Secure Your Property with Technology!

Secure Your Property with Technology!

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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

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