FIBREE INDUSTRY REPORT · 4 CONTENTS FIBREE INDUSTRY REPORT 2019 IMPRINT The FIBREE Industry Report is the most important yearly contribution of FIBREE to the market. It gives some

FIBREEINDUSTRY REPORTBLOCKCHAIN REAL ESTATE 2019

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EDITORIALAchim Jedelsky

Dear Reader,

One year ago - July 2018 - FIBREE was only an idea of

a few blockchain enthusiast and real estate professionals.

The idea was born in Vienna, and established as a not-for-

profit foundation in Amsterdam. From day one FIBREE

was active in 8 countries and could build on a solid

network of international experts. Thanks to this, and the

ever growing interest in how blockchain technology can

be used in the built environment, FIBREE grew within 12

month to a global organisation that is today present in 42

locations in 23 countries across five continents.

By growing this network, FIBREE gained the means to

produce this unique industry report which you are reading

3EDITORIAL

right now. We aggregated the feedback from 55 regional

chairs (at some locations there is more than one regional

chair) and are now able to offer you a global view on the

status of blockchain in real estate.

We also were able to collect the input of some of the

brightest minds in the blockchain / real estate universe.

Thanks to their efforts we hope that we can give you

insight into how the industry works and what prospects

and challenges we face in the next years.

To achieve all this in such a short period of time was only

possible because of the huge enthusiasm and engagement

of the FIBREE participants, and thanks to the support

of our sponsors and partners. At a time where we had

nothing to show for but an ambitious vision, we could

still count on the trust of both regional and international

players who enabled us to get to the point where we are

today.

With all of this in mind, I am looking with excitement and

confidence in the future of FIBREE. I am also aware that

we still have a long way to go, and that this report is only

the beginning - a line in the sand, nothing more - and that

we still have a lot of work in front of us. But as a strong

community we will embrace this, and are eager to actively

shape the future of our industry!

With the best wishes,

Achim Jedelsky

President of FIBREE

PS: If you read this and share our vision and want to

support us, please get in touch!

4 CONTENTS FIBREE INDUSTRY REPORT 2019

IMPRINTThe FIBREE Industry Report is the most important yearly contribution of FIBREE to the market. It gives some in depth articles and a worldwide overview of the latest developments in the field of Blockchain and Real Estate.

For the creation of this 2019 edition a working group has been formed within FIBREE,

consisting of the following people:

Achim Jedelsky (Germany)

Alexander Appelmans (Belgium)

Alex dell’Orto (Italy)

Denis Petrovcic (Slovenia)

Florian Huber (Austria)

Jo Bronckers (Netherlands)

Jan Veuger (Netherlands)

Mariam Turashvili (Georgia)

Pete Su (USA)

Sebastian Hewing (Taiwan)

Sagar Brahmbhatt (Australia)

Tomica Cesar (Croatia)

Walter Strametz (Austria / Switzerland)

Also special thanks for their contribution and effort to the editorial team: Eric Bryant, John Dean Markunas, Kevin O’Grady,

Ranga Krishnan and Stephen Inscoe.

Design and layout

Maximilian Huber / www.eracht.at

Get in touch with FIBREE

FIBREE aims to continue the research and knowledge exchange about blockchain and real estate developments. FIBREE

invites product-suppliers, real estate organisations, legal firms, startups, research organizations, press or other interested

organizations that want to get in touch with FIBREE to reach out to us by sending your request to: [email protected]

If you’d like to become a participant and eventually take an active role within FIBREE, or if you want to put your startup

in the spotlight, please check the connect-part at our website www.fibree.org and subscribe to the engagement of your

preference.

Nothing of this publication may be reproduced without the prior written consent of FIBREE or without clear

acknowledgement of the source.

© July 2019, FIBREE, all rights reserved

CONTENTS

Introduction to Real Estate for Technologists

The State of Blockchain in Real Estate, 2019

Our Sponsors

What is Blockchain and why it fits to Real Estate

Global Network

Our Partners

Chairs

Top 3 Blockchain Use Cases in Real Estate Industry

Product Database

Board

06

11

84

08

20

85

87

09

68

86

5CONTENTS

Real estate is the largest investment class in the world.

Investment in real estate usually involves large sums

of money and is usually for a long period of time. Processes

and property registrations are time-consuming and

generally well documented, but are still far from sufficient

in some countries. Real estate is seen by investors as

a relatively non-transparent and illiquid investment

category compared to equities and bonds. Today, as more

information is recorded to provide greater transparency,

liquidity is gained through new forms of real estate

investment such as crowdfunding and crowdinvesting. In

this context, the lack of information necessary to facilitate

transparency is seen as an increased risk by all investors.

In general, the real estate chain has a wide variety of

information domains. These domains are generally well

developed in advanced real estate markets. However,

in many of these domains, data is siloed and not shared

with other domains, resulting in a highly fragmented data

landscape.

Introduction to Real Estate for Technologists

6 INTRODUCTION TO REAL ESTATE FOR TECHNOLOGISTS

Usage

Finan

ce

Transfer

Maintenance Con

stru

ctio

n

Redev

elop

men

t

Building ID

Division ID

FIBREE INDUSTRY REPORT 2019

An integrated approach is not (yet) in place and progress

towards integration is mainly visible in property sales

and the financing thereof. Professionals are now looking

towards a more integrated approach leveraging Blockchain

technology. If we look at PropTech‘s developments in the

periods before 1985, between 1985-2005, between

2005-2015 and from 2015 to the present day, designated

by Prof. Andrew Baum as prior to 1.0, 2.0 and 3.0 periods

respectively, we see a relatively slow development of

digitization, especially compared with the adoption of

technology in the finance industry (Fintech).

In the PropTech 2.0 period, more and higher quality data

and processes became available in the form of Building

Information Modeling (BIM). In our current PropTech 3.0

period the addition of new technologies such as Blockchain

and artificial intelligence (AI), increasingly enable us to

perform processes remotely and autonomously. This will

require some new legislation and regulations, but it is also

clearly developing as new technologies respond to the

possibilities of Blockchain.

Real estate as a service and the circular economy are

also themes in the PropTech 3.0 period. In a more

service-oriented real estate future, short cyclical (rental)

agreements and international owners are trends to note.

The classic model of a property with bare space and no

services on a long-term lease has low administrative

complexity, but requires large financial commitments.

There is a growing trend away from the classic model

towards short-lived rentals such as flex-offices, pop-up

stores, co-living, etc.and partly as a result of this, inclusion

of flexible, tailor-made services. As a result, there are

many more leasing transactions and the financial interest

per transaction is much smaller than in the classic model.

This however comes with an explosion in administrative

complexity. Moreover, on the ownership side there is

a trend towards multiple, short-lived and potentially

international owners as a result of crowd investing.

Blockchain can add a great deal of value in managing this

leasing and ownership complexity.

Making real estate processes more efficient and

transparent will not only grow the industry and open it up

to new markets, but also has the potential to save resources

or reduce carbon-emissions and make internal processes

more sustainable. A building is not a construction on its

own, but a large long term investment that impacts and

is impacted by its surroundings. Imagine the impact it can

have on common markets like Cities, Energy, Property,

Transport or Water. According to scientific research,

the built environment is responsible for 40% of the total

energy use and the manufacturing of buildings represents

50% of the total flow of raw materials. The industry is

going from linear processes - where a building lasts for

eternity, to sustainable real estate - with BREEAM, WELL

or ESG performance assessments, environmental labels

and circular solutions that focus on reuse, limited spoiling

of materials and reduction of resource usage and CO2

footprint. These mechanisms and processes can be made

more efficient using blockchain technology, because it can

help manage complexities of the circular economy. •

7INTRODUCTION TO REAL ESTATE FOR TECHNOLOGISTS

1985

Linear2010

Sustainable2020

Circular2030

PropTech 1.0 PropTech 2.0 PropTech 3.0

2005 2015

• blockchain• artificial intelligence

• online real estate info• smart real estate• sharing economy• BIM

• Software to support real estate processes

• Traditional processes with many intermediaries

source: Prof. Andrew Baum, Oxford University / Said Business School

Prior to PropTech 1.0

Authors: Jo Bronckers, Jan Veuger, Alexander Appelmans,

Tomica Cesar, Sagar Brahmbhatt

We are increasingly hearing that Blockchain

technology is being compared to the Internet

thirty years ago, both from the point of view of its potential

and the way in which it is entering the market and in some

cases changing the very concept of the sector in which it

wants to operate.

