, offering new opportunities for growth and innovation.
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