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Real Estate trifft auf Blockchain: Chancen und Herausforderungen der Tokenisierung von illiquiden Vermögenswerten
[Real estate meets blockchain: Opportunities and challenges of tokenization of illiquid assets]

Author

Listed:
  • Marina Markheim

    (Universität Basel)

  • Aleksander Berentsen

    (Universität Basel)

Abstract

Zusammenfassung Der vorliegende Artikel analysiert die Chancen und Herausforderungen der Tokenisierung von Immobilien. Zunächst werden die theoretischen Grundlagen (Blockchain und Smart Contracts) sowie die Vor- und Nachteile der Tokenisierung diskutiert. Die Umsetzung der Tokenisierung einer Immobilie wird anschließend anhand eines Praxisbeispiels veranschaulicht. Die Vorteile einer Tokenisierung liegen in dem sofortigen weltweiten Handel der Token rund um die Uhr, dem Eigentumsübertrag der Token in „real time“, der Standardisierung bei gleichzeitiger Flexibilität, der Transparenz und Sicherheit im Handel der Token. Zudem ist die technische Umsetzung der Tokenisierung einer Immobilie sehr einfach. Regulatorische Unsicherheiten beschränken jedoch zurzeit noch eine breite Anwendung der Technologie.

Suggested Citation

  • Marina Markheim & Aleksander Berentsen, 2021. "Real Estate trifft auf Blockchain: Chancen und Herausforderungen der Tokenisierung von illiquiden Vermögenswerten [Real estate meets blockchain: Opportunities and challenges of tokenization of illi," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 7(1), pages 59-80, April.
    • Handle: RePEc:spr:gjorer:v:7:y:2021:i:1:d:10.1365_s41056-020-00051-3
    DOI: 10.1365/s41056-020-00051-3
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    References listed on IDEAS

    as
    1. Ping Cheng & Zhenguo Lin & Yingchun Liu, 2013. "Liquidity Risk of Private Assets: Evidence from Real Estate Markets," The Financial Review, Eastern Finance Association, vol. 48(4), pages 671-696, November.
    2. Ang, Andrew, 2014. "Asset Management: A Systematic Approach to Factor Investing," OUP Catalogue, Oxford University Press, number 9780199959327.
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    Cited by:

    1. Berentsen, Aleksander & Markheim, Marina, 2022. "Real estate tokenization as an alternative investment solution," MPRA Paper 115307, University Library of Munich, Germany, revised 2021.

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    More about this item

    Keywords

    Blockchain Technologie; Smart Contracts; Tokenisierung der Immobilien; Regulierung der Token;
    All these keywords.

    JEL classification:

    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)

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