Secure Your Property with Technology!
so thank you very much for uh staying awake with us uh over here so uh there will be prizes during this panel I'm just telling you so you have to wake up questions are going to come in and the price is full Bitcoin so so first of uh you of course Know Me Now by now if you don't please uh check with a physician so let's hear from our panelist hi everybody uh my name is Bobby Reynolds I am a commercial real estate broker for um Greystone capital I specialized in the GSA side on uh VA Federal um assets um with portfolios um my interest in blockchain a couple years ago I worked with itas when it was in the military um previous military experience that's where the interest kind of jumped and then started looking into blockchain and and um where they're going to cross between real estate and tokenization and title and and then got in touch with g been there for a little while and jard asked me to run the lands Title Group and here we here we are so that's it Omar Boi I I I work for gim May which is a corporation owned by the Department of Housing and Urban Development I'm a director for emerging technology and Innovation lab uh in terms of career I have been doing it for the past 30 years working for companies like IBM and price waterhous and Kaki uh pleasure being here thank you very much for your time Bernie Allen I am from Oracle I lead what we call Market development for Advanced Technologies that's artificial intelligence machine learning high performance Computing blockchain distributor Ledger and other such uh Technologies and Adele invited me Adele educate and I also work for the team that can write checks for conferences so but if you ask in in in the right time right so thank you for inviting me absolutely so sorry but uh uh to start with uh how many here in the audience live in a home I see couple of people did not raise their hands are you living in cardboard down the street all right so uh do you guys have a guess on like what's the size of the housing market in the US like just give a guess like how much is it I have three trillion here who wants to D in four trillion okay 20 trillion who else it's 2.2 it's actually around $ 45 trillion doll that's how much so Nelson you win it is your Bitcoin I told you prizes yes so so come see me afterwards so so $45 trillion dollar a good friend of mine tells me that you know we all uh live poor and die rich because all of our Equity is tied into the real estate the market uh in it so your house you're living in it it's very hard for you to monetize the house that you are living in while still continuing to living in so what good does it make if you are living in a million dollar house while you have to live ch paycheck to paycheck so that's the first question that I want to answer here what kind of Technologies what do you see happening to monetize the value that you have in your house without having to go through the argu process of uh getting on your knees applying for a loan and they investigate everything including cavity search or something like that so I want to clar to clarify so you're wondering what kind of Technologies to give value to what you own your assets So speaking of land title I think that's probably one of our biggest questions is ownership right like who owns it how do you prove that because you can't really give it value if you don't know who the right owner is so I think in our working group that's something that we're working on right now is um is taking asset evaluation um ownership all of those things and trying to figure out from point A to point Z where do we start so um technology right now for specific real estate is you're looking at your your governance is your municipality is looking for um City County State those levels to find out where it began if your chain of ownership you got to make sure that it's not broken um how do we find that first so we've been in the working group for a couple months now and um that's kind of the framework for the bmm that we're filtering through right now so um that is a good question and we're working that one out so yes so you are saying blockchain to record all your Deeds right uh yeah well yeah yeah we're we're looking at but we have to have that proper you know um chain of ownership and that's the that right now is even especially globally because we got rural areas that don't even have that in city and counties and other countries they don't even have it in the government so um that's what we're working on right now so great so Omar you work for like a semi-government entity no no it's a government uh I'm a civil servant and for me uh the worst case is really for the folks that don't have access to housing and the underserved uh for us it's been proven that housing in the US is a way to generate wealth I mean some of us do have equity and we have access to that equity and some don't they don't have Equity they don't know what Equity means and for us in the government and uh the Department of Housing have that on their radar so for us we are looking at programs and we are looking at system to support those programs I mean the the initiative can come from our leadership can come from any Administration Republican or Democrat but for us it's can we support those initiative with the technology we have it is old some of our systems are old we modernized we brought our technology up to par now but there is more to do and for us we're looking at emerging Technologies such as blockchain smart contract and other emerging technology AI is also in in the list to make sure that the programs are flexible and then with there is focus on the underserved there is technology that