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Gesellschaft für Immobilienwirtschaftliche Forschung e. V.

ZIÖ Zeitschrift für Immobilienökonomie Neuer Artikel, jetzt 'online first': Real Estate trifft auf Blockchain: Chancen und Herausforderungen der Tokenisierung von illiquiden Vermögenswerten https://link.springer.com/article/10.1365/s41056-020-00051-3

Real Estate trifft auf Blockchain: Chancen und Herausforderungen der Tokenisierung von illiquiden Vermögenswerten

This article analyses the opportunities and challenges of tokenization of real estate. The tokenization of illiquid assets serves to raise capital and manage liquidity. We discuss the theoretical foundations (blockchain and smart contracts) and discuss the advantages and disadvantages compared to a classical capital procurement. The implementation is discussed by means of a practical example. The theoretical advantages of tokenization are liquidity (immediate worldwide trading 24/7, transfer of ownership in “real time”), standardization with simultaneous flexibility, transparency and security. The most important findings can be summarized as follows: The technical creation of a real estate token is very simple, but the many theoretical advantages over traditional forms of financing are not yet being realized in practice. The reasons for this are the existing regulatory uncertainties as well as existing regulations, which make most of the theoretical advantages null and void.link.springer.com
Real Estate trifft auf Blockchain: Chancen und Herausforderungen der Tokenisierung von illiquiden Vermögenswerten