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Proptech set to disrupt real estate in 2019

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The real estate industry is not only the oldest but the biggest of our business entities, and today, technology is starting to disrupt it.

There’s a word for this kind of real estate technology. It’s called “proptech,” a technology developed specifically for the property market. Proptech brings together multiple facets of the industry — from planning and construction, to the sale of a property.

Proptech platforms allow realtors to remotely present on property development and sale information, but this is just one small part of what can be done with this technology. The platform also includes online services that transfer digitized documents to the cloud (which can then be digitally signed) and allow access to regulations pertaining to a particular property.

How proptech works

Devin Tu is the founder and CEO of MapYourProperty in Toronto, Canada. Tu’s company makes use of a digital tool that gives real estate developers a digital interface to access layers of important information about a property, including zoning bylaws and nearby proposals.

To show how the proptech app works, Tu described how it served one client. “We had a client looking at a site in North York that they thought was ideal. But then, they used our tool, which scanned 25 different regulations and checked developments in the area in real time,” said Tu. “It turns out they had missed a key floodplain regulation.”

Tu went on to say the client almost got stuck with a $10 million piece of property he would not have been able to develop. The area remains a parking lot today.

Regarding the developing trend of proptech, Tu notes that the recent growth of the property industry has come about because of necessity. There’s a shortage of land and competition is increasing, forcing realtors and clients to make quick decisions.

Property industry plays catch-up

Frank Magliocco, a partner at PwC Canada who specializes in the housing market, told Mortgage Broker News that the real estate industry has been historically slow to embrace new technology.

“I think what you’re going to see now is a fairly significant ramp up in embracing that technology once it becomes more mainstream,” said Magliocco. “It’ll be increasingly important to remain and be competitive in the marketplace. Once you see these technologies prove out, you’ll see more and more adoption.”

It looks like Canada is going to end up as one of the next major regions for property technology innovation. Besides MapYourProperty, several large Canadian organizations have made announcements of their move into the PropTech space, including Toronto-based Colliers International and Brookfield.

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New AI tool that turns words into art enters testing phase

Artificial intelligence research firm OpenAI is conducting a wide-scale test of software that creates images from textual descriptions.

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A photo illustration shows the DALL-E website on a cellphone
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A million people eager to dabble with a new artificial intelligence tool that lets them create images simply by describing them with words will soon get their wish, its creators said Wednesday.

Artificial intelligence research firm OpenAI is conducting a wide-scale beta test of DALL-E, a cutting-edge software that creates images from textual descriptions.

Although the arrival of AI has led to fears of humans being replaced by machines in fields from customer care to journalism, enthusiasts see the technology more as an opportunity than a threat.

A video showcasing the tool on the company’s web site showed DALL-E generating an image of a polar bear playing a guitar, a photo of a koala dunking a basketball, and the famed Mona Lisa painting but with the subject sporting a mohawk hair style.

“We’ve already seen people use DALL·E to make music videos for young cancer patients, create magazine covers, and bring novel concepts to life,” the company said in a post.

OpenAI said invitations will be sent in coming weeks to a million people on a waiting list to try the tool’s latest version.

Amid concerns that this and similar tools could be misused in disinformation campaigns, OpenAI said it worked with researchers and developers to build in safeguards to curb abuses such as DALL-E being used for deception.

“We reject image uploads containing realistic faces and attempts to create the likeness of public figures, including celebrities and prominent political figures,” Open AI said.

Filters built into DALL-E block violent, political, sexual or other content barred by its policies, and the system is designed to avoid assumptions about race or gender, Open AI said.

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Rolls-Royce champions energy transition at Farnborough

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Warren East is stepping down after more than seven years as chief executive of British engine maker Rolls-Royce
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British aircraft engine maker Rolls-Royce is “championing” the energy transition and the decarbonisation of aviation, its outgoing chief executive Warren East told AFP on Tuesday at the Farnborough airshow.

This year’s Farnborough spectacle, returning from a four-year absence, is set against the backdrop of air travel’s nascent post-pandemic recovery but as economic turmoil hampers manufacturing.

Yet the airshow’s focus is on decarbonisation and sustainability in a sector often criticised for its impact on the climate, amid Europe’s blistering heatwave with record temperatures in England.

– Energy transition –

“The big theme is energy transition,” East told AFP in an interview at the company’s airshow chalet.

“This is the number one issue for the sector. We’ve been championing that for some time — and saying it’s absolutely necessary and we embrace that as an opportunity.”

East, 60, is retiring after more than seven years at the helm of the aerospace behemoth, with his tenure marked by historic corruption fines for the group, Trent engine troubles and Brexit.

