Will you buy a cyber currency SK issues to get a lease in a building Korea’s largest conglomerate builds? You may hesitate, but SK has an idea that would make the token-based realty trading possible. But it will take time. People should understand the concept. Legal protection has yet to come.
SK’s real estate project team leader Kim Jong-sung said you could compress all the property trading processes once you convert all assets you invest in real estate into a token,
In the Blockchain Real Estate seminar Wednesday at Seoul’s COEX conference hall, he explained a few technical jargons that ordinary people have yet to understand. These jargons include the Primalbase token, Impex, Token State, and BTP. Let’s check the issues he raised one by one.
What is the Primalbase community Kim explained? Once you buy a Primalbase Token a developer like SK issues, you become its member. Later you can go to the Primalbase website to sign up for an account and book an office space. Once you set up an account, you can book an office in a shared workspace at one of the locations. It looks like becoming an Amazon member and buys everything Amazon sells online.
He also talked about Impex project, which can store all property trading data. The data can be stored in the blockchain ledger, and every member can share the data. It is like the Property 114 in Korea, which is a website for all sellers and buyers of real estate.
What is the Token State? It can be explained in the status of token used or not used. It looks like buying a gift card online. You can check the status of how much money you used and how much money you have yet to use. Once you use all the money, the gift card expires. Once you buy an additional gift card, you can use it again.
SK property manager Kim Jong-sung explains how to tokenize property trading in a seminar Wednesday at Seoul’s COEX conference hall.
Similarly, you can buy a token on a platform. As long as you have a valid token, you can use it. You can buy the token additionally. Its token expires when you use it all and rebuy the token.
According to the Bitproperty Whitepaper, “Bitproperty is a decentralized real estate platform powered by Ethereum smart contracts. Bitproperty gives you a seamless, quick and low-cost way to own and trade real estate revenue streams.”
It explained, “BTP token represents the inherent value of the platform and provides holders with income from transaction fees within the platform in proportion to the amount they own. Asset tokens will be issued for each property listed on the platform. The number of tokens will be issued for each property listed on the platform. The number of tokens issued against a specific property represents the value of that property. Token holders get income dependent on the performance of the asset and the stake that they hold.” T
SK’s Kim said it would take time to tokenize real estate trading because investors will question whether the issuers are reliable and whether the government will protect the investors. The blockchain-based real estate trading cannot be legally protected, he said.
He said tokenizing the real estate business has yet to take time. However, it is a great innovation to use the Internet of Thing (IoT) and blockchain in property trading. The blockchain-based property trading will democratize investment.
