Real Estate’s Blockchain Future
The real estate industry, one of the largest in the world, is on the cusp of integrating blockchain technology. Nikolai Yinger, co-founder of Altitude Development Partners, and Yegor Kozubenko, the company’s Chief Technology Officer (CTO), recently discussed this shift with Jackson Hinkle of TheStreet Roundtable during ETH Denver.
Real estate hasn’t always been quick to adopt new technologies. As Kozubenko noted, “real estate people often lag a little bit behind in terms of adoption of technology.” However, this doesn’t mean they will never adopt blockchain or AI. Altitude is very optimistic about this transition. “Everything that can be owned will one day be on-chain,” Yinger predicted. “People are starting to realize, ‘oh, I can get the same number of tasks done in half of the time and spend the rest of my day working on something that’s way more important than just the busy work.’”
AI has already had a significant impact on data analysis. What used to take hundreds of hours can now be completed almost instantly through AI. “When a real estate company gets their data together, they can use AI to analyze that data and make data-driven decisions. That’s become extremely valuable to them. Real estate companies are going crazy about it, because they’re realizing that they’re wasting 50% of their time doing menial work,” Yinger told TheStreet.
Decentralization Efforts
While Ethereum presents itself as a decentralized platform, Kozubenko pointed out that block builder centralization has become a problem. Block builders are crucial in facilitating transactions and forming the ‘blocks’ that make up a blockchain before validation.
“Ethereum became centralized because of Titan Builder and Beaverbuilder. They create 95% of all new blocks and they’re Office of Foreign Assets Control (OFAC) compliant, they have control over what goes into the block, what transaction goes in, what transactions don’t go in,” he explained. To address this, Altitude is working to make block building more accessible to everyone through their project, Mevrora. This, according to Altitude, will play a role in “decentralize Ethereum again,” which they see as essential for the ecosystem’s continued success.