It has been observed that in the financial sector this

technology has had a deep effect on the development of

recent years and it is natural to ask where this technology

can still be implemented and the changes that will follow

these applications.

The purpose of Blockchain is the creation and management

of distributed databases for peer-to-peer transactions,

shared between the nodes of a network. An infrastructure

that therefore proves to be ideal for managing data

precisely, representing the will of the community in which

it is adopted and in which shared rules are set and able

to create liquid value, value that can be exchanged within

the infrastructure in an incensurable, immutable and

recognizable way.

As the internet has profoundly modified our way of

conceiving data and creating values, the blockchain

is changing how we intend to exchange these values,

bringing with it not only different visions but also the need

to adapt existing models, the need for a new paradigm, for

this technology cannot be applied to old models of value

management.

Precisely because of the essential characteristics of

Blockchain, it can be applied very effectively and efficiently

to the Real Estate sector, where for more and more time

it is clear the need to be able to manage values, data and

rights in a transparent and optimized way, reducing the

problems of a contractual nature and the frictions related

to them.

By Alex Dell’Orto

Authors: Alexander Appelmans,Mariam Turashvili

What is Blockchain and why it fits to Real Estate

8 WHAT IS BLOCKCHAIN AND WHY IT FITS TO REAL ESTATE

The transparency of the data and the possibility of

verifying it from within the infrastructure allows users

to have confidence and opens up the possibility of new

processes, for example by changing the conception of

what is now considered real estate within a global market

through the process of tokenization. Having a global value

and recording events in a certain, immutable and verifiable

way, it is possible to transfer currencies and rights in total

security and without intermediaries, meaning an evolution

and a revolution for real estate.

There are countless sectors where this technology

can change many aspects for the better; from energy

management to transport or from applications in cities,

to value management. When applied to the real estate

sector it is possible to benefit from the management

and exchange of the value of the property. During the

development of this technology it is necessary to build a

new paradigm, in which machines and humans have the

possibility to communicate, and above all, to carry out

safe and efficient transactions.

To date, the construction of a decentralized infrastructure

used for transactions, characterized by interoperability

and regulated by common standards, is therefore the first

challenge to be addressed.

Thanks to this technology and through automation

processes and smart contracts it is possible to eliminate

non-valuable tasks of intermediaries and their related

costs, increase the efficiency of operations and their

speed, but above all reduce the risk of fraud and scams

thanks to the possibility of verification in the distributed

register.

In conclusion, the application of Blockchain to real estate

will certainly bring many benefits, but on the other hand

also challenges that will require new expertise to better

understand and guide this evolution and revolution. •


Blockchain technology affects the real estate sector

in different ways. Although blockchain technology,

as a public medium for conveyance without third party

intervention, seems to be by its very nature a “next step”

within the world of building contracts and real estate

transactions. There is often a powerful tension between

the basic foundations of these concepts and the features

of blockchain technology. Around the world; start-

ups, banks, governments, academics, and blockchain

enthusiasts are working to overcome these tensions. We

discuss three main use cases that stand out:

1° REAL ESTATE TRANSACTIONS

Blockchain applications often tend to focus on eliminating

trusted third parties. In the case of real estate transaction

these middlemen have long been under scrutiny. They

are considered slow, expensive and ineffective. There

is obviously a difference depending on the specific legal

framework, but in general we observe applications that

focus on banks, notaries and land registries. Countries

such as Sweden, the UK, the Netherlands, Estonia, Dubai,

Ghana and Georgia have developed applications to

facilitate more efficient and smooth transaction process.

Top 3 Blockchain Use Cases in Real Estate Industry

9TOP 3 BLOCKCHAIN USE CASES IN REAL ESTATE INDUSTRY

The Georgian use case sheds light on the potential impact

blockchain can have on real estate transactions. The

Georgian National Agency for Public Registry (NAPR)

has built a blockchain add-on to their existing system. In

doing so, they want to guarantee the authenticity of a

land title. Since February 2017 information on 2 million

extracts has already been “authenticated” and stored in

a public blockchain. For every title a unique hash code is

generated. These hashes are then uploaded on the Bitcoin

blockchain. An identical hash on both the blockchain and

the NAPR website confirms authenticity of the title. After

completing this proof of concept phase, NAPR is now

moving forward to implement a new service they dubbed

“TRUSTcontracts”.

By blending smart contracts into the transaction

infrastructure, they aim to provide a digitally performant

system that allows citizens to receive certified documents

via a platform that bundles information now still siloed

within the different government agencies. Smart

contracts will allow the closing of an agreement between

two or more parties, the registration of this transaction

in the property register, and the transfer of the purchase

price. Automating these steps should address financial

risks or fraud associated with registration of property

when selling and buying.

2° REAL ESTATE TOKENIZATION

Real estate is the biggest asset class in the world. At the

same time, it is also one of the most illiquid investments

one can make. Generally, investing in real estate is

hard to access, time-consuming and capital intensive.

Tokenization of real estate assets intend to disrupt these

obstacles, by taking us from a world where a property

is transferred infrequently like several years or even

decades, to a new reality where hundreds of transactions

are executed within minutes. Tokenization is a broad

concept. It might refer to either representing shares in a

real estate investment trust with tokens; using a unique

non-fungible token to represent a single property, or

converting a single property into e.g. 100,000 tokens.

All these approaches of real estate tokenization could

be more commonly referred to as the “digitalization of

assets”. Once a real estate asset is represented by a digital

token(s) and governed by the transactional rules of a

blockchain, some frictions of transacting between two or

more parties could be considerably reduced.

Analyzing established co-investment solutions like REITs,

syndications or crowdfunding, we notice that certain

features are important to investors: e.g. diversification,

online convenience, and investor control. The problem

is that these solutions have technical limitations.

Tokenization offers investors a solution that allows

customizable diversification, no investment lock-ups,

transactional efficiency, low fees, online secondary market

trading, fractional stakes, risk control, more transparency,

portfolio automation, and last but not least higher liquidity

due to the fact that the tokenized assets have the potential

to become exposed to a global economy. Higher liquidity

doesn’t make sense in every market. Prime real estate

markets, like San Francisco, have no liquidity problems.

These markets have enough buyers for properties of any

size. But in hundreds of smaller markets around the world,

properties of a bigger size have only few potential buyers.

Even though the real estate tokenization industry is still

in the early stages, tokenized properties of various sizes

and types are already coming to the online markets. So

how big is the potential here? If we look at commercial

real estate alone, globally it is valued at 50 trillion. Out of

that, 2.8 trillion is considered as professionally managed.

If we project that in 10 years time, 1% of that value will be

tokenized, that creates a market worth 28 billion.

