In August 2018 in a Telegram chat between Ethereum developers and entrepreneurs the term “DeFi” was coined for the first time referring to Decentralized Finance. Less than two years later, the term became widely popular due to the exponential growth of the sector. First there was the internet (Web1). Then the ability to form distributed groups exchanging data emerged (Web2) which resulted in the growth of social media with Facebook, Twitter WhatsApp etc. DeFi allows distributed groups now to exchange value, see for example Aave where groups can come together to form lending pools which can then transact without a trusted third party. These new technologies are now known as Web3.
Thanks to Blockchain technology DeFi brings today the opportunity to unlock liquidity while enhancing security and transparency, disrupting the traditional financial model; which is plenty of frictions, centralization, and what is more, already left aside 33% of the adult population of the World unbanked. Nowadays, the different tokens, protocols, DEX’s can be combined in different imaginative ways and solve different financial situations or create new concepts.
The amalgamation of DeFi tools is infinite, and the exponential growth of DeFi ecosystems without trusted third-parties creates transparency and encourages price and market efficiency. Giving control of assets to users has the potential to disrupt the global Real Estate model as well, which is the second largest global market behind Financial Services.
London is the engine room for growth and development of frontier technologies. Two major players, FIBREE (The Foundation for International Blockchain for Real Estate Expertise) and the ‘DigitalDisruption’ consortium at the Bartlett Faculty of Built Environment, UCL have joined together to bring a stellar panel of experts in DeFi and Real Estate for a roundtable discussion which will explore the complexities and possibilities for institutional development, investment and operation of assets.
This panel will explain what the technology can do with speakers from KR1, the leading London investor in this sector, Polkadot, Aave and Robonomics. It will then consider how the RealEstate sector can use these technologies with speakers from Greystar, Team Blockchain and Blockchain.com. Finally CMS and others will consider the legal and regulatory issues that arise.
DigitalDisruption are working on ‘The Coolhouse project’ which is looking at how the Polkadot protocol can be used to create ‘parachains’ which will allow individual owners, investors and managers of real estate assets to build their own blockchain communities.
Irina Karagyaur (FIBREE Chair) – Head Ambassador Western Europe at Polkadot & Kusama Networks, Director of Strategic Partnerships at Marhaba DeFi
An article by Jeremy Barnett for Digital Bytes (Team Blockchain) and an interview with Radio Blockchain.
Jeremy was the guest author for Team Blockchain’s edition 16th December 2020 of Digital Bytes, which can be downloaded by clicking the link here. In the article, Jeremy explained the background research into smart city data that the DigitalDisruption consortium at the Bartlett, UCL had conducted and then talked about the RPL pilot that is being conducted around the collection of statutory data, especially fire safety data, following the recommendations into Grenfell Tower by the Hackitt Report and the Building Safety Bill.
On Friday 18th December, Jeremy was a guest of Pierre Bourque and Jonny Fry on the Blockchain Radio show, click hear to listen to the show where they talk about smart city data, AI and blockchain for the real estate sector.
Resilience Partners are delighted to announce that, following a period of extensive research with UCL Estates, they have released a commercial version of their PIM software service (Project Information Modelling) which captures critical statutory data through the life of a construction project in the blockchain, for search, verification and statutory compliance.
For further enquires please contact Jeremy.Barnett@Reslieince-Partners.co.uk.
On 11th July 2019, Resilience Partners Ltd partnered with the Bartlett Real Estate Institute to launch the new Knowledge Transfer Network for the Real Estate sector, to be called ‘Digital Disruption’.
The breakfast launch attracted approximately 90 attendees from a variety of sectors, including major Real Estate Asset developers, owners and managers, Family offices, Law firms, Blockchain consultants and Academics, all interested in how the new disruptive technologies such as Blockchain, AI can work with IoT, BIM and other transformational technologies to change the way in which the Real Estate market will function.
Jeremy Barnett and Simon Addyman explained about RPL’s views on Structured Data and Tokenisation, and set out how their pilot project with RY Properties is building a use case on RPL’s PIM and DRM2 demonstrator platforms. There then followed a fascinating panel discussion, moderated by Jeremy which looked at legal, technical and investor perspectives on tokenisation of real estate assets.
Resilience Partners Limited have today announced the partnership with the Bartlett Real Estate Insitute [BREI] at UCL, who are based at Here East in Stratford to form ‘Digital Disruption’ which is a knowledge transfer network which will engage in research, education and training at both executive and post graduate level, together with forming an industry network that will develop the use of Blockchain and other emerging technologies such as Artificial Intelligence in the Real Estate Sector.
