Commercial Investment Real Estate May/June 2017 - Page 13

Machine learning can analyze this process flawlessly in frac- tions of a second. The same goes for looking over a contract or looking to see if the pricing model works for the market. What’s revolutionary is how blockchain puts all of these func- tions into one location with the security that humans cannot match. This allows the market to buy, assess, write contracts, and accept and make deals in a fraction of the time it does now, and people are already doing it. Blockchain Security Traditionally, many eyes look at a commercial real estate project to lower the risk of something going wrong on multiple fronts. Errors on documents, misinformation, and general distrust are items those involved in the deal try to recognize and avoid. Blockchain completely takes this factor away from the deal. It secures all documents, analysis, agreements, and inspections by distribution. No one person holds the key. This is the basis of how the technology works. The decentralization of the data is the basis of its security, and the data is far more secure than any human or legal counterpart. Once the commercial real estate market starts using it online on a large scale, the amount of time and money saved will be massive. In a commercial deal, blockchain automates: In a commercial deal, blockchain automates: • Making offers • Contract creation and review • Title checking and government integration • Automated public record inclusion • Smart contracts • Property conditions through vendors • Electronic disclosures and signatures This level of automation may take some time for the com- mercial industry to adopt, and it will happen in phases. Just like the listing sites, blockchain will start to take over the commercial areas where investors naturally trust services such as listings, pricing, and analysis. Relatively quickly, however, blockchain will take on a larger role in real estate transactions. Blockchain could bolster faith in the market like no other technology ever has, and it’s already happening in residential real estate from one end of the transaction to the next. Com- mercial projects are the new frontier. The possibilities are end- less, and the technology is already here. Sergey Ponomarenko is CEO at BuyTheWhale. Contact him at sponomarenko@buythewhale.com. Congratulations to the newest CCIM Designees Coldwell Banker Commercial ® has the most CCIM designees and candidates of any commercial real estate company!* *Source: CCIM 2017 Brian E. Cunningham, CCIM Coldwell Banker Commercial Elite Fredericksburg VA (540) 429-3414 Peg Pannell Smith, CCIM, GRI Coldwell Banker Commercial NRT Rockwall, TX (972) 489-0788 cbcworldwide .com © 2017 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks owned by Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. Each sales representative and broker is responsible for complying with any consumer disclosure laws or regulations. CCIM.COM May | June 2017 11