10 TOP 3 BLOCKCHAIN USE CASES IN REAL ESTATE INDUSTRY

3° DECENTRALIZED INFRASTRUCTURE

Building a transactional infrastructure brings the

question of harmonization again to the forefront. This

could be considered as one of the first ‚lessons learned‘

by the real estate and blockchain community. Building

a new infrastructure requires common standards and

definitions. Blockchain is in that regard creating a new

momentum for international cooperation. Increased

liquidity or seamless transactions require a legal

framework that is based on uniform transaction-

information systems (sale and purchase as well as

rental) and improved transparency with digital property-

passports. Different blockchain related organisations,

such as FIBREE, are now leading the effort to create a

decentralised infrastructure based on common standards

for interoperability. •


In Q3 2018, a working group was set up within FIBREE

with the aim of taking stock worldwide of the state of

blockchain in the real estate world and investigating what

the current challenges and best practices are, in order to

feed back the findings to the market. The working group

consisted of 13 FIBREE participants from 11 different

countries around the world, from Australia to the west

coast of the USA. It is FIBREE‘s intention to repeat this

survey annually in order to keep the market informed

about the latest developments in blockchain and real

estate worldwide.

The next introduction and description of the research

methodology used are followed by feedback on the main

findings of the research. The following topics are dealt with

successively: geographical spread of blockchain products

for the real estate market, year of incorporation and

growth phase, the real estate solutions with blockchain,

blockchain platforms used, challenges experienced by

blockchain startups and finally milestones and funding.

INTRODUCTION: NO BLOCKCHAIN WITHOUT

DIGITIZATION OF REAL ESTATE INFORMATION

A common misconception is that ‚real estate information‘

is stored in blockchain. In fact, no real estate information at

all will be stored in a blockchain, but a blockchain solution

in an existing information flow adds an extremely limited

amount of information in relevant places, making existing

information completely reliable for all stakeholders.

Blockchain alone can never be the solution to a problem,

it is at most, a relatively limited part of the entire digital

solution - a small, but an important part. Information

flows can be made far more efficient with it. This makes

it a business model enabler with the potential to add a lot

of value in processes where reliability of information is

important!

The State of Blockchain in Real Estate, 2019

11THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019

It is important that the data infrastructure is in order and

quality of data is at an acceptable level, because only then

blockchain will be able to really add value. Traditionally,

the real estate industry is not the most digitized industry.

The real estate life cycle generally extends over several

decades. In the various successive phases in the chain,

from design, through realization, use and management to

demolition or redevelopment, information is often kept

in silos. A lot of information is lost during the life cycle as

soon as the real estate in the chain moves from one link

to another. At the same time, it provides a revenue model

for several intermediaries in the existing real estate chain,

who find their work in tracing, updating or reproducing

missing information. These intermediaries therefore have

an interest in maintaining data silos. Better registration

and divisibility of digital information is to some extent

a threat to (part of) their current business operations.

At the same time, clients are familiar with the fact that

carrying out a real estate transaction involves relatively

high costs in order to put the information base in order.

However, the question is not whether, but when, re-

engineering such outdated processes will take place, since

digitization is a mega trend that is leading to new business

models in every industry. More and better information is

becoming available around us, making the maintenance of

information silos an untenable model.

In fact, the currently known ‚blockchain & real estate‘

producers are the first pioneers who see opportunities to

realize new forms of value creation with a decentralized

digital information infrastructure. These are best

practices from which the entire real estate industry can

learn a lot. These pioneers can also learn a great deal from

the specific complexities in many real estate processes. It

is therefore very interesting to analyze where the issues

and opportunities are seen from both sides and where

digitization, blockchain in particular, can add value. And

that is exactly what FIBREE has in mind and why it wants

FIBREE Survey by Jo Bronckers

to research and show the latest developments to the

market by means of an annually recurring Industry Report

for blockchain and real estate.

RESEARCH METHODOLOGY

The FIBREE Industry Report workgroup has collected

input in a number of ways in parallel to each other in order

to obtain the most complete possible picture of the status

of Blockchain for global real estate.

At the end of 2018, the working group started desk

research by its members in order to get an overview of

the different blockchain and real estate startups that

are currently known throughout the world. The input

to the research was derived from different sources; via

Linkedin and various specific blockchain-related listing

sites (ICO Bench, Crunchbase, etc.) where we searched

for blockchain products and services specific to the real

estate industry. As of December 31, 2018, 501 blockchain

and real estate initiatives have been found worldwide. This

has been defined as the product database. The population

that is the basis for further analyses in this study.

12 THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019

At the beginning of 2019, the working group used desk

research to make a first in-depth analysis of the total

product database based on the information that could

be found on the Internet. A useable email-address of

approximately 300 of these product-suppliers was

found, which was used to invite them to participate in the

FIBREE INDUSTRY REPORT 2019 13THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019

Consulted sources for composition of the

FIBREE product database

174Linkedin

29Other

169ICO Bench

Crunchbase

44

FIBREENetwork

39

Own inputfrom company

32

CV Competition

14

REIN

FIBREE-Survey that took place in April 2019. This survey

has resulted in first-hand input of 39 initiatives directly

from the company in question and is of sufficiently high

quality to be able to make validated further substantive

analyses. The quality of the information on the other

441 initiatives was insufficiently reliable for in-depth

substantive analyses, but it was sufficient, to be able to

make a few statistical analyses on it. The main insights

obtained are presented and described below.

GEOGRAPHICAL DISTRIBUTION

The 501 products or services found come from 66

different countries and from all continents of the world.

With a number of 235, most of the companies in the

database (47%) have their headquarters in Europe.

Latin America is the least represented with only 4% of all

products.

In itself, this does not say much about the geographical

markets the products are targeting, as many blockchain

products are targeting multinational or fully global

markets. Nor does this rough division show where in the

world the real ‚hotspots‘ are located or which countries

are at the forefront of the development of blockchain

products for the real estate industry.

Further analysis provides a top-10 of countries that are at

the forefront of the development of blockchain products

for real estate. The result of this top-10 is not really a

surprise. Perhaps the presence of Singapore, Switzerland,

the Netherlands and the United Arab Emirates is most

striking in this top-10, as they are relatively small

countries. However, their leading position is not surprising

from a blockchain perspective, since these countries have

been developing state-of-the-art digital infrastructure

and are well known for their open mindset towards

digital innovations. Additionally, each of these countries,

show strong support for their respective governments.

The Canton of Zug in Switzerland, for example, is known

throughout the world for its liberal approach to blockchain

on the part of its government infrastructure. This has

contributed to the fact that this region, which is often

called Crypto Valley, has been able to attract the largest

concentration of blockchain companies and investors in

the world.

When zooming in on the most important cities and regions,

it becomes clear that there is a limited but clear group of

‚blockchain & real estate capitals‘ in the world. London,

New York and Singapore share the top 3 positions,

which leads to the conclusion that these blockchain and

real estate capitals are equally spread around the world.

The graph below shows the top 22 cities on the basis

of the number of headquarters of blockchain and real

estate companies located there. This graph shows that

in addition to London, New York and Singapore, there

are several urban regions that can also be qualified

as ‚blockchain & real estate capital‘. Silicon Valley (the

Cities of San Francisco and San Jose combined) or the

aforementioned Crypto Valley in Switzerland (Zurich,

Zug and Baar together) are at almost the same level as

Singapore.

GROWTH PHASE OF PRODUCTS

Of the 501 companies surveyed, an attempt was made via

the various sources to find out the year of incorporation

and the current growth phase. For 27% it was not possible

to find out the year of incorporation and for 36% of these it

was not possible to find an indication of the growth phase.

In 363 cases it was possible to find both an indication of

the growth phase and the year of incorporation.

Rank 2019

CountryNumber of listed BC/RE-

product-supply

1 USA 124

2 UK 53

3 Singapore 28

4 Switzerland 27

5 Netherlands 26

6 Russia 23

7 Australia 19

8 UAE 17

9 Germany 17

10 Spain 15

235Europe

75

Asia &

30

Middle East & Africa

22

Latin America

139

North America

Geographical distribution of used

product database for research

Top 10 countries in used product database

Top 22 blockchain & real estate capitals in the world according to the used product database

0 5 10 15 20 25 30 35 40 45 50

Hong Kong

Paris

Vancouver

San Jose (Ca)

Zurich

Saint Petersburg

Madrid

Prague

Melbourne

Talinn

Berlin

Zug

Moscow

San Francisco (Ca)

Dubai

Singapore

New York (NY)

London

Los Angeles (Ca)

Gibraltar

Rotterdam

Amsterdam

etc.

