What will happen if real estate business adopts the blockchain platform? Brian Hui, chief marketing officer of the i-House.com, said gone are the days when only the rich and the enterprises monopolize the big-ticket property market. He said the blockchain platform would decentralize the property market and enable all people to invest in big-ticket property projects.
Here are questions and answers between the Block Media and Brian Hui.
Question: What is the difference between the current building sale system and the blockchain-based system?
Answer: Let’s think of constructing a big building. Developers must go to banks to borrow money at high rates. Small-size developers have difficulty in gaining bank loans and they could not even think of constructing big buildings. Our blockchain-based platform excluded all intermediaries, including banks, in a big property project. Instead, we introduced a system whereby small-scale investors can invest in the big-building construction project. It means people with an experience and know-how in constructing big buildings could raise money from small-sum investors. It is similar to the crowdfunding.
Q: What are the i-House.com’s current projects?
A: i_House.com has been in progress in 10 projects. In Japan, we started a resort project in Japan since last April. We are also doing a big residential complex in Myanmar by pooling real estate developers.
Q: Is there any secret behind starting business outside Korea, especially in Asia?
A: There is no secret. Anybody interested in blockchain technology can do business as we are doing now.
Q: What is the asset tokenization offering. Is it a concept similar to the initial coin offering (ICO)?
A: ATO is different from ICO. Many blockchain companies published White Papers detailing what they plan to do. But they do not have real technologies or they have yet to develop technologies. Even before developing real technologies, many blockchain companies seek to raise money through initial coin offering. That’s the reason why blockchain companies are berated as speculators, namely raising money on a promise to develop technologies, not real developers. We issue ATOs so that investors can invest in commercial properties such as hotels and resorts. It means ATOs are the right to use the commercial properties to be built.
Q:i_House.com has listed ATOs on many exchanges. What are the reasons behind the listing on multiple exchanges?
A: So far, i-House.com received investment only from institutional investors. I-House.com is listed on Allbit,Casherate, and Bithumb. We are learning much by listing ourselves on the different exchanges. In addition, many exchanges have been receptive to our listing because they appreciated the potential of i-House.com.
Q: Any motive behind entering the blockchain industry?
A: i-House.com is a project which adopts the blockchain platform in property projects. I have full confidence in the potential of blockchain for property development. Personally, I have been engaged in e-commerce and finance. I have witnessed the crumbling of Internet business in 2000 and the booming of Internet business in 2010. Blockchain will pass through the same downs and ups like the Internet.