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April 22, 2024
Crypto Trends and Innovation

Billionaire Mark Cuban Wants to Tap Blockchain for Real Estate Innovation

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Tech billionaire Mark Cuban has expressed curiosity within the potential of blockchain know-how for revolutionizing actual property growth. 

This follows a city-building proposal by serial entrepreneur Jason Calacanis that sparked a dialogue about integrating cutting-edge know-how into large-scale city growth initiatives.

Blockchain for city growth 

Calacanis recommended setting up ten new cities within the U.S., every with one million housing items. They’d be aimed toward redefining city dwelling with a give attention to sustainability and affordability. 

Cuban took the dialog a step additional. He proposed leveraging blockchain know-how, notably specializing in its potential to automate and safe actual property transactions and undertaking administration.

The billionaire’s proposal entails the creation of a sensible contract on a zero-knowledge layer-2 blockchain platform. This contract would routinely verify for the issuance of development permits. 

Upon verification, it might create and ship an NFT that releases $250,000 in USDC, a well-liked stablecoin, when an oracle verifies {that a} housing unit is full. 

The sensible contract would constantly monitor for brand new development permits and generate a brand new NFT for every extra housing unit constructed. 

Moreover, Cuban suggests utilizing a multi-signature pockets to make sure safety and mutual safety for each events concerned within the transaction.

Some skepticism 

Some customers questioned the need of utilizing a ZK rollup, a complicated blockchain resolution, for this function. 

Cuban responded by stressing the simplicity and safety advantages of utilizing a multi-signature pockets for dealing with undertaking funds. 

Calacanis, nevertheless, recommended choosing a extra conventional trust-based technique for funds switch.  

Concerning the writer

Alex Dovbnya

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