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Billionaire Mark Cuban Wants to Tap Blockchain for Real Estate Innovation

source-logo  u.today 27 November 2023 07:55, UTC

Tech billionaire Mark Cuban has expressed interest in the potential of blockchain technology for revolutionizing real estate development.

This follows a city-building proposal by serial entrepreneur Jason Calacanis that sparked a discussion about integrating cutting-edge technology into large-scale urban development projects.

Blockchain for urban development

Calacanis suggested constructing ten new cities in the U.S., each with a million housing units. They would be aimed at redefining urban living with a focus on sustainability and affordability.

Cuban took the conversation a step further. He proposed leveraging blockchain technology, particularly focusing on its potential to automate and secure real estate transactions and project management.

The billionaire's proposal involves the creation of a smart contract on a zero-knowledge layer-2 blockchain platform. This contract would automatically check for the issuance of construction permits.

Upon verification, it would create and send an NFT that releases $250,000 in USDC, a popular stablecoin, when an oracle verifies that a housing unit is complete.

The smart contract would continuously monitor for new construction permits and generate a new NFT for each additional housing unit built.

Additionally, Cuban suggests using a multi-signature wallet to ensure security and mutual protection for both parties involved in the transaction.

Some skepticism

Some users questioned the necessity of using a ZK rollup, a sophisticated blockchain solution, for this purpose.

Cuban responded by stressing the simplicity and security benefits of using a multi-signature wallet for handling project funds.

Calacanis, however, suggested opting for a more traditional trust-based method for funds transfer.