FIG Commission 9
|
FIG Commission 9 - Valuation and the Management
of Real Estate
Working group 9.2
Valuation and Real estate management through Fin-tech
New Working Group 9.2
Working Group 9.2 has been changed. The new Work Group is called:
Valuation and Real estate management through Fin-tech.
This working group focuses on fourth generation technologies used by the
World Bank’s approach to land engagement. Blockchain technology has been
hailed by custodians as being the future of the real estate management
industry with potential to streamline processes such as land and
property registration, valuation of property and many more digital
actions. This could increase efficiency throughout the operation of land
markets, impacting both both public and private purposes.
November 2016
Valuation and Real estate management issues:
A modern and sustainable surveying profession in support of society,
environment and economy requires innovative, reliable and best practice
solutions to our rapidly changing and complex world. One such technology is
the blockchain. It brings three essential elements: First, it
will secure the data such that it is incorruptible. Then, it will give the
possibility of a public audit in almost real time. The auditor may audit
every 10 minutes, unlike a typical yearly audit. Finally, it will reduce the
friction in the recording and cost of registration of property rights, as
citizens can use the service on their smartphone. The blockchain can thus be
used as a notary service. A key element of the registration of property
sales and real estate management is the use of third party services to
assess the sale process. The use of this futuristic ideology of creating
these essential elements through block chain is one of the tenets that can
lead to more efficient real estate markets.
This working group focuses on fourth generation technologies used by the
World Bank’s approach to land engagement. Blockchain technology has been
hailed by custodians as being the future of the real estate management
industry with potential to streamline processes such as land and property
registration, valuation of property and many more digital actions. This
could increase efficiency throughout the operation of land markets,
impacting both both public and private purposes.
This Working Group has aimed to ‘define’ the technology in its
applications in the real estate management and valuation arena. The group
also plans to draft a list of open items, questions and concerns regarding
the adoption of blockchain technology that will act as a reference guide.
The working group also aims to organise sessions with financial institutions
to illustrate the impact of blockchain on trade processes in order to
capture the views of institutions rather than ‘convince’ them of blockchain
implementations. As a result of these consultations, the working group also
plans to launch a central repository of information on the technology
towards investment planning and real estate investment vehicles through
better and more efficient valuation tools in developing countries and
informal markets.
Chair
Manohar Velpuri, e-mail:
manohar.velpuri[at]gmail.com
Material:
Specific Projects
- Does Fin-tech advance the professional practice of valuers and
property managers working in most areas of real estate valuation and
management;
- Research and publish “best practice use cases of Blockchain” for the
benefit of surveyors in different jurisdictions and sectors of the
industry. This will benefit the surveying community and improve our
services to the wider public;
- Does Fin-tech’s third and fourth wave facilitate and generate the
exchange of information, knowledge and experience between surveyors for
the benefit of the profession, our clients and the wider public in
relation to the World Bank’s fourth generation technologies on land
engagements;
- Block-chain’s role in publicizing and promoting the work of
surveyors to the public, particularly to young people, governments and
non-government organizations. Additionally, to enhance the value and
perception of surveyors and the services they can deliver, especially in
support of the global sustainability agenda and the UN Millennium
Development Goals;
- Does Fintech 3.0 and 4.0 lead to better alternative financing
and sustainable real estate markets while also enabling better policy
framework through reforms.
We will cooperate with Commission 7 as well as the Task force on Real
Estate Market Study, as well as other Commissions as appropriate. The WG
will also work in close co-operation with UN-Habitat and the World Bank. The
results will be presented in a joint seminar with UN-Habitat and the World
Bank, perhaps in connection to the World Bank conference in Washington DC
2017-2018.
Whats New
FIG and ISO TC 307 - Working Group 9.2
Working Group 9.2 - Valuation and Real estate management
through Fin-tech focuses on fourth generation technologies used
by the World Bank’s approach to land engagement. Blockchain
technology has been hailed by custodians as being the future of
the real estate management industry with potential to streamline
processes such as land and property registration, valuation of
property and many more digital actions. This could increase
efficiency throughout the operation of land markets, impacting
both both public and private purposes.
FIG has been appointed one of the five Liaison Organisations
to ISO TC 307 on blockchains and distributed ledger technologies
(DLTs).
Update reports:
Other reports:
