房地產代幣化：區塊鏈技術如何改變房地產產業

透過使用區塊鏈技術創建產權數位代幣，可以實現房地產買賣和轉讓的自動化。

Elizabeth Sample and Brenda Powers of Sotheby’s International Realty in NYC told me in an interview that “in 2022, the global real estate market was valued at around $379.7 trillion. This makes it one of the largest markets in the world.” And they continued:

紐約蘇富比國際房地產公司的 Elizabeth Sample 和 Brenda Powers 在接受採訪時告訴我，「2022 年，全球房地產市場價值約為 379.7 兆美元。這使其成為世界上最大的市場之一。他們繼續說：

“We are all connected to the residential or commercial real estate world by owning or renting, etc. By using blockchain technology to create digital tokens for property rights, the buying, selling, and transferring of real estate can be automated. This approach allows investors to invest in real estate more efficiently and increases liquidity in this huge asset class.”

「我們都透過擁有或租賃等方式與住宅或商業房地產世界相連。透過使用區塊鏈技術創建產權數位代幣，房地產的購買、出售和轉讓可以實現自動化。這種方法使投資者能夠更有效地投資房地產，並增加這一龐大資產類別的流動性。

Already, there is a rapidly growing market for tokenized real-world assets representing one of the largest market opportunities in the blockchain industry, with a potential market size—according to a joint study by 21.co, BCG, and ADDX—projected to reach between $10 trillion and $16 trillion by 2030. According to Statista, by 2030, real estate is predicted to account for around one-third of the tokenized asset market, making it the most prevalent category.

代幣化現實世界資產市場已經在快速成長，這是區塊鏈產業最大的市場機會之一，根據 21.co、BCG 和 ADDX 的聯合研究，其潛在市場規模預計將達到2030 年，這一數字將在10 兆至16 兆美元之間。

Adding fuel to this growth is the US Federal Reserve’s continued efforts to restrain inflation through higher interest rates, which many experts believe will stay for a while. This has investors increasing their allocations in collateral-based cash flows backed by real estate assets that offer a compelling risk-adjusted yield that serves as a stabilizing income source in an investor’s diversified portfolio.

聯準會繼續透過提高利率來抑制通膨，為這一增長增添了動力，許多專家認為這種做法將持續一段時間。這促使投資者增加對由房地產資產支持的基於抵押品的現金流的配置，這些資產提供令人信服的風險調整收益率，成為投資者多元化投資組合的穩定收入來源。

Historically, real estate has been a reliable hedge against inflation, allowing investors to invest in traditional real estate investment trusts, or REITs, and maybe even real estate tokens. Recent reports state that pro-digital asset President-elect real estate tycoon Donald Trump and his son, Donald Trump Jr., are developing a new real estate token project tentatively called “World Liberty” to integrate real estate investments with decentralized finance using blockchain technology.

從歷史上看，房地產一直是抵禦通貨膨脹的可靠對沖工具，允許投資者投資傳統的房地產投資信託基金（REITs），甚至房地產代幣。最近的報導稱，支持數位資產的當選總統房地產大亨唐納德·特朗普和他的兒子小唐納德·特朗普正在開發一個新的房地產代幣項目，暫定名為“World Liberty”，利用區塊鏈技術將房地產投資與去中心化金融結合。

How can blockchain be used in real estate transactions?

區塊鏈如何應用在房地產交易？

Blockchain technology could serve as a transparent, reliable record-keeping system for real estate ownership and transfers at the city registry level. Smart contracts, programs that run on the blockchain, could be integrated with existing legal processes which govern property ownership, which could automate and record these transfers and ownership changes while the underlying legal processes for property ownership remain in place.

區塊鏈技術可以作為城市登記層級的房地產所有權和轉移的透明、可靠的記錄保存系統。智慧合約是在區塊鏈上運行的程序，可以與管理財產所有權的現有法律程序集成，從而可以自動化並記錄這些轉讓和所有權變更，同時財產所有權的基本法律程序仍然存在。

This could lower transaction costs by removing dependency on intermediaries and automating many steps.