Most startups are still very young. Only 21% of the

companies whose founding year is known, existed in

2017. It is therefore not surprising that more than half of

the startups are still in a seed or startup phase. There are

only 35 companies, 7% of which a growth phase could be

traced, that are in the growth or expansion phase. Only 6

of them (1%) seem to have reached the most advanced

stage of growth, the expansion phase. Almost all of these

are companies that already existed in 2016 and have

started to develop the blockchain solution as a by-product

or extension of the existing product.

14 THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019 FIBREE INDUSTRY REPORT 2019 15THE STATE OF BLOCKCHAIN IN REAL ESTATE, 2019

This analysis also shows that 119 (24%) of the 501

products found no longer seem to be active. In almost

half of the cases, the year of incorporation has not been

found either. Of the 365 products for which the year of

incorporation was found, an average of 16% are no longer

active. In addition, there are approximately 50 products

of which it was not possible to determine the growth

phase and the year in which they were founded. If about

half of these products were no longer active, almost 1 in

3 startups with blockchain products for the real estate

industry would cease their activities within a few years.

THE REAL ESTATE SOLUTIONS WITH BLOCKCHAIN

In 101 of the 501 blockchain products found, it was not

possible to determine with sufficient certainty via desk

research which problem or opportunity the product

specifically offers a solution. The 400 remaining products

that have been analysed together offer 493 solutions

to various problems and opportunities in the real estate

market. It becomes clear that for at least 26% of the

products, the solution in question focuses on more than

one problem or opportunity.

For example, it is often decided through tokenization to

develop a digital twin. Using MLS solutions, this digital twin

can be offered to potential buyers in a marketplace where

due diligence information and purchase documents can

be accessed and updated from the relevant information

sources in a completely reliable manner via blockchain. At

the time of purchase, information such as property and

financing registration can be directly linked to this, which

in turn can be the trigger for additional functionality.

Similarly, the token can also be used to give voting rights

to (partial) owners for major decisions regarding the

physical asset, or form the dynamic key that gives all

(partial) owners real-time access to all updates of relevant

information regarding their asset when updated.

Seed Stage

Start Up Stage

Growth Stage

Expansion Stage

Other

Seems discontinued

Unknown

Before2016

2016 2017 2018 Unknown

10

20

30

40

50

60

70

80

90

0

Blockchain products in database by year of incorporation and growth phase

Comparative overview of applied real estate solutions in used product database and in FIBREE survey

Product Database (n=400)

FIBREE Survey(n=39)

10%

20%

30%

40%

50%

60%

70%

0

Invest (Investment in Real Estate)

Market (e.g. listing of properties)

Data Exchange

Manage & Operate (e.g. facility / property management)

Technology Providing

Land title / Smart Cities (e.g. zoning, permits)

Plan & Build

Other

Of the 400 products found, 58% have a solution that

facilitates investment in real estate. Approximately 20%

of the products have a solution for a marketplace or data

exchange. Other solutions are available in 10% or less of

the products.

In order to analyse the solutions in greater depth,

the feedback obtained from the FIBREE-Survey of

39 products is used. The composition of the group of

products in the FIBREE-Survey differs slightly from the

composition of the product database. In the FIBREE-

Survey, there are fewer ‚Data-exchange‘ solutions and

no ‚Technology Providing‘ solutions. The ‘Market’ and

‘Manage & Operate’ categories, on the other hand, are

more represented in the FIBREE Survey than in the

product database.

The 25 products in the FIBREE-Survey that fall into the

‘Invest’ category have proven to be quite diverse when

analysed in greater depth. Most products are asset-

backed security tokens, There are also solutions for

financing project developments or facilitating flexible

ownership between renting or purchasing. The table

below gives a more detailed overview of the real estate

solutions provided by the 39 blockchain products from

the FIBREE-Survey.


Half of the solutions in the FIBREE Survey use asset-

backed security tokens to enable real estate investments.

Approximately 20% are real estate data exchange

platforms or property management solutions. The rest

consist of a large variety of solutions, which shows how

widely applicable, in theory, blockchain use in the real

estate industry is possible.

Asset-backed securities use blockchain technology to

manage (partial) transactions of real estate properties or

portfolios and to track asset ownership. With tokens, a real

estate investment object or portfolio can be divided into

small fractions, making it possible to invest in small shares

of the asset as well. This is interesting for investors who

are looking for exposure to real estate in small amounts

or who are striving for a better spread of their real

estate investments in this way. Thanks to full automation,

transaction costs are kept relatively low, even in the case

of small investments.

Most solutions offer real estate companies a system

with tools and modules for creating, publishing, selling,

distributing, managing, tracking and trading tokenized

properties. Regulatory compliance is already ensured by

design in the case of professional solutions and can be

demonstrated via an audit report. The costs of marketing

are reduced compared to existing solutions and the

products offer the possibility to reach a wider potential

investor market while the administrative complexity

decreases. This can create extra value and liquidity for

real estate.

Real Estate Data-Exchange platforms include data

platforms where data about a real estate can be collected

from various sources and structured in accordance with

industry standards. It enables verification of the data by

(certified) professionals, with the principle of one-time

verification and multiple re-use being pursued. Recording

data at source and sharing data on a machine-2-machine

basis between applications to prevent manual data entry

and transfer should lead to a significant reduction in the

administrative burden. Existing solutions have been

developed to support due diligence processes or to

manage and secure data from IoT in the „Black Box“ of

smart buildings and infrastructures. Another example is a

solution that creates digital fingerprints of files that can be

accessed by third parties via an API or not, if not granted

access to it. In this way everyone can see that information

is present, but only those who have access via the API can

see the actual information.

Blockchain and additional techniques ensure that the

authenticity and content of data, for example, in data

rooms, can be guaranteed. Blockchain is sometimes also

applied in these data-exchange platforms to regulate data

privacy and compliance with data access policies.

Property management solutions are systems that

automate the administration, control and payment of

contractors and suppliers in the real estate sector, such

as cleaning staff, craftsmen and the like. These processes

are often decentralised but in the current set-up, they are

centrally administered and managed. Think of a platform

to enable direct processes such as communication,

service supply and charging. Sustainable building use

between landlord, property manager, tenants and

service providers including; real time and decentralized

administration of information and payment flows. One

could also think of a kind of CRM system intended for

Homeowner Associations and real estate management

organizations. Blockchain provides security, traceability

and transparency for the users and makes it possible

to achieve up to 70% administrative cost reduction

compared to current processes.

Other noteworthy applications include the possibility of

creating a unique digital address for each building, even

before the building is granted a real address, which can

then be used to store all the related information about

that building. Or a real estate marketplace where parties

can directly negotiate rental or purchase transactions,

including the administration of counter-proposals and

the closing of the transaction by the selected partie(s).

There are also reasonable basic solutions aimed at easy

digital coordination between owner and tenant. Think of

a solution to handle lease contracts completely digitally

and completely reliably. Or the aforementioned solution

in which the tenant facilitates the gradual acquisition of

property from a rental situation.

USED BLOCKCHAIN PLATFORMS

By far the most widely used blockchain platform is

Ethereum. No less than 90% of the 25 ‚Investment‘

solutions say they use Ethereum. Bitcoin and Hyperledger

follow as the second and third most used platforms. A

small percentage indicated that they use proprietary

distributed ledger technology. Out of 39 products,

23% say they use multiple blockchain platforms in their

solution.

