In Brief:
- Chainlink announced integration with CitaDAO to unlock tokenized real estate data.
- CitaDAO is building a Real Estate powered Decentralized Finance (DeFi) ecosystem on Ethereum.
- The integration will help Chainlink oracle infrastructure to feed reliable real estate data to DeFi.
Yesterday, the leading blockchain oracle network, Chainlink has announced an integration with CitaDAO to unlock tokenized real estate use cases in decentralized finance (DeFi).
The integration will benefit Chainlink oracle infrastructure to feed reliable real estate data into the DeFi ecosystem. Which will play a pivotal role in building trustworthy decentralized applications using real estate-backed tokens.
Chainlink Nodes will collect data sourced from world-class global real estate consultancies such as CBRE, Savills, Knight Frank, JLL, and Cushman & Wakefield. The Data will be confidential and cryptographically signed, so users can count on received data. Also, Smart contract developers will be able to use the chainlink nodes as a price oracle to create primitives based on real estate valuations.
Moreover, CitaDAO wants to search for more use cases for the tokenized real estate market to flow capital in the global commercial estate market, which has estimated market capitalization is nearly $32.6 trillion. The tokenized real estate data will give access to this value to DeFi protocols and find new cases such as lending-backed.
“Through integration with Chainlink, CitaDAO is creating greater transparency and efficiency around real estate valuation data on blockchains. PropMarketCap, CitaDAO’s first community grant recipient, is working to create industry data standards and processes to ensure real estate valuation data can be stored and utilized easily by DeFi applications,” said Joel Lin, a contributor to CitaDAO.
Different business sectors are taking steps into growing blockchain technology. In October, Associated Press (AP) formed a partnership with Chainlink to outsource economics, sports, race calls datasets on leading Blockchains.
