房地产代币化：区块链技术如何改变房地产行业

通过使用区块链技术创建产权数字代币，可以实现房地产买卖和转让的自动化。

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:

纽约苏富比国际房地产公司的 Elizabeth Sample 和 Brenda Powers 在接受采访时告诉我，“2022 年，全球房地产市场估值约为 379.7 万亿美元。这使其成为世界上最大的市场之一。”他们继续说道：

“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.”

“我们都通过拥有或租赁等方式与住宅或商业房地产世界相连。通过使用区块链技术创建产权数字代币，房地产的购买、出售和转让可以实现自动化。这种方法使投资者能够更有效地投资房地产，并增加这一庞大资产类别的流动性。”

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.

代币化现实世界资产市场已经在快速增长，这是区块链行业最大的市场机会之一，根据 21.co、BCG 和 ADDX 的联合研究，其潜在市场规模预计将达到到 2030 年，这一数字将在 10 万亿至 16 万亿美元之间。根据 Statista 的数据，到 2030 年，房地产预计将占代币化资产市场的三分之一左右，使其成为最流行的类别。

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.

美联储继续通过提高利率来抑制通胀，为这一增长增添了动力，许多专家认为这种做法将持续一段时间。这促使投资者增加对由房地产资产支持的基于抵押品的现金流的配置，这些资产提供令人信服的风险调整收益率，成为投资者多元化投资组合的稳定收入来源。

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.

从历史上看，房地产一直是抵御通货膨胀的可靠对冲工具，允许投资者投资传统的房地产投资信托基金（REITs），甚至房地产代币。最近的报道称，支持数字资产的当选总统房地产大亨唐纳德·特朗普和他的儿子小唐纳德·特朗普正在开发一个新的房地产代币项目，暂定名为“World Liberty”，利用区块链技术将房地产投资与去中心化金融结合起来。

How can blockchain be used in real estate transactions?

区块链如何应用于房地产交易？

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.

区块链技术可以作为城市登记层面的房地产所有权和转让的透明、可靠的记录保存系统。智能合约是在区块链上运行的程序，可以与管理财产所有权的现有法律程序集成，从而可以自动化并记录这些转让和所有权变更，同时财产所有权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.

这可以通过消除对中介机构的依赖并使许多步骤自动化来降低交易成本。

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，城市登记办公室使用名为 ACRIS 的软件系统来记录和维护纽约市的不动产和某些个人财产转让记录，例如布朗克斯、布鲁克林、曼哈顿和皇后区的财产抵押文件。然而，ACRIS 并不是一个区块链系统；它是一个区块链系统。它是一个主要用于管理和自动化监管合规流程的软件平台，该流程并非设计用于在去中心化区块链网络上运行。

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.

区块链技术还可以用于房地产资产的代币化，以数字方式表示这些资产的部分所有权证明的形式，它还管理可转让性并提供交换媒介。 UDPN 团队设计的数字资产代币化系统“通过创建代表资产权利的虚拟代币并提供从构思到交易再到资产服务的全面生命周期服务，简化了投资流程”，UDPN 全球业务和运营副总裁 Tim Bailey 解释道。红枣科技。

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.

资产代币化平台提供的主要服务包括创建和管理代表实物资产所有权的数字代币。其他服务包括代币创建工具、存储钱包以及交换和支付网关。

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.

通过代币化，一项房地产资产/投资可能由区块链平台上铸造的 1,000 个或更多代币代表，每个代币代表整个房地产资产/投资的一小部分。

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.

房地产代币可以代表各种不同的部分房地产权益——来自房地产契约的一部分，可以是合作社或公寓的形式，也可以是独立住宅或建在土地上的办公楼，长期租赁等；法人实体（例如房地产投资信托基金中的有限责任公司或信托）的股权；或抵押债务的所有权，这些债务可能位于不同的地理位置或受各种不同的法律和税收的约束。

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.

房地产代币可能相当于不可替代的代币（特定的唯一标识符）。尽管如此，它也可以被视为可替代代币或安全代币。

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.

通过智能合约（在区块链上自动实现和执行协议的计算机代码），这些代币可以被编程为向代币持有者分配租金。它们还可以被编程以执行法律合规性要求，例如租赁条款中的一年锁定期等。

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.

在区块链分类账上对房地产进行代币化的其他优势可能包括更快的代币买卖交易处理时间，这些交易几乎可以立即验证和记录，而无需冗长的手动后台流程。

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

虽然房地产代币化不会直接改变财产所有权的法律概念