[Development Focus Series] Ep. 9 — Oraichain x Neststock: Web3 Recipe to Build Confidence and Transparency for Real Estate Market

Oraichain’s AI Oracle brings unique utility to the blockchain ecosystem, expanding the functionality of smart contracts and unlocking the value of a vast world of data. As we continue to innovate use cases to bridge Web3 to real world users, Oraichain Labs is proud to introduce our latest AI x Blockchain development for the real estate market: Neststock. The product addresses information asymmetry and opaqueness in the current market via our unique Web3 recipe, using machine learning and artificial intelligence on big data to provide automated asset valuation. The product integrates chatbot to deliver unique user experience, and most noticeably, invents KOL AI Twin concept to bring expert knowledge to a wide audience.

Why Neststock?

If you sell a product, naturally, you have more information than your customers. If you buy a used car, sometimes there may be issues that aren’t disclosed by the seller . If you want to sell a house, the decision to omit information may put the buyer at a significant disadvantage.

Perhaps you know that the streets aren’t plowed for days after a snow storm. The buyer would not experience the inconveniece until their first blizzard and after realizing that they are unable to drive to work or the grocery store, they feel they’ve paid too much for the house or would not have purchased it at all if they had this information beforehand. But it’s too late.This is known as “information asymmetry” or the “lemons problem” which was first put forward by George A. Akerlof, a Nobel prize winner in Economic Sciences (2001).

In a transaction, there is always a party who possesses more information than the other. To a certain degree, information asymmetry is intrinsic in all transactions and is essential to drive efficient economies — but there is a balance. Poor information asymmetry can cause over-consumption or under-consumption, meaning that buyers or sellers are not confident to buy or sell. When that happens, the economy can’t grow well.

In many jurisdictions, regulators provide clear guidelines and disclosure requirements to protect real estate buyers from extreme information asymmetry, but many times fair intermediation is still necessary. And even in instances when licensed real estate professionals faithfully uphold their fiduciary obligation to their clients, it is important that they have the best tools to present all material information. This is where Oraichain Labs presents its solution for both retail and professional real estate buyers, enabling fair intermediation via technology innovation and aiming to establish tools to enhance authoritative consideration. Using the AI Oracle — the signature technology of Oraichain — to connect ML/AI workflows with blockchain, Neststock is designed to process big data, deliver outputs to users and store proofs on Oraichain Mainnet.

To further transform user experience on Web3, Neststock will provide a chatbot-based user interface to aid in the due diligence process, allowing for frictionless exploration of property details, presenting data with visualization tools, and even managing appointment bookings to view properties you are interested in. Finally, Neststock has invented and developed KOL AI Twins, digital clones that are trained on expert knowledge bases to serve users information and wisdom online, whenever they need. The experience will allow users to compare opinions based on multiple perspectives, helping to inform decision-making and greatly benefiting investors, buyers and real estate professionals.

Let’s dive a bit deeper to understand each of these special features.

Automated valuation

Our main goal is to bring clarity to a traditionally opaque real estate market, benefitting both real world buyers and, in the future, providing valuable data feeds for real world assets on-chain. In order to achieve this, we have collected a sizable dataset of real estate transactions from historical records, constantly updating with current offers on the market. We then apply data mining techniques to analyze the market, build ML/AI models to estimate fair price range and investment potentials based on trends. These models are published to Oraichain’s AI Oracle, allowing for easy query while capturing model performance on-chain with Trustworthy Proofs. By using AI to simplify the process of reviewing historical data, analytics and prediction, users are able to capture the big picture of the real estate market, helping participants make well-informed decisions.

Chatbot as Web3 UI

While we’ve seen a massive rise in LLM-based chatbots over the past year, many of these models remain general purpose, unable to meet demands of specific industries out-of-the-box. With Nestock, Oraichain Labs is rising to the occasion, allowing users to access insights from models published to the AI Oracle through an intuitive user interface that can analyze your intent, extract parameters and integrate with financial tools like management, payment, or advising — all in conversational form.

For example:

You: “I want to buy a house in Hanoi for a family of four.”

Chatbot: “I found 342 properties with at least 3 bedrooms. Here are the top results.”

You: “I can only afford 4 billion VND.”

Chatbot: “Yes, I’ve filtered the properties for you. Here are 12 properties on the short list.”

You: “Give me more information about zoning and land use planning.”

Chatbot: “Yes, I display on the map for you.”

You: “Give me price range in this area of this property.”

Chatbot: “Here it is. The price in this area ranges from 80 to 120 million VND per m2.”

You: “What was the price last year?”

Chatbot: “I display a price graph for you.”

You: “I want to make a visit to this and this property (drag & drop to chat box) on Thursday afternoon.”

Chatbot: “I found one agent available who can give you a guidetour. Do you want to make a reservation?”

You: “Yes”

Chatbot: “Got it. The flat fee is 10 ORAI per property. Do you want to execute?”

You: “Yes. Please help me make up-front payment.”

Chatbot: “Yes, please sign the transaction on OWallet.”

