November 30, 2023
By Anjali Kochhar
In a bold move that could reshape the landscape of real estate development, billionaire entrepreneur Mark Cuban has thrown his weight behind the integration of blockchain technology in large-scale urban projects. This comes on the heels of a visionary proposal by serial entrepreneur Jason Calacanis, who advocated for the creation of ten new cities in the U.S., each boasting a million housing units, with a primary focus on sustainability and affordability.
Cuban, known for his ventures in the tech and sports industries, has taken the discussion to new heights by suggesting the utilisation of blockchain to streamline and secure real estate transactions and project management. His proposal centre on the implementation of a smart contract on a zero-knowledge layer-2 blockchain platform.
The heart of Cuban’s concept lies in the smart contract’s ability to automate the verification of construction permits. Once confirmed, the contract triggers the creation and issuance of a non-fungible token (NFT), unlocking $250,000 in USDC, a widely used stablecoin. This process repeats for each housing unit completion, with the smart contract vigilantly monitoring new construction permits and generating NFTs accordingly.
To ensure the utmost security and mutual protection for all parties involved, Cuban suggests the use of a multi-signature wallet. This wallet mechanism aims to safeguard project funds and transactions, providing a robust and transparent framework for the intricate nature of real estate dealings.
Despite the visionary nature of Cuban’s proposal, some skepticism has surfaced, particularly regarding the necessity of employing a zero-knowledge rollup (ZK rollup) blockchain solution for this purpose. In response, Cuban underscored the simplicity and security advantages of the multi-signature wallet, emphasising its effectiveness in handling project funds.
In a twist of opinion, Calacanis proposed a more traditional trust-based approach to funds transfer, signalling a diversity of perspectives within the tech and entrepreneurial community on the most effective means of leveraging blockchain for large-scale urban development.
As these discussions unfold, the intersection of blockchain technology and real estate development appears poised for a groundbreaking transformation, with Cuban at the forefront of this potential revolution.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
