Baya Wins Big at CRETech
Knotel’s Amol Sarva officially introduced Baya to the world just last month, but the nonprofit coalition has already been busy in its mission to bring CRE up to 21st-century standards. The industry is paying attention, too. On Dec. 6, CREtech awarded Baya the Real Estate Tech Award (the most prestigious award for tech startups and founders) for innovation in blockchain.
We spoke to Baya Chief Executive Patrick Morselli about what the coalition has been up to and what’s on the agenda for 2019.
What is Baya?
PM: Baya’s nonprofit coalition of technology and real estate professionals is working to create the world’s largest aggregate data source for commercial real estate, because, while centralized systems are proficient at aggregating commercial real estate data, they don’t have an intrinsic method for verifying that data. Baya, on the other hand, will have a decentralized verification system, aimed at increasing data accuracy and reducing spam. Essentially, Baya offers control and verification for exchanging data with no ownership loss.
We’re bringing together data providers who have never before worked together, and the implications are far reaching.
What is the technology behind Baya?
PM: Baya will use blockchain as the platform’s underlying technology to create a trustless environment that encourages cooperation between companies. Machine learning and big data analysis allows Baya to verify information using multiple sources and create the most accurate CRE database to date.
Who will benefit from this database?
PM: Baya encourages and supports developers from any sector to build applications using the network data repository. The applications are wide reaching, from finance to insurance to commercial real estate players themselves.
What have you achieved so far?
PM: Baya is still in the incubation phase but we’ve already seen lots of interest from data partners, such as Compstak and 42Floors, and data consumers who understand the intrinsic value that this platform will offer.
What are you planning for 2019?
PM: It’s a really exciting time because we’re still discovering new applications for how the database can be used. We also expect to announce a number of new partners in the coming months as more companies begin to understand the value of cooperating and sharing data in this way.