allow small shops that are focusing on this underserved population to have access to system that are sophisticated without them making the investment so there is things we are doing to alleviate this this burden and this pain and uh we are hoping that blockchain can can can can be value add uh uh I am working on use cases to prove that this technology is worth investing we cannot be the Pioneer government agencies I mean especially with my agency we cannot be the Pioneer in adapting technology we want to see how it's proven and what we have uh assess is we need to build this ecosystem first you cannot deploy uh blockchain in isolation you have to have those those partners that are educated that we have to buy in to deploy this technology ology and there is definitely uh an evidence that this technology if we invest taxpayers money on it can bring us the value and one of the value is exact ex exactly what you say adal is can we access our Equity can we have mechanism to access our Equity if needed quickly not when you don't need it anymore so those are all programs that we have on the radar and we're hoping with the technology and The Innovation that it brings and with good partners we can we can establish a good foundation for it good question thank you uh before I get to the technology thing which is my day job right but the um I want to say that my wife and I started investing in single family distressed real estate in 2006 so we would buy foreclosures we' buy you know defaults we got good at it and thank God we got good at it by 2008 right because you already had the practice now you had the opportunity you can go execute so I appreciate the question that we have to as a culture value liquidity as much as we value Equity right because liquidity keeps you happy every day right and I'm not talking about happy hour right but I'm also saying you know liquidity is what you need liquidity you need every day right I often think about Equity as a mirage it's out there it's there it's value it's your property value it's there it's there it's never there one day you're dead and you see an estate sales sign right so we as a culture I think we should value value liquidity which then gets into technology because what we can enable better is for the liquidity side with Advanced Technologies the number one advice I've given I'm giving companies is start respecting your documents again right do you remember I mean since databases were created and structured data there so much of the last few decades have been about structured data and how much structured data the last few months we don't care about structured data we are all chasing documents right we are all saying let's go back to how things were because you think about let's say a real estate document a closing document you go to the closing table that's when you look at a thick stack of documents you never realized there were so many numbers right structured data cap captured a tiny portion of any transaction think about it another way all of the structured data stuff the more recent the data is the more correct it is if you go back in time six years seven years right how correct is that data if some it team tells you oh my data is always correct ask them how many validation rules have they added in the last three years what happened to all the data that was entered before those rules were added how valid is that data but the documents go back 10 years 20 years 100 years the Constitution the Declaration of Independence those documents are correct now we have the technology to go back in time and recreate data and recreate data in a correct form much more correctly from the documents so the first input I give companies is start treating your documents with respect don't just think about it as record keeping therefore I need to keep it for seven years and then trash it there's immense value in those documents don't don't be thinking about storage cost of documents and what is the cheapest archival storage or Nas that you can find out there that's not the correct question to ask that document has Rich information that technology can then use to create systems like liquidity systems right that we can go we new race I would say that we need to shoot for going to Alpha centuri right how are we going to do that if we don't change our our economy completely so for instance there was a slide which says that Bill Gates is saying how are we going to it's not that we're going to lose jobs but what are we going to do about it I think currently our e currently our economy is Def defined by jobs and labor and work people converting their time to money but the most successful people are people who have realized how to disconnect their time from their money if we decentralize that if we are able to give give everybody that kind of access like if I'm contributing my data to some social media platform and I then get I paid for it right and the more and more systems we create where my money is disconnected from my time then what does my time go to solving the problems that takes us to Alpha satui right chasing purpose that's what the people who are accomplished do they disconnect that time from that money and spend that time on purpose we need to ex we need to allow an entire population to be able to do that that's why I think liquidity matters and getting liquidity in a decentralized system into the hands of people so that they can start applying their intellect to not their day job that's why I didn't start my answer with my day job to what I really care about right and that's what we need to do I just have one comment I don't have to disconnect my time from my money I have my kids disconnecting