The reason for choosing Ethereum is that the ERC20

standard is generally the most widely used tokenization

standard. This will have great advantages in the long

run when the market for tradable tokens becomes more

mature, because ERC20 tokens are expected to be the

most widely used standard and therefore the largest

group of investors can be reached. The combination of

ERC20 tokens and the Solidity programming language

is also appreciated for its easy applicability to smart

contracts. Finally, it is stated that Ethereum was chosen

because the use of a different protocol that has yet to

prove itself, is seen as an extra risk that one tries to avoid

as a startup.

The reasons for choosing to use the Bitcoin platform

include its robustness and widespread adoption and

industry standards.

Hyperledger is chosen as soon as a semi-public or fully

authorized network solution is required. Hyperledger

Fabric provides an easily applicable modular solution in an

enterprise environment that is widely used in the market.

Asset backed security tokens 20

Real Estate data exchange platform 4

Property Management 4

Location Intelligence 2

MLS 2

Transactions 2

Contract life cycles 1

Flexible ownership 1

Development financing 1

Land registry 1

Audit trail for data 1

Result of an in-depth analysis of the real estate solu-tions in FIBREE-Survey

Used blockchain platforms in

FIBREE Survey

56Ethereum

10

Bitcoin

6

Hyperledger

8

Own DLT

20

Other

Reasons given for choosing other blockchain platforms

relate to the cost and speed of transactions, the desired

functionalities that better meet the specific requirements

of real estate tokenization, the consensus protocol used,

or because of specific requirements with regard to

information anonymity.

CHALLENGES FOR BLOCKCHAIN START-UPS

In the development of blockchain products for the real

estate market, almost every initiative is faced with several

challenges. In the FIBREE survey, participants were asked

about the challenges they face. The 39 participants indicate

a total of 46 challenges. Compliance with regulations,

timing for adoption in the market, finding funding or

development partners(,) and knowledge development in

the market are the most frequently mentioned challenges

and are all mentioned approximately as often (all between

21% and 25%).


Differentiating the various challenges according to the

solution that is being achieved will make it possible to

identify more precisely the challenges that arise and

where they arise.

Regulatory compliance appears to be of particular

importance in the case of ‚Invest‘ and ‚Market‘ solutions.

In the case of the other solutions, it appears that there is

little to be gained from compliance with regulations.

Challenges regarding ‘Market education’ and ‘Fundraising/

development partners’ seem to go hand in hand and are

widely identified in ‘Manage & Operate’, ‘Market’, ‘Invest’,

and ‘Land Title/Smart Cities’ solutions.

Challenges on how to ‘apply Distributed Ledger

Technology’ exactly in the solution are most common with

‘Land Title/Smart Cities’ solutions and to a greater extent

with ‘Market’ and ‘Invest’ solutions.

Finally, ‘Performance’ related challenges are relatively

most common in ‘Manage and Operate’ solutions.

MILESTONES AND FUNDING

As a final part of the FIBREE Survey, participants were

asked about the most important milestones achieved so

far and the way in which their company is funded. The

results confirm once again that the development and

application of blockchain solutions in the real estate

industry is only just beginning, as only a limited number

of product providers have ample funding resources for

further product development. Of the 39 participants

in the FIBREE survey, 23% do not give an indication of

the funding they have received so far. With 36% of the

answers, the majority of the participants say they have

less than USD 200,000 in funding. Another 18% say

they have between USD 200k and USD 1 million. The

remaining 23% replied that they have more than USD 1

million in funding.

When asked about the origin of the funding, 53% indicated

that it came from their own sources. 28% indicated that

funding comes from investment firms and/or private

equity. It is striking that only 10% of the real estate

blockchain-products in the study made only limited use of

ICOs. Friends and family also have a limited share in the

origin of funding at 8%.

It is also striking that no fewer than 12 of the 14 companies

with less than USD 200k in funding have indicated that

they have been financed exclusively from their own

sources. The opposite picture can be seen in companies

with more than USD 1 million in funding. Of these all but

one indicate that they have several sources of funding,

Other

Plan & Build

Data Exchange

Land title / Smart Cities (e.g. zoning, permits)

Manage & Operate (e.g. facility / property management

Market (e.g. listing of properties)

Invest (Investment in real estate)

30%25%20%15%10%5%0%

Timing / Market adoption

Apply to regulations

How to deploy DLT

Market education

Performance

Other

Fundraising / Development partners

Overview of experienced challenges in the different blockchain solutions for real estate

> USD 1 Million

< USD 1 Million

< USD 200.000

Noanswer

10%

15%

5%

20%

25%

30%

35%

40%

0

Funding of participants FIBREE-Survey

including at least investment firms and/or private equity.

Only one organization with more than 1 million in funding

indicates that it is exclusively funded by friends and family.

Origin of funding for FIBREE Survey participants

Ownsources

Invest-

private equity

ICOFirends

and Family

None

20%

30%

10%

40%

50%

60%

0

As regards to the key milestones achieved so far, the

participants have responded in a variety of ways. The

answers to this question gives a good indication of the

current status of blockchain solutions for the real estate

market. From the responses received, it can be cautiously

concluded that less than half of the products say they

are ready for actual use in the market. The big question

remains to what extent they are applicable. If they are

applied at all, they are only in their first beta versions or

being used on a small scale. Most products are still in a

PoC phase. The figure below illustrates this. •

Main milestones achieved according to participants in FIBREE Survey

None

Development partner found

First mover in the market

Winning of awards

Steady growth of user base for product

Completion of funding round(s)

MVP ready

First market application

0% 5% 10% 15% 20% 25% 30% 35%

The data for the FIBREE country report has been aggregated by the regional chairs of the specific country based on their knowledge of the industry. This data has no claim to be representative, but should give an indication of where the current state of the industry is.

20 GLOBAL NETWORK

GLOBAL NETWORK

Canada

Brazil

USA

Chile

FIBREE INDUSTRY REPORT 2019 21GLOBAL NETWORK

India

United Arab Emirates

Kenya

Hungary

Georgia

Taiwan

Russia

Spain

Australia

Switzerland

Israel

Italy

Slovenia

Croatia

Belgium

UK

Netherlands

Germany

Poland

Austria

22 AUSTRALIA FIBREE INDUSTRY REPORT 2019 23AUSTRALIA

Level of engagement with blockchain

12345

LowSlightly engaged

MediumMostly engaged

High

Locations

Use of blockchain in real estate

MelbourneSagar Brahmbhatt

Agnes WaterGordon Christian

GARTNER HYPE CYCLE

REGIONAL CHAIRS

AUSTRALIA

Melbourne

Agnes Water

COUNTRY MAP REAL ESTATE SECTOR

1

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Invest and Finance

Research and Valuate

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Overall activity in blockchain & real estate

Canberra

English

25.324.713

CAPITAL

LANGUAGE

POPULATION

CURRENCY

GROSS DOMESTIC PRODUCT

Australian Dollar

$1.500 trillion

FIBREE FACTS

COUNTRY FACTS

First chapter established: 12/2018

Source: Wikipedia

Get in touch:

2,5%

Government cilbuPAuthorities

10%

Corporate>200employees

10%

SME<200employees

77,5Start-Ups

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT

for blockchain applications

Ethereum»

MOST USED TECHNOLOGY

for blockchain & real estate

Konkrete

BuildSort

House Coin Australia

1.

2.

3.

MOST PROMISSING STARTUPS

<50 <100 <500 <1000 >1000

How far is the country moving from paper-based

business to a digital economy in the real estate industry?

