Previous Post
Tweet about this on TwitterShare on TumblrPin on PinterestShare on LinkedInShare on Google+Email this to someoneShare on Facebook
Read on Mobile

BlockChain BULLSHIT!

bull

You’ve seen it here on this site how many times?

“BlockChain Protocol is will and has to change/save/disrupt commercial real estate forever.”

Who is standing up and screaming it the loudest?

Well, hell yes the answer is ME!

Do you even have any clue why?

Do you even understand what it is?

To put it in simple terms it’s a distributed database:

A distributed database is a database in which storage devices are not all attached to a common processing unit such as the CPU, [1] and which is controlled by a distributed database management system (together sometimes called a distributed database system). It may be stored in multiple computers, located in the same physical location; or may be dispersed over a network of interconnected computers. Unlike parallel systems, in which the processors are tightly coupled and constitute a single database system, a distributed database system consists of loosely coupled sites that share no physical components.

System administrators can distribute collections of data (e.g. in a database) across multiple physical locations. A distributed database can reside on network servers on the Internet, on corporate intranets or extranets, or on other company networks. Because they store data across multiple computers, distributed databases can improve performance at end-user worksites by allowing transactions to be processed on many machines, instead of being limited to one.[2]  Source- Wikipedia.

So for this thing to work, we need to look at how a distributed ledger is put together and how it will perform.

Specifically :

1. Why are you using a database?

2. How many ‘writers’ to the databases are there?

3. Absence of Mistrust between the ‘writers’ and if there is any?

4. Does it have, or need a third party trust authority?

5. Is there any interaction between the transactions?

6. What are the rules that have been set for that the transactions are checked against?

7. Who are the validation authorities in the chain?

8. Who stands behind the assets used in the blockchain?

Source: MultiChain

Now, if you are getting a bit concerned or confused…you are not alone.

So is about 99.99% of the rest of the business world.

The major problems facing a BlockChain platform for commercial real estate are daunting.

The scale that this will take is almost hard to imagine.

The adoption within the industry will be…….?

The people and resources that need to be involved have yet to be clearly identified.

Reference the above statement: I mean REAL fucking people, not just people in a room talking out their ass about something they have no real fucking clue about. (Can I use the word Puffery again?)

Qualifier: If all you have done is read my shit and a couple of other posts= NOT QUALIFIED.

What problems should BlockChain solve for commercial real estate?

– Accelerating the process.

– Providing transparency.

– Providing security.

– Government regulation.

– Title use and how Smart Contacts will work.

– Transactional and how the actual timing of that transaction is affected.

– Digital Property records.

– Building data.

Take a look at that list again.

Now that is a substantial list of problems to solve.

And BlockChain is supposed to do all that?

I can tell you with all the honesty in the world.

BlockChain is not even remotely close.

Even the most ardent proponents will admit that.

Unfortunately if you do some deep research, they are having a hard time deciding who gets to decide what needs to be decided.

So for now, as much as I include myself among those ardent proponents I must call BULLSHIT!

BlockChain Bullshit.

And it’s a shame because there is still so much potential.

There are so many advances in other areas of business (finance) where this is taken as a literal world changing technology.

But not commercial real estate.

And why?

Why just BlockChain Bullshit?

 

+1 Show me just one application for commercial real estate that’s working NOW!

+1 Just one.

 

 

 

 

 

 

 

 

 

 

Next Post

Written by

  • nadinac

    Questions: 1. Don’t we already have fragmented and distributed electronic thingies or packets when we send email through the internet? Who decided what the protocols for email would be? 2. It’s difficult to wrap my mind around this because I don’t know what the actual desktop, cloud, or mobile applications would be or would provide to make all of us individual producers (even the guys and gals in the big corporate brokerages) work better, smarter, more efficiently, better informed or be better teams, representatives, clients, customers, vendors, parents or … what? 3. What are the unmet needs or problems block chain is attempting to solve? 4. Do I agree with what others say is a problem? 5. Does the problem directly affect me and is it big enough for me to care? 6. Is the problem such that I need to spend even more money, time, and brain damage on buying, installing, coordinating, and learning new technology or is block chain just a more arcane version of the “dynamic obsolescence” of technology that feeds on our lust for the next new best thing? My policies are A) Never to be an earlier adopter because that is just renting myself out as an unpaid beta tester; B) Never waste good sleep time standing in line to buy something when in 6 months to a year the price will have gone down and special offers will be made (I’m looking at you, Apple); and C) Never buy into the lie that a bug is really a feature. Nadina Cole-Potter, KW Commercial, Phoenix, Arizona