Managing fraud
With a virtual blockchain registry, data can be used to digitise different actions like a payment, a transaction, a proof of ownership, etc..
“To implement mixed-use development and accompany the densification of certain industrial zones, the Fondation pour les terrains industriels (FTI) in Geneva is in the process of creating a building rights market whose transactions will be recorded on the blockchain, and this with the support of Wecan Group. This totally new concept will enable “better-thought-out business districts to be created, while at the same time making their realization transparent”, assures FTI director Yves Cretegny.
How will this be achieved?
Depending on the projects they wish to develop, plot owners can buy or sell building rights according to their needs. They can exchange or sell them, like a “real estate Tetris”, and everything goes through the blockchain register in an unalterable, transparent and inexpensive way. The state then grants building permission, which locks in the transactions. It should be noted that notaries will have a much more modest role, but will still be needed to identify individuals.
This transparency is important for the FTI: “We are also landowners and will potentially be able to take part in transactions. Having a totally open and transparent register will assure other players that we are not abusing our dual role as landowner and public registrar.” This last point is essential, because blockchain makes it possible to solve this well-known problem: proving that you can simultaneously serve the collective interest and your own interest.
“To implement mixed-use development and accompany the densification of certain industrial zones, the Fondation pour les terrains industriels (FTI) in Geneva is in the process of creating a building rights market whose transactions will be recorded on the blockchain, and this with the support of Wecan Group. This totally new concept will enable “better-thought-out business districts to be created, while at the same time making their realization transparent”, assures FTI director Yves Cretegny.
How will this be achieved?
Depending on the projects they wish to develop, plot owners can buy or sell building rights according to their needs. They can exchange or sell them, like a “real estate Tetris”, and everything goes through the blockchain register in an unalterable, transparent and inexpensive way. The state then grants building permission, which locks in the transactions. It should be noted that notaries will have a much more modest role, but will still be needed to identify individuals.
This transparency is important for the FTI: “We are also landowners and will potentially be able to take part in transactions. Having a totally open and transparent register will assure other players that we are not abusing our dual role as landowner and public registrar.” This last point is essential, because blockchain makes it possible to solve this well-known problem: proving that you can simultaneously serve the collective interest and your own interest.
Fondations des Terrains Industriels
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