ANALOG TO DIGITAL

Still mostly paperbased

Partly digital, but mostly

paperbased

Mostlydigital

100%digital

Activity in blockchain &

real estate

24 AUSTRIA FIBREE INDUSTRY REPORT 2019 25AUSTRIA


12345

LowSlightly engaged


High

Locations


ViennaFlorian Huber

ViennaDominik Alphart

GrazWalter Strametz

GARTNER HYPE CYCLE

REGIONAL CHAIRS

AUSTRIA

Graz

Vienna


1

2

3

4

5

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Vienna

German

8.858.775

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Euro

$477.672 billion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

52,5%

Start-Ups

14%

Corporate>200 employees

15,5%

GovernmentPublicauthorities

18%

SME<200 employees

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



Realest8/ Avinoc

Salamantex

Conda

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

26 BELGIUM FIBREE INDUSTRY REPORT 2019 27BELGIUM


12345

LowSlightly engaged


High

Locations


BrusselsAlexander Appelmans

GARTNER HYPE CYCLE

REGIONAL CHAIRS

BELGIUM

Brussels


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

te

Market

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Brussels

Dutch, French & German

11,420,163

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Euro

$533 billion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

50%

GovernmentPublic authorities

14%

SME<200 employees

20 %

Start-Ups

25%


SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Hyperledger»



The Ledger

Estate Share

Settle Mint

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

28 BRAZIL FIBREE INDUSTRY REPORT 2019 29BRAZIL


12345

LowSlightly engaged


High

Locations


São PauloRafael Stocco

GARTNER HYPE CYCLE

REGIONAL CHAIRS

BRAZIL


1

2

3

4

5

Pla

n a

nd

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ild

Manage and Opera

te

Market

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Bui

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Invest and Finance


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ity


Brasília

Portuguese

210,147,125

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Real

$1.960 trillion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

5%

Governmentpublic authorities

5%


10%

SME<200employees

80%

Start-Ups

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Hyperledger»



-

-

-

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

São Paulo

30 CANADA FIBREE INDUSTRY REPORT 2019 31CANADA


12345

LowSlightly engaged


High

Locations


CalgaryCody Weiss

GARTNER HYPE CYCLE

REGIONAL CHAIRS

CANADA

Calgary


1

2

3

4

5

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nd

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ity


Ottawa

English, French

37,314,442

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Canadian Dollar

$1.820 trillion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

33,3%

Start-Ups

19,1%


19,1%

GovernmentPublicauthorities 28,5%

SME<200 employees

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



Reitium

-

-

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

32 CHILE FIBREE INDUSTRY REPORT 2019 33CHILE

Santiago


12345

LowSlightly engaged


High

Locations


SantiagoNathan Wosnack

GARTNER HYPE CYCLE

REGIONAL CHAIRS

CHILE


1

2

3

4

5

Pla

n a

nd

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Invest and Finance


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ity


Santiago

Spanish

17,574,003

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Peso

$305 billion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

60%

Start-Ups

10%


10%


20 %

SME<200 employees

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Bitcoin»



-

-

-

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

34 CROATIA FIBREE INDUSTRY REPORT 2019 35CROATIA


12345

LowSlightly engaged


High

Locations


ZagrebTomica Cesar

GARTNER HYPE CYCLE

REGIONAL CHAIRS

CROATIA

Zagreb


1

2

3

4

5

Pla

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nd

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ity


Zagreb

Croatian

4,154,200

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Kuna

$61.586 billion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

3%

SME>200 employees

7%

Start-Ups

20 %


70%


SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



-

-

-

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

36 GEORGIA FIBREE INDUSTRY REPORT 2019 37GEORGIA


12345

LowSlightly engaged


High

Locations


TibilisiMariam Turashvili

GARTNER HYPE CYCLE

REGIONAL CHAIRS

GEORGIA

Tibilisi


1

2

3

4

5

Pla

n a

nd

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Tbilisi

Georgian, Abkhazian

3,723,500

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Georgian Lari

$17.836 billion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

10%

SME<200 employees

70%


10%


10%

Start-Ups

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Bitcoin»



-

-

-

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

38 GERMANY FIBREE INDUSTRY REPORT 2019 39GERMANY


12345

LowSlightly engaged


High

Locations


BerlinAchim Jedelsky

HamburgMarc Driessen

Coordinator GermanyAxel von Goldbeck

RegensburgSandor Horvath

FrankfurtRoland Farhat

StuttgartFabian Süß

HamburgPaul Huelsmann

StuttgartSebastian Steimer

GARTNER HYPE CYCLE

REGIONAL CHAIRS

GERMANY

Berlin

Hamburg

StuttgartRegensburg

Frankfurt


1

2

3

4

5

Pla

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Invest and Finance


Time

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Inn

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rigg

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Berlin

German

83.000.000

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Euro

$4.117 trillion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

43,5%

Start-Ups

14,2%


16,3%

SME<200employees

26%


SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



Brickblock

Brickmark

Finexity AG

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

40 HUNGARY FIBREE INDUSTRY REPORT 2019 41HUNGARY


12345

LowSlightly engaged


High

Locations


BudapestKornel Kalocsai

GARTNER HYPE CYCLE

REGIONAL CHAIRS

HUNGARY

Budapest


1

2

3

4

5

Pla

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nd

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Market

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Invest and Finance


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Budapest

Hungarian

9,797,561

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Forint

$164.527 billion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

52,5%

Start-Ups

14%


15,5%


18%

SME<200 employees

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



SmartDeposit

WarrantIQ

-

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

42 INDIA FIBREE INDUSTRY REPORT 2019 43INDIA


12345

LowSlightly engaged


High

Locations


BangaloreRajesh Dsouza

KolkataArnab Paul

GARTNER HYPE CYCLE

REGIONAL CHAIRS

INDIA


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

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Market

Next C

ity Solutions

Bui

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Invest and Finance


Time

Exp

ecta

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Tri

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Exp

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Tro

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ctiv

ity


New Delhi

Hindi, English

1,324,171,354

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Indian Rupee

$2.971 trillion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

35%

Start-Ups

15%

Government public authorities

20 %


30 %

SME<200 employees

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Bitcoin»



PropertyShare

RealX

Blockchain Developments.io

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

Kolkata

Bangalore

44 ISRAEL FIBREE INDUSTRY REPORT 2019 45ISRAEL


12345

LowSlightly engaged


High

Locations


Tel AvivOr Perelman

Tel AvivYael Tamar

Tel AvivIdo Shacham

GARTNER HYPE CYCLE

REGIONAL CHAIRS

ISRAEL

Tel Aviv


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

te

Market

Next C

ity Solutions

Bui

ldin

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chno

logi

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Invest and Finance


Time

Exp

ecta

tio

ns

Inn

ovat

ion

Tri

gger

Exp

ecta

tio

ns

Tro

ugh

of

Dis

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nm

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Slo

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of

En

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men

t

Pla

teau

of

Pro

du

ctiv

ity


Jerusalem

Hebrew

9,044,440

CAPITAL

LANGUAGE

POPULATION

CURRENCY


New Shekel

$390.656 billion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

57,5%

Start-Ups

7,5%


15%


20 %

SME<200 employees

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



Solidblock

Chromaway

Agora

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

46 ITALY FIBREE INDUSTRY REPORT 2019 47ITALY


12345

LowSlightly engaged


High

Locations


MilanoAlex dell Orto

MilanoFrancesco Filippo Bruno

MilanoEmanuele Rizzardi

RomePatrizia Giannini

GARTNER HYPE CYCLE

REGIONAL CHAIRS

ITALY


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

te

Market

Next C

ity Solutions

Bui

ldin

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chno

logi

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Invest and Finance


Time

Exp

ecta

tio

ns

Inn

ovat

ion

Tri

gger

Exp

ecta

tio

ns

Tro

ugh

of

Dis

illu

sio

nm

ent

Slo

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of

En

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ten

men

t

Pla

teau

of

Pro

du

ctiv

ity


Rome

Italian

60,483,973

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Euro

$2.026 trillion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

66,7%

Start-Ups

9,3%


11,7%

SME<200employees

12,3%


SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Bitcoin»



