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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

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  • Berentsen, Aleksander
  • Markheim, Marina

Abstract

This article analyses the opportunities and challenges of tokenization of real estate. The tokenization of illiquid assets serves to raise capital and manage liquidity. We discuss the theoretical foundations (blockchain and smart contracts) and discuss the advantages and disadvantages compared to a classical capital procurement. The implementation is discussed by means of a practical example. The theoretical advantages of tokenization are liquidity (immediate worldwide trading 24/7, transfer of ownership in "real time"), standardization with simultaneous flexibility, transparency and security. The most important findings can be summarized as follows: The technical creation of a real estate token is very simple, but the many theoretical advantages over traditional forms of financing are not yet being realized in practice. The reasons for this are the existing regulatory uncertainties as well as existing regulations, which make most of the theoretical advantages null and void. Dieser Artikel analysiert die Chancen und Herausforderungen der Tokenisierung von Immobilien. Die Tokenisierung von illiquiden Vermögenswerten dient der Kapitalbeschaffung und dem Liquiditätsmanagement. Wir besprechen die theoretischen Grundlagen (Blockchain und Smart Contracts) und diskutieren die Vor- und Nachteile im Vergleich zu einer klassischen Finanzierung. Die praktische Umsetzung wird mittels eines Praxisbeispiels besprochen. Die theoretischen Vorteile einer Tokenisierung sind Liquidität (sofortiger weltweiter Handel 24/7, Eigentumsübertrag in "real time"), Standardisierung bei gleichzeitigen Flexibilität, Transparenz und Sicherheit. Die wichtigsten Erkenntnisse können wie folgt zusammengefasst werden: Die technische Umsetzung einer Tokenisierung einer Immobilie ist sehr einfach aber die vielen theoretischen Vorteile gegenüber den klassischen Finanzierungsformen kommen in der Praxis noch nicht zur Geltung. Die Gründe dafür sind die bestehenden regulatorischen Unsicherheiten sowie existierende Regulierungen, welche die meisten theoretischen Vorteile zu Nichte machen.

Suggested Citation

  • Berentsen, Aleksander & Markheim, Marina, 2020. "Real Estate trifft auf Blockchain: Chancen und Herausforderungen der Tokenisierung von illiquiden Vermögenswerten [Real Estate meets Blockchain Opportunities and Challenges of tokenization of illiq," MPRA Paper 99399, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:99399
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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 Technology; Smart Contracts; Tokenization of Real Estate and Regulationichwörter: Blockchain Technologie; Smart Contracts; Tokenisierung der Immobilien und Regulierung der Tokens Blockchain Technologie; Smart Contracts; Tokenisierung der Immobilien und Regulierung der Tokens;
    All these keywords.

    JEL classification:

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

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