my money already so uh uh uh one of the people that I really admire Albert antine says that uh the repeating the same thing expecting different results is the definition of insanity so to to y's Point around like how do we move forward and how we grow from from here there are different uh Solutions on uh the real estate market some are trying to toonize one single property some are trying to uh sell a property as an nft some are selling the appreciation right of that property uh in your own experience what do you think the direction uh uh for blockchain and unlocking the potential value of a property would be I think moving forward honestly is from my opinion is smart contract packaging so I've had a lot of co-workers and actually even today I had a discussion with somebody about um losing jobs to things like that and land title and real estate agents stuff like that those are all legitimate concerns but I think if we keep that in the forfront um and and take a look at what how we could maybe incorporate um title agents and package smart contract packaging all of those things using tokenization to help people that can't have access to $100,000 of um liquidity you know tokenization is definitely a solution to that um I think those are a couple of things that I see moving forward I don't think those are going away as they're dealing with digital Twins and a lot of companies coming forward organization all of those things are going to keep moving forward so I think we get ahead of that we figure out what those pieces look like make sure that it falls within a legal realm it hits all economic statuses of everybody um everybody can have the reach for that like two of you were talking about that's really important and making it broad enough where it's not just the US it's Global sweet so Omar from a governmental point of view what would be the the markings of a system that say like yes that would be a system that we would accept in uh the government uh for us in the US our system our housing system works I mean and the reason why it works is because investors trust it and they invest in it so Jenny May attract funds from overseas so we don't have to prove the worth of our system uh it's some some of it is is is old and you know there is a lot of data discrepancy that we face but for us there is more to do and we are looking at the new economy as very competitive there's a lot of players out there and we cannot be behind so and we cannot afford to be behind to support our citizen we need to be in the Forefront we need to be the best and we need to increase the trust in our system now what do I mean by trust the trust means we need to show trans transparency to our investors national International and to our players in the ecosystem we have to have a transparent system that everybody can see the data and the truth about this data so that's number one and then competency and competency it's really the it proven to the to all the players out there that the management of that data that support that investment is in good hands and in good and we're using good technology and for us we're looking at what China is doing what other uh European countries are doing and blockchain is at the Forefront so we cannot sit back and just wait we have to take you know we have to do our due diligence and our due diligence is what jenim may is doing for portion of the work I mean there is other government agencies are doing their due diligence but for Jim through the Innovation lab we have conducted a few poc's to assess blockchain and we have assessed three technology but we're not we're not in production mode yet I mean there is still things to do as I said the first thing is establish the ecosystem we you know we don't disturb the market we cannot disturb the market we cannot you know wreck the housing system that everybody trusts so if we deploy it it has to be done in a very good manner uh we mitigate the risk we ensure that all the part have the Buy in and our data uh becomes valuable and also to show that flexibility in acquiring housing especially for the Young Generation The Young Generation they are technology Savvy they they're not like some of us in the 80s or 70s they really want uh uh something that is quick and and uh you know access to their data is manageable so there is this system that we need to create and there is this economy participation we need to position ourself and we're working on that I think it's and also I I want to bring in this mortgage Banker Association that we work with and there is a mismo standard that Eric La mentioned and also the participation of Partners like Eric lapens organization that is bringing us this good concept that we don't have to build I don't believe that the government should be building system we should adapt system we should make sure that we are good tax Steward of taxpayers money we cannot be throwing money to build systems left and right if there is a solution out there that can provide value to the housing sector I'm the first to bring it introduce it and sell it to our leadership so these are the things we are doing so we're hoping that we are creating a new system of housing A system that is based on good technology blockchains or other but definitely we are working toward that fantastic so Bernie technology is your uh game so in the last two minutes can you tee us up so why are we able to do these things today even though the algorithms in the mathematics has existed forever right it's because the infrastructure finally right and that comes from just phys physics right miniaturization nanotech where the the communication within the integrated circuit the chip is much faster