Billionaire Mark Cuban Wants to Tap Blockchain for Real Estate Innovation
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.
Tomiwabold OlajideUpon 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.
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