There will be a breakfast launch at 8 am on 11th July 2019, at UCL Gordon Street. Tickets have already been sold out, but a limited number of invitations can be obtained by application here, using the RPL ticket application.
Next week Jeremy will be delivering a presentation to the Becon Blockchain Solutions Forum at Barcelona (23rd and 24th October) on the use of Blockchain for the safe design of buildings, post Grenfell Tower.
He has also been invited to moderate two panel discussions on Investing in the Crytpo Economy and the Role of Exchanges in the Crypto Economy. Speakers currently notfied are:
Max Kantelia – Co-Founder, Anquan Capital
Dennis O’Neill – Co-Founder, O’Neill Capital Advisors
At the recent CBC meetup Tokenisation in Construction. we announced the CBC plan for a Community Interest Company project to be called ArkiToken.
This will be an open source method of collecting critical information from a major construction project for later use. We see the data set being of value to developers, managers of buildings, for regulation and compliance, environmental management as well as legal and other dispute resolution use cases.
At the meetup, a number of speakers talked about their perspective of how tokenisation could work in this sector. All agreed that the construction sector is wide open and that the market is waking up to the vast potential.
A recording of the session where over 130 people attended is available on youtube:
Resilience Partners are concentrating on designing and building a demonstrator of the open source tools in conjunction with the computing department at UCL. We are also concentrating on the business case or ‘Token Economics’ models that clients will need to develop.
We are also starting to build a demonstrator of our Algorithmic Dispute Resolution System which we are calling Br1ck. Our aim is to act as consultants in this highly specialised field, identifying value in major construction contracts, and delivering saving by use of the new open source tools that we are helping to develop.
Please contact Jeremy on Jeremy.Barnett@Resilience-Partners.co.uk for further information.
What, in your opinions, are the biggest opportunities and risks for the law in the UK over the coming decade in relation to the development and use of artificial intelligence?
Does the ethical development and use of artificial intelligence require regulation? If so, what should the purpose of that regulation be?
It is likely that artificial intelligence systems could at some point malfunction, underperform or otherwise make erroneous decisions which cause individuals harm. Do new mechanisms for legal liability and redress in these situations need to be considered, or are existing legal mechanisms sufficient?
If new legislation was to be introduced to deal with the issues presented by artificial intelligence, should the UK Government go it alone and look to lead the way, or should they seek to collaborate with other governments to create international frameworks for legislation?
As artificial intelligence systems become increasingly autonomous in practice, will the legal system need to change in order to reflect and accommodate this autonomy, or are current mechanisms sufficiently adaptable?
When artificial intelligence systems are developed or trained using publicly-owned data, or personal data, who should own them? Should alternative models for individuals or trusts to retain ownership over personal data be explored?
What impact is artificial intelligence having on the legal profession itself at the present moment, and how do you anticipate this developing over the next decade?
If there was one recommendation you would like to see the committee make at the end of this inquiry, what would it be?
Legal Futures Today published a paper by Jeremy Barnett, Adriano Soares Koshiyama and Philip Treleaven. http://www.legalfutures.co.uk/blog
In Law, companies have the rights and obligations of a person. Algorithms are rapidly emerging as artificial persons. Intelligent algorithms will require formal training, testing, verification, certification, regulation, insurance, and status in law.
Governments and research councils are publishing principles for algorithmic transparency and accountability. Governments and regulators are modifying national laws to encourage innovation, with lawyers and insurers scrambling to absorb the implications.
Key technologies to consider are Artificial Intelligence (Knowledge Based Systems and Machine Learning NLP and Sentiment Analysis), Blockchain (Distributed Ledger Technologies and Smart Contracts), Internet of Things and Behavioural and Predictive Analysis.
We consider the growth of Algorithmic trading and current regulation including ‘Robo Advisers’. And testing by the assessment of the risks of and views on quality by:
Algorithm Formal Verification – proving or disproving the correctness of algorithms underlying a system – with respect to a certain formal specification or property.
– Algorithm Cross-Validation – techniques to assess how the results of an algorithm perform in practice.
In the workplace, algorithms are rapidly becoming a judge & jury ‘star chamber’ where firms such as rely on Algorithms to make business decisions. Gaps between the design and operation of algorithms, their ethical implications, and the lack of redress may have severe consequences. We consider whether computers could or should replace Judges and whether a new regulator should be established, backed by a code of sanctions.
We consider the Companies Act S156 A and the concept of an algorithm as ‘a legal person’, an issue which will likely provoke an intense debate between those who believe in regulation and those who believe that ‘code is law’.