” Allowing Connected Computers To Reach Agreement On Shared Data.” The Phrase That Changed Commercial Real Estate Forever!

” Allowing Connected Computers To Reach Agreement On Shared Data.” 

Just nine words put together in one sentence.

How and why could they have such an enormous impact on one of if not the most amazing asset class ever created?

Let me break it down for you.

Connected Computers. The computers are connected in a peer-to-peer network. If your computer is a part of a blockchain network it is talking directly to other computers on that network, not through a central server owned by a corporation or other central party.

Reach Agreement. Agreement between all of the connected computers is facilitated by using a consensus mechanism. That means that there are rules written in software that the connected computers run, and those rules help ensure that all the computers on the network stay in sync and agree with each other.

Shared Data. And the thing they all agree on is this shared data called a blockchain. “Blockchain” just means the data is in a specific format (just like you can imagine data in the form of a word document or data in the form of an image file). The blockchain format simply makes data easy for machines to verify the consistency of a long and growing log of data. Later data entries must always reference earlier entries, creating a linked chain of data. Any attempt to alter an early entry will necessitate altering every subsequent entry, otherwise, digital signatures embedded in the data will reveal a mismatch. Some people might tell you that this makes blockchains “immutable,” that’s not really accurate. The blockchain data structure will make alterations evident, but if the people running the connected computers choose to accept or ignore the alterations then they will remain.

So, what does this mean you ask?

Well, whose computers will be connected and doing what again? Talking directly to each other.

They will do what and are owned by whom? Uh, to be determined? Nope.

Those computers run software that does what? Agree with each other.

They agree on what again? Shared data. Verified shared data. Creating a link or chain of that data.

It allows the people running the connected computers to do what? Accept or ignore the alterations to the Shared, Verified, Chain of data.

Hmmm. Do I have your attention?

What does that all sound like to you?

One corporation owning or dominating #CRE data? Nope!

Enabling the entire industry the ability to participate and use that data to create a more robust and transparent marketplace.

And doing it while NOT giving away any proprietary data.

Let me put that another way. Not giving way data that you need to compete.

Also, the data you do need to transact and compete is secure and shared how when and to whom you and only you decide to.

Wow, how can that last part not change the #CRE industry forever?

Assholes!

Start piling on you assholes.

I mean the people who have the same bullshit arguments that I have been hearing FOREVER.

“It can’t work because……..

“It won’t work because……..

“It’s not possible because…….

“You can’t get the…….

“It’s been proven that…..

Why don’t we decide that all that is not even worth the thoughts or words anymore?

I prefer to look at it this way and I leave you with a Tweet from JLL India and a quote from the CEO of JLL.

When in the hell have we at the very least done this?

” Allowing Connected Computers To Reach Agreement On Shared Data.” The Phrase That Changed Commercial Real Estate Forever!

+1 Personal note: If two unnamed companies want to fight, dick measure, squabble, and use pouty lips at each other in court please by all means continue. You are for once helping an entire industry by wasting your own time on something that means NOTHING to anyone but you two!

+1+1. Is using the phrase “dick measure” gender biased? Just asking.

  • The Blockchain is happening. Every exec management/board of directors at every major financial institution in the world has teams focused on it. Unfortunately, innovation takes longer when there is existing infrastructure. When that infrastructure blows (itself?) up, then there is scarcity and a flight to innovation. The speed of adoption also depends on “trust”. Once we trust the new system more than the old, then we’ll be on board.

    Right now one way in for the blockchain is on the “contractual agreement/payment” area. Phishing emails are hitting the property management companies and getting their tenants to pay their rent to a different banking institution. If payments were set up on a blockchain between the owners/managers/tenants … no disruptions from phishers … and less banking fees. The data part may take longer as the process for recording data is less accurate and digitized than it should be.

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