The future has a map.

There is a problem, though. An example:

Dear Jeff Bezos,

“The patent is very unlikely to be upheld in the long run. It’s a classic example of the kind of software patent that would never be granted if the patent office had even the slightest clue about software […] there’s nothing new [with 1-Click]”

The problem: we predict the future using today’s frameworks.

The quote above is from tech publisher Tim O’Reilly in a letter to Jeff Bezos. It was 2000. O’Reilly urged Bezos to withdrawal Amazon’s 1-Click patent application.

You’ve seen O’Reilly’s books. In his letter to Bezos O’Reilly was essentially saying: “I can’t wait to write a book about this patent bullshit, and put a black-and-white illustration of bull’s shit on the cover.”

O’Reilly explains the context for this letter in his latest book, WTF: What’s the Future and Why It’s Up to Us (2018, pg. 73).

O’Reilly was partly concerned because his core readership (software developers) were aghast. Some were furious. Developers saw Bezos using open-source technology and then turning around and submitting patent applications for Amazon.

“Not cool!” they screamed, and O’Reilly agreed. Wasn’t there value in a free and open internet? (By the way, this was before the term “open source” was coined a few years later.)

What happened next is somewhat shocking.

O’Reilly, angry developers, and the patent office looked into it.

The 1-Click shopping button *really* was an innovation.

The 1-Click button was made of commonly used software components (cookies), but no one had configured it to make ordering online so seamless. It was so “obvious,” in fact, that it wasn’t obvious at all that no one had done it yet.

It was only in hindsight that everyone thought, “there’s NO WAY that 1-Click is an original idea!!”.

We all fall prey to this kind of faulty thinking at one point or another. Our view of today clouds tomorrow’s possibilities.

The same thing is happening with blockchain development right now.

Blockchain, Amazon Mortgages, and Real Estate

The debate about 1-Click in 2000 is similar to passionate debates happening now.

Bitcoin is open source software. There are thousands of currency imitators built on similar code. This is wonderful and necessary; it sparks innovation. These imitators also struck the match on a race to apply blockchain technology beyond currency.

One of these areas is real estate.

Real Estate on the Blockchain

Much discussion and development efforts are being directed at modernizing MLS records, updating title records, and recording transactions.

Matthew Murphy writes in Forbes:

Blockchain technology streamlines the real estate ecosystem by enabling people to securely and efficiently share data and money. It makes information more accessible, cuts out middlemen and reduces the risk of fraud and theft. A more secure, speedier, trusted process for buying and selling property is good for everyone involved.

In my opinion one of the best ideas is tokenizing real estate. This enables greater liquidity for investors and gives more people the opportunity to benefit from real estate gains.

Blocksquare is one such project. Individual investors can buy into commercial real estate projects via Blocksquare’s BST token. (Or as I like to call it, the BEST token.) The BST is an Ethereum based ERC20 utility token. All physical property on the Blocksquare platform will use the BST token to buy, sell, or distribute profits. People using BST tokens will be able to buy or sell them on global exchanges for conversion to fiat money in any local country currency. This could make Blocksquare the global standard for real estate investment.

The BST Series A token sale starts soon, with several bonuses for early investors.

Amazon Mortgages

As Blocksquare gets started there are murmurs that Amazon will be entering yet another domain: mortgages.

Anyone with a mortgage knows there is room to improve the process. Amazon recognizes a good market for disruption. But has Amazon fallen prey to faulty thinking?

The thrilling thing about blockchain, and projects such as Blocksquare, is the ability to reduce or eliminate the middleman.

If Amazon enters real estate mortgages, will they function as another middleman? And if so, is that an antiquated approach?

There will still be a need and market for mortgages. Yet, a platform like Blocksquare allows direct investment into real estate. Fractional ownership — where you build a position over time instead of borrowing mortgage funds and paying that back — could radically change the game, include more players, and greatly improve the process.

Is it a new map of the future?