Rolls, whose products power Airbus and Boeing aircraft, then axed 9,000 jobs and offloaded assets in a drastic restructuring after the Covid pandemic grounded jets and sparked a collapse air traffic.

East then guided it back to profit in 2021 from Covid-driven losses after slashing costs.

The titan, based in the city of Derby in central England, is now reaping the benefits of aviation’s post-Covid recovery, defence growth, a record power systems order book — and a long-standing focus on sustainability.

“I’m quite pleased with my time at Rolls-Royce,” added East, who took the reins in July 2015.

“We’ve really sort of modernised Rolls Royce in terms of culture.

“We’ve put in place a lot of efficiency and productivity improvements, which then crystallised during the Covid pandemic.

“And that’s created a very firm platform for the future (with) great operational and financial gearing now.”

– Cleaner fuel –

Aviation accounts for between 2-3 percent of the world’s total damaging carbon dioxide emissions, according to industry estimates.

Airlines and manufacturers alike have meanwhile committed to achieving net zero emissions — or carbon neutrality — by 2050.

Yet global air traffic is forecast to more than double by that point.

Rolls-Royce, which specialises in engines for long-haul aircraft, military jets and helicopters, is as a result ramping up its research into a wide range of technologies including electric and hydrogen power.

At the first Farnborough airshow since Covid, Rolls-Royce has announced a partnership, named H2ZERO, with British low-cost carrier Easyjet to test cleaner hydrogen engine combustion technology. 

Rolls also signed a deal with South Korea’s Hyundai to explore all-electric propulsion and hydrogen fuel cell technology for flying taxis of the future.

The company in addition unveiled a new research programme on hydrogen propulsion technology that emits no carbon dioxide.

Rolls is meanwhile working to develop a fuel-efficient future engine named UltraFan, which emits less damaging pollutants.

UltraFan aims for 25 percent fuel savings  compared with traditional long-haul engine.

“We are a group that is very focused on power and we do power across multiple sectors and one of the sectors in which we obviously have decades of experience in is aviation and aerospace,” said East.

– Cost –

The CEO cautioned however that it would take “decades” before hydrogen was deployed in aircraft engines.

The global aerospace industry would meanwhile need to harness technology such as sustainable aviation fuels derived from biomass, in order to curb its reliance on high-polluting kerosene.

SAF is however between three and four times more expensive than normal jet fuel. 

“I think as we go forward — maybe we’ll get to hydrogen in a gas turbine — but we’re not going to get there for at least a couple of decades,” East told AFP.

“There is a huge amount of work to do to make that practical, safe and economic and we need to have some transition technologies in the meantime and that’s why we talk about sustainable aviation fuel.”

He added: “Essentially, we’re just saying instead of kerosene we’ve got batteries, hydrogen, and synthetic kerosene.”

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Over $2 Billion has been lost to hacks from web3 projects in Q1 and Q2 alone, finds CertiK

2022 has already lost more to hacks and exploits than all of 2021.

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A new report from blockchain security company CertiK found that over $2 billion has been lost to hacks from web3 projects in Q1 and Q2 alone — already more than the amount lost in 2021.

They also found that in Q2, a total of $308,579,156 was lost across 27 separate flash loan attacks — the highest dollar amount ever recorded. Flash loan attacks are, according to The Verge’s simplified explanation, “a decentralized finance mechanism that lets borrowers access extremely large amounts of cryptocurrency for very short periods of time.” They require no collateral, because you need to pay it back right away. These loans happen within minutes, and are particularly vulnerable targets for malicious activity.

The report also indicated that phishing attacks have increased by 170% since last quarter. CertiK found that the “vast majority” of these attacks — 290 recorded instances — targeted projects’ Discord servers. This, as the report explains, “highlights both the dependence of NFT projects on the social media platform for marketing to and engaging with their communities, but also the huge security risks that this dependence entails.”

Using these numbers, CertiK is forecasting a 223% increase in the funds lost to attacks, compared to 2021. What remains frustrating for web3 security experts is that these types of attacks (flash loan and phishing) can be readily avoided through proper precautions.

“If one lesson can be taken from the trauma of Q2,” the CertiK report explains, “it is that, in web3, the security of a single project and the security of the entire ecosystem depend on one another.”

Another type of attack on CertiK’s radar are rugpulls and exit scams. These are a type of crypto scam where developers create a new token, pump up its price/pull value from them as much as possible, and then disappear with the funds, leaving the price to drop to zero.Though they report fewer of these compared to 2021, $37,462,472 was lost across 90 attacks. CertiK does note that the current bear market has helped keep these scams at bay. Bull markets are where they tend to thrive. 

To learn more and download the report, visit CertiK’s website

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