Walliance

Mangrovia

Casavo

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

Milano

Rome

48 KENYA FIBREE INDUSTRY REPORT 2019 49KENYA


12345

LowSlightly engaged


High

Locations


NairobiSamuel Ouko

GARTNER HYPE CYCLE

REGIONAL CHAIRS

KENYA

Nairobi


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

te

Market

Next C

ity Solutions

Bui

ldin

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logi

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Invest and Finance


Time

Exp

ecta

tio

ns

Inn

ovat

ion

Tri

gger

Exp

ecta

tio

ns

Tro

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of

Dis

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nm

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Slo

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of

En

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ten

men

t

Pla

teau

of

Pro

du

ctiv

ity


Nairobi

English, Swahili

49,364,325

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Kenyan Shilling

$99.246 billion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

5%

SME<200 employees

10%


25%

GovernmentPublicauthorities 60%

Start-Ups

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Bitcoin»



-

-

-

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

50 NETHERLANDS FIBREE INDUSTRY REPORT 2019 51NETHERLANDS


12345

LowSlightly engaged


High

Locations


AmsterdamJo Bronckers

EnschedeJan Veuger

GARTNER HYPE CYCLE

REGIONAL CHAIRS

NETHERLANDS

Amsterdam

Enschede


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

te

Market

Next C

ity Solutions

Bui

ldin

g Te

chno

logi

es

Invest and Finance


Time

Exp

ecta

tio

ns

Inn

ovat

ion

Tri

gger

Exp

ecta

tio

ns

Tro

ugh

of

Dis

illu

sio

nm

ent

Slo

pe

of

En

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ten

men

t

Pla

teau

of

Pro

du

ctiv

ity


Amsterdam

Dutch

17.261.622

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Euro

$914 billion

FIBREE FACTS

COUNTRY FACTS


Working group: Unique property identinty

Get in touch:

35%

Government cilbuPAuthorities

24,5%

Start-Ups

11,5%

SME<200 employees

29%


SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



Axiom (Deloitte)

Loek!

Legal Things One

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

52 POLAND FIBREE INDUSTRY REPORT 2019 53POLAND


12345

LowSlightly engaged


High

Locations


WarsawAlexander Morari

WarsawAdrian Karczewicz

WarsawSylwia Toczyska

GARTNER HYPE CYCLE

REGIONAL CHAIRS

POLAND

Warsaw


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

te

Market

Next C

ity Solutions

Bui

ldin

g Te

chno

logi

es

Invest and Finance


Time

Exp

ecta

tio

ns

Inn

ovat

ion

Tri

gger

Exp

ecta

tio

ns

Tro

ugh

of

Dis

illu

sio

nm

ent

Slo

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of

En

ligh

ten

men

t

Pla

teau

of

Pro

du

ctiv

ity


Warsaw

Polish

38,433,600

CAPITAL

LANGUAGE

POPULATION

CURRENCY


$593.295 billion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

50%

Start-Ups

25%


25%


SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



ShareSpace

AzurSea

1.

2.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

-3.

54 RUSSIA FIBREE INDUSTRY REPORT 2019 55RUSSIA


12345

LowSlightly engaged


High

Locations


MoscowStephen Inscoe

GARTNER HYPE CYCLE

REGIONAL CHAIRS

RUSSIA


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

te

Market

Next C

ity Solutions

Bui

ldin

g Te

chno

logi

es

Invest and Finance


Time

Exp

ecta

tio

ns

Inn

ovat

ion

Trig

ger

Exp

ecta

tio

ns

Tro

ugh

of

Dis

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nm

ent

Slo

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of

En

ligh

ten

men

t

Pla

teau

of

Pro

du

ctiv

ity


Moscow

Russian

146,793,744

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Russian Ruble

$1.610 trillion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

40%

Start-Ups

5%


15%


40%

SME<200 employees

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



Waves/Vostok

LAToken

1.

2.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

Universa3.

Moscow

56 SLOVENIA FIBREE INDUSTRY REPORT 2019 57SLOVENIA


12345

LowSlightly engaged


High

Locations


LjubljanaDenis Petrovcic

GARTNER HYPE CYCLE

REGIONAL CHAIRS

SLOVENIA

Ljubljana


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

te

Market

Next C

ity Solutions

Bui

ldin

g Te

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logi

es

Invest and Finance


Time

Exp

ecta

tio

ns

Inn

ovat

ion

Tri

gger

Exp

ecta

tio

ns

Tro

ugh

of

Dis

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nm

ent

Slo

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of

En

ligh

ten

men

t

Pla

teau

of

Pro

du

ctiv

ity


Ljubljana

Slovene

2,080,908

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Euro

$55 billion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

5%Government

Public authorities

5%


20 %

SME<200employees

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



Blocksquare.io

Elements Estates

-

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

70%

Start-Ups

58 SPAIN FIBREE INDUSTRY REPORT 2019 59SPAIN


12345

LowSlightly engaged


High

Locations


MadridMiguel Linera Alperi

MadridAlfredo Diaz-Araque Moro

MálagaAli Parandeh Zandpour

MálagaVicente Ortiz Alonso

GARTNER HYPE CYCLE

REGIONAL CHAIRS

SPAIN

Málaga

Madrid


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

te

Market

Next C

ity Solutions

Bui

ldin

g Te

chno

logi

es

Invest and Finance


Time

Exp

ecta

tio

ns

Inn

ovat

ion

Tri

gger

Exp

ecta

tio

ns

Tro

ugh

of

Dis

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sio

nm

ent

Slo

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of

En

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ten

men

t

Pla

teau

of

Pro

du

ctiv

ity


Madrid

Spanish

46,733,038

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Euro

$1.506 trillion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

[email protected]

[email protected]

[email protected]

[email protected]

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



Arex

-

-

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital

Source: Wikipedia

54,3%

Start-Ups

11%


13,3%

SME<200employees

21,3%



real estate

60 SWITZERLAND FIBREE INDUSTRY REPORT 2019 61SWITZERLAND


12345

LowSlightly engaged


High

Locations


GARTNER HYPE CYCLE

SWITZERLAND


1

2

3

4

5

Time

Exp

ecta

tio

ns

Inn

ovat

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Trig

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Pea

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flat

ed

Exp

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Slo

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of

En

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ten

men

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teau

of

Pro

du

ctiv

ity


Bern

German, French,Italian, Romansh

8,508,898

CAPITAL

LANGUAGE

POPULATION

FIBREE FACTS

COUNTRY FACTS


Get in touch:

[email protected]

[email protected]

[email protected]

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum, Tezos, Polkadot»



Crowdlitoken

element36

Elea Labs

1.

2.

3.


<50 <100 <500 <1000 >1000



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital

CURRENCY

Swiss Franc (CHF)


$704 billion

Source: Wikipedia

Pla

n a

nd

Bu

ild

Manage and Opera

te

Market

Next C

ity Solutions

Bui

ldin

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logi

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Invest and Finance


50%

Start-Ups

15%


15%

SME<200 employees

20 %



real estate

Zug, Zurich & GenevaMichael TruebesteinLutz ThelenWalter Strametz

REGIONAL CHAIRS

Zug

Geneva

Zurich


12345

LowSlightly engaged


High

Locations


TaipeiSebastian Hewing

GARTNER HYPE CYCLE

REGIONAL CHAIRS

62 TAIWAN

TAIWAN

Taipei


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

te

Market

Next C

ity Solutions

Bui

ldin

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logi

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Invest and Finance


Time

Exp

ecta

tio

ns

Inn

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ion

Trig

ger

Pea

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f in

flat

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Exp

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du

ctiv

ity



Teipei

Mandarin, Chinese

23,577,271

CAPITAL

LANGUAGE

POPULATION

CURRENCY


New Taiwan Dollar

$603 billion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

[email protected]

50%


15%


15%

SME<200 employees

20%

Start-Ups

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



-

-

-

1.

