This week, the Stellar-based security tokenization platform Smartlands announced a partnership with one of the largest real estate companies in the world, Colliers International. A press release issued by Smartlands says that they will be using Colliers properties to begin building a blockchain network for real estate. In addition to real estate, Smartlands will also put manufacturing and agriculture businesses on the blockchain.
Arnoldas Nauseda, CEO of Smartlands said that this platform could disrupt the stranglehold that legacy financial institutions have over real estate. Nauseda explained:
Creating liquidity for a property of any kind was always a main challenge for the real estate industry. Also, legacy finance institutions rule the real estate space with an iron fist and are showing very little willingness to let up the pressure, adopt new technologies and embrace the Zeitgeist. Smartlands Platform approached Colliers International with a ready technological solution for tokenizing ownership of the real-world assets in a fully compliant legal framework, which instantly solves virtually all problems of the real estate industry. Colliers was perceptive enough to enter the partnership immediately.
Colliers specializes in commercial real estate and have properties in sixty-nine countries. Last year the company reported $2.7 billion in revenue, with over two billion square feet of real estate.
Ramune Askiniene, CEO of Colliers International Advisors in Lithuania, believes that this technology will change the future of the real estate industry:
The global financial and commercial landscape clearly shows trillions of dollars worth of real estate ripe for tokenization. We at Colliers are positive that digital entrepreneurship of the new post-ICO era of security tokens will have a significant impact on redefining wealth creation, investing, fundraising, and a host of other Internet-based commercial activities. Colliers is pleased to cooperate with the Smartlands Platform who appears to have a perfect grasp on asset tokenization on Stellar.
Tokenizing real estate is an idea that experts in the field are beginning to discuss, but there are only a few teams who are actually making this a reality. Last week, CryptoGlobe reported that a $30 millionManhattan property was tokenized on the Ethereum (ETH) blockchain for fundraising purposes.
This article provided by NewsEdge.