Real Estate Agents Better Watch Their Backs (Web3 Is About To Automate Their Jobs Away)
TL;DR
Angel investor, Jason Calacanis, made a post on Twitter/X saying he wanted to build 10 new cities in America with one million housing units in each.
Mark Cuban saw this and offered up a town that he owns in Texas, proposing they use blockchain tech to manage the deal.
The use of blockchain tech means no lawyers, real estate agents, or managers are needed to make sure both parties are fulfilling their side of the deal. It's fully automated, making the process faster and cheaper across the board.
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This is kinda nuts.
Angel investor, Jason Calacanis, made a post on Twitter/X saying he wanted to:
"...build 10 new cities in America with one million housing units in each. Completely planned cities with exceptional affordability, walkability, sustainability, and exceptional amenities that bring joy to kids, elders, and the working class supporting them."
Mark Cuban saw this and offered up a town that he owns in Texas, proposing they use blockchain tech to manage the deal:
"...have written a smart contract on a ZK L2 which will check for a construction permit being issued, which in turn will create and send me an NFT that unlocks and delivers 250k in USDC when the oracle checks property and utility records and determines that house has been completed..."
Here's what the hell Mark is proposing in that reply:
Write a piece of code that checks council records for construction permits, and utility records.
Put that piece of code on a blockchain.
If/when construction permits are filed, send the money needed to start→complete construction.
If/when utility records exist (proving construction is complete) send the construction company its profit.
Here's why this such an exciting concept:
It only takes two parties to complete the (very complex) exchange.
That means: no lawyers, real estate agents, or managers are needed to make sure both parties are fulfilling their side of the deal.
It's fully automated! Making the process faster and cheaper across the board.
The crazy part is:
It looks like it's actually going ahead!
But for now...
The deal will be done the old fashioned way: off the back of a handshake and trusted reputation.