2.

3.


<50 <100 <500 <1000 >1000

63TAIWAN



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia


12345

LowSlightly engaged


High

Locations


LondonKevin O‘Grady

GARTNER HYPE CYCLE

REGIONAL CHAIRS

64 UNITED KINGDOM

UNITED KINGDOM

London


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

te

Market

Next C

ity Solutions

Bui

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Invest and Finance


Time

Exp

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tio

ns

Inn

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Trig

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ity



London

English

66,921,307

CAPITAL

LANGUAGE

POPULATION

CURRENCY


Pound Sterling

$2.936 trillion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

[email protected]

45%

Start-Ups

15%


20%


20%

SME<200 employees

SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Ethereum»



Electron

Aztec

Qadre

1.

2.

3.


<50 <100 <500 <1000 >1000

65UNITED KINGDOM



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia


Coordinator USAAlexandra Sasha Kramer

ChicagoGeoffrey Kasselman

New YorkJohn Dean Markunas

New YorkAnthony Elia

Silicon ValleyPeter Su

Silicon ValleyRanganathan Krishnan

Los AngelesEric Bryant

SeattleBrock Freeman

PhiladelphiaGary Brandeis

DenverGarratt Hasenstab

GARTNER HYPE CYCLE

REGIONAL CHAIRS

66 USA

USA

New York

PhiladelphiaSan Francisco


1

2

3

4

5

Pla

n a

nd

Bu

ild

Manage and Opera

te

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Next C

ity Solutions

Bui

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Invest and Finance


Time

Exp

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Trig

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Seattle

Denver

Los Angeles

Chicago



Washington

English

327,167,434

CAPITAL

LANGUAGE

POPULATION

CURRENCY


United States Dollar

$20.891 trillion

FIBREE FACTS

COUNTRY FACTS


Get in touch:

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

40%

Start-Ups

16,3%


17,5%

SME<200employees

26,3%


SECTOR ACTIVITY

SIZE OF COMMUNITY

CONTACT


Multiple Technologies»



Harbor

Leasera.com

Bloq

Securitize

1.

2.

2.

2.


<50 <100 <500 <1000 >1000

67USA



ANALOG TO DIGITAL



paperbased

Mostlydigital

100%digital


real estate

Source: Wikipedia

PRODUCT DATABASE

68 PRODUCT DATABASE FIBREE INDUSTRY REPORT 2019

Co

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69PRODUCT DATABASE

This product database was created by a FIBREE working group based on desktop research (see page

11 for details). Products that were public available by December 31, 2018 have been recognized

to the best of our effort. As the industry is constantly changing this can only be a snapshot and has

no claim to be complete. So please be aware that some of the products listed, might in the period in

between have ceased their activities.

Via the FIBREE website you can add products / startups to this database or let us know in case

projects that are listed here ceased meanwhile.

70 PRODUCT DATABASE FIBREE INDUSTRY REPORT 2019 71PRODUCT DATABASE

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84 OUR SPONSORS FIBREE INDUSTRY REPORT 2019 85OUR PARTNERS

OUR SPONSORSSupport in bringing together the expertise of pioneers and exchanging knowledge and insights thathave already been gained.

OUR PARTNERS

CBRE

cbre.com

DLA PIPER

dlapiper.com

ODYSSEY

odyssey.org

PROVADA

provada.nl

STEKADEMY

stekademy.nl

INATBA

inatba.org

WTIA

washingtontechnology.org

GLOBAL PROPTECH

globalproptech.online

REAL ESTATE

INNOVATION NETWORK

real-estate-innovation.net

GOVERNMENT BLOCKCHAIN

ASSOCIATION

gbaglobal.org

HOLLAND CONTECH &

PROPTECH

contechproptech.nl

VESTEDA

vesteda.com

RABOBANK

rabobank.com

BOUWINVEST

bouwinvest.com

GLOBAL SPONSOR

REGIONAL SPONSORS

CHAIRS

Florian Huber / Vienna

Walter Strametz / Graz

Dominik Alphart / Vienna

Jo Bronckers / Amsterdam

Jan Veuger / Enschede

Denis Petrovcic / Ljubliana

Stephen Inscoe / Moscow

Michael Truebestein / Zug

Kevin O‘Grady / London

Alexander Morari / Warsaw

Adrian Karczewicz / Warsaw

Sylwia Toczyska / Warsaw

Ali Parandeh Zandpour / Malaga

Miguel Linera Alperi / Madrid

Alfredo Diaz-Araque Moro / Madrid

Vicente Ortiz Alonso / Malaga

Alexander Appelmans / Brussels

Tomica Cesar / Zagreb

Mariam Turashvili / Tibilisi

Achim Jedelsky / Berlin

Fabian Süß / Stuttgart

Roland Farhat / Frankfurt

Sandor Horvath / Regensburg

Paul Huelsmann / Hamburg

Marc Driessen / Hamburg

Axel von Goldbeck / Berlin

Sebastian Steimer / Stuttgart

Alex dell Orto / Milano

Francesco Filippo Bruno / Milano

Emanuele Rizzardi / Milano

Patrizia Giannini / Rome

Kornel Kalocsai / Budapest

AUSTRIA NETHERLANDS

SLOVENIA

RUSSIA

SWITZERLAND

UNITED KINGDOM

POLAND

SPAIN

BELGIUM

CROATIA

GEORGIA

GERMANY

ITALY

HUNGARY

87CHAIRS

By bringing together the expertise of pioneers in this field and sharing knowledge and insights already gained, FIBREE wants to make an important contribution to the adoption and implementation of this technology in the real estate market in the coming years.

BOARD

ACHIM JEDELSKY

President

ALEX DELL ORTO‘

Secretary

FLORIAN HUBER

Community Engagement

WALTER STRAMETZ

Treasurer

JO BRONCKERS

Vice President

PR / Corporate Relations

DENIS PETROVCIC

Governance Structure and Ethics

TOMICA CESAR

Product and Content

MICHAEL TRÜBESTEIN

Regional Development and Events

Berlin, Germany

Milano, Italy

Vienna, Austria

Graz, Austria

Amsterdam, Netherlands

Lublijana, Slovenia

Zagreb, Croatia

Zug, Switzerland

86 BOARD

EUROPE


88 CHAIRS 89NOTES

Or Perelman / Tel Aviv

Yael Tamar / Tel Aviv

Ido Shacham / Tel Aviv

Sagar Brahmbhatt / Melbourne

Gordon Christian / Agnes Water

John Dean Markunas / New York

Alexandra Sasha Kramer / New York

Ranganathan Krishnan / Silcon Valley

Brock Freeman / Seattle

Geoffrey Kasselman / Chicago

Peter Su / Silcon Valley

Eric Bryant / Los Angeles

Gary Brandeis / Philadelphia

Anthony Elia / New York

Garratt Hasenstab / Denver

Rafael Stocco / Sao Paulo Nathan Wosnack / Santiago

Rajesh Dsouza / Bangalore

Arnab Paul / Kolkata

Samuel Ouko / Nairobi

Sebastian Hewing / Teipei

Cody Weiss / Calgary

Mustafa Shinnar / Dubai

ISRAEL

AUSTRALIA

USA

BRAZIL CHILE

INDIA

KENYA

TAIWAN

CANADA

UNITED ARAB EMIRATES

MIDDLE EAST AND AFRICA

ASIA AND PACIFIC

NORTH AMERICA

SOUTH AMERICA

NOTES


90 NOTES FIBREE INDUSTRY REPORT 2019

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Documents

FIBREE INDUSTRY REPORT · 4 CONTENTS FIBREE INDUSTRY REPORT 2019 IMPRINT The FIBREE Industry Report is the most important yearly contribution of FIBREE to the market. It gives some