這可以透過消除對中介機構的依賴並使許多步驟自動化來降低交易成本。

For example, the Office of the City Register uses a software system called ACRIS to record and maintain New York City real property and certain personal property transfer records, such as mortgage documents for property in the Bronx, Brooklyn, Manhattan, and Queens. However, ACRIS is not a blockchain system; it is a software platform primarily used for managing and automating regulatory compliance processes that are not designed to operate on a decentralized blockchain network.

例如，城市登記辦公室使用名為 ACRIS 的軟體系統來記錄和維護紐約市的不動產和某些個人財產轉讓記錄，例如布朗克斯、布魯克林、曼哈頓和皇后區的財產抵押文件。然而，ACRIS 不是一個區塊鏈系統；它是一個主要用於管理和自動化監管合規流程的軟體平台，該流程並非設計用於在去中心化區塊鏈網路上運行。

Blockchain technology can also be used in the tokenization of real estate assets to digitally represent a form of proof of fractional ownership of these assets, which also manages transferability and provides a medium of exchange. The Digital Asset Tokenization System designed by the UDPN team “simplifies the investment process by creating virtual tokens representing rights to assets and providing comprehensive lifecycle services from ideation to trading to asset servicing,” explained Tim Bailey, the vice president of global business and operations for Red Date Technology.

區塊鏈技術還可以用於房地產資產的代幣化，以數位方式表示這些資產的部分所有權證明的形式，它還管理可轉讓性並提供交換媒介。 UDPN 團隊設計的數位資產代幣化系統“透過創建代表資產權利的虛擬代幣並提供從構思到交易再到資產服務的全面生命週期服務，簡化了投資流程”，UDPN 全球業務和營運副總裁Tim Bailey 解釋道。

The primary services offered by an asset tokenization platform include the creation and management of digital tokens that represent ownership of physical assets. Other services include token creation tools, a storage wallet, and an exchange and payment gateway.

資產代幣化平台提供的主要服務包括創建和管理代表實體資產所有權的數位代幣。其他服務包括代幣創建工具、儲存錢包以及交換和支付網關。

With tokenization, one real estate asset/investment may be represented by 1,000 or more tokens minted on a blockchain platform, each representing a fraction of the overall real estate asset/investment.

透過代幣化，一項房地產資產/投資可能由區塊鏈平台上鑄造的 1,000 個或更多代幣代表，每個代幣代表整個房地產資產/投資的一小部分。

A real estate token can represent a variety of different fractional real estate interests—from a portion of a real estate deed, which could be in the form of a coop or a condo, or a standalone home or an office building built on land subject to a long term lease etc.; to an equity interest in a legal entity (such as an LLC or Trust as in the case of REITs); or ownership of collateralized debt that could be located in different geographic locations or subject to a variety of different laws and taxes.

房地產代幣可以代表各種不同的部分房地產權益－來自房地產契約的一部分，可以是合作社或公寓的形式，也可以是獨立住宅或建在土地上的辦公大樓，長期租賃等；法人實體（例如房地產投資信託基金中的有限責任公司或信託）的股權；或抵押債務的所有權，這些債務可能位於不同的地理位置或受各種不同的法律和稅收的約束。

A token for real estate could be the equivalent of a nonfungible token (a specific unique identifier). Still, it could also be considered a fungible token or a security token as well.

房地產代幣可能相當於不可替代的代幣（特定的唯一識別碼）。儘管如此，它也可以被視為可替代代幣或安全代幣。

Through smart contracts (computer code that automatically implements and enforces agreements on a blockchain), these tokens can be programmed to make rent distributions to token holders. They can also be programmed to enforce legal compliance requirements, such as one-year lock-up periods in lease provisions, etc.

透過智慧合約（在區塊鏈上自動實現和執行協議的電腦程式碼），這些代幣可以被編程為向代幣持有者分配租金。它們還可以被編程以執行法律合規性要求，例如租賃條款中的一年鎖定期等。

Other advantages of tokenizing real estate property on a blockchain ledger could include faster processing times for token buy-sell transactions that could be validated and recorded almost instantly without the need for lengthy manual back office processes.

在區塊鏈分類帳上對房地產進行代幣化的其他優勢可能包括更快的代幣買賣交易處理時間，這些交易幾乎可以立即驗證和記錄，而無需冗長的手動後台流程。

While tokenization of real estate would not directly modify the legal concept of property ownership

雖然房地產代幣化不會直接改變財產所有權的法律概念