Working Group 9.2
Blockchain
Introduction
Commission 9 has an important role to play in bringing economic and valuation
issues to bear with regards to technology advances such as Automated
Valuation Models (AVMs), Blockchain, GIS and technology enabled taxation
systems. This workgroup will also lead on the Comm 9 involvement with the
FIG taskforce on Sustainable Development Goals (SDGs). Valuation/appraisal
is central to the achievement of several SDGs and is a major enabling
element of the New Urban Agenda.
Policy Issues
Valuers need to be aware of the impact of technologies such as
big data and automated valuation and are strongly recommended to
increase their understanding. In certain cases, such as with lowrisk
valuations, the AVM may completely replace the valuer. In many instances
however, the valuer and the AVM will need to work hand in hand, with the
professional valuer ensuring that data used by the AVM is properly
checked using forecasts, then the results are analysed and interpreted,
and reported on in an understandable way for the client. The valuer will
need to embrace technology or be overtaken by it. It is hoped that the
use of AVMs will ultimately make it possible for professionals to spend
more time working on complex valuations
Chair
Ben Elderm
United Kingsom
belder[at]rics.org
What we are working on -
- Commission 9 direct involvement with FIG taskforce on SDGs
- Potential FIG output on the use of Blockchain within
valuation systems
- LADM IIvaluation expertise and input.
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What's New
Progress:
Publication of RICS Insight Paper supported by FIG achieved February
2020.
Brief Background to Project:
Every so often a revolutionary digital break-through emerges. The most
recent being a technology allowing a decentralised, reliable and verifiable
record of transactions, which is maintained across multiple computers using
peer-to-peer networking and cryptography – blockchain. Blockchain came to
public prominence as the digital architecture underpinning Bitcoin and other
cryptocurrencies that blossomed following the financial crash of 2008. It
soon found potential applications in other fields, including a wide range of
sectors in which Surveyors operate. But where will the technology add value?
What are its limitations and risks? And how likely are today’s professional
firms and other industry players to take advantage of the opportunity that
blockchain represents? This project produced an RICS insight paper that
provides a balanced view of the outlook for blockchain, its application to
the real estate, built and natural environment and construction industries,
and what it could mean for Surveyors looking to stay at the forefront of
innovation.
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