sampling is faster we can do more Cycles right therefore more compute therefore massive amounts of data therefore these algorithms can finally have a life and run right so whatever we can do with high performance Computing today right it's allowing us to do all of these large documents Etc but there's so much research going on in quantum just think about what the next ability set is going to be or everything that we're going to be able to do right and the more we are going to we do these things we need to make sure that all the gains of that doesn't go back to again seven people on the planet right and that's where I think decentralizing and having true blockchain Solutions participate right because if we think about the history and we're talking about real estate and I'm very hopeful about real estate because real estate is real and it has it provides value I know that a lot of people don't have that Equity but a lot of people do have that Equity right that $44 trillion that Adel was talking about right have have that and that has the ability to create that new new economy right but if you think about increasing participation 50 years ago 60 years ago only if you had the money you could buy the house then there were mortgages mortgages were such a huge equalizer decentralize right that more people can participate and then it became mortgage back Securities which means we were able to turn things around and that was liquidity but it also required the technology to provide that provide that liquidity right when we do the next time around think about it doing it on a decentralized manner where there is so much distribution and so so much participation right so that's why I think the technology can help because the infrastructure piece of it which is what my day job is at Oracle Cloud that's what we solve we are doing a better job every day and we are going to keep doing a better job every day right so we will have more that we put out so that more things can be solved right but I think doing it in a decentralized manner in a distributed Ledger manner is the one profound way I think we should do it differently next time around I completely agree with Bernie the all the money should not go to like seven people in this planet it should go to seven people plus me so in the last two minutes we have time for one question yes pick one anyone hi um our agency performs annual assessments of real property valuation across the state of Maryland and we've been looking at ways for to leverage blockchain and Open Standards and distribute ledgers it seems like assessments could be a additional component to a um Land Management chain um and so I guess my question would be have you seen anyone trying to do that or what do you think of the concept that's a great question anybody wants to answer take that time like assessments you're talking about the appraisal or the the appraisal yes so LA county Los Angeles County um look at what they did and I can send you information about what they did they have taken a lot of do documents created large models with it and have automated and built the structure data to create automated uh assessments of single family homes right so I can share what they did uh with you uh we have 40 seconds one more 40 seconds do it I I do I do recommend you guys connecting with the mismo they have community of practices that are specific to those questions so it's NBA mortgage Banker Association and the standard is called Mo and they have community of practices that deals with that questions one more question back there here uh my question is when do you actually see America actually deploying these Concepts right and uh what needs to be done for that to be yeah there's a couple companies right now that I work on syndicating for you know projects that are token you know tokenization 20% um some times the entire project so there is companies out there that are trying to get the word out to communities doing you know I think marketing is and just educating people that they're is availability out there that there are companies doing that I think one of the biggest gaps that we have between where we are now and where we're going is in this room and the people that we all talk to or understand blockchain or those um it's easy to to talk about that but when we're talking about like people don't have access to that or even the people or even the people that do not have the liquidity there's a huge gap you know a lot of times I'll be talking to somebody even now where they're not exactly sure what blockchain is so um the people that we really need to be figuring out how we're going to Market that too are ones that don't have that access and that piece is something I'm passionate about too because there are companies out there that are doing that um tokenizing and they're doing it from the the smallest Buy in from $ thousand dollar to you know over 40 million so there's a lot of different projects that are happening so that's hopeful and I just think think the education piece is the one that we need to smooth out um to people yeah we are just for done for looking at just for for your question Fanny May and Freddy Mack you might want to check if they have something on the horizon for us it has to be some uh initiative that is supported by the government so the leadership the political appointing needs to bring it and say this is something that we need to do and and that's how we we get started with it but so far we are we are doing tokenization prototyping and this is something I am doing for at The Innovation lab so it's a bit early to to productional IE it so hope that helps perfect thank you everybody
2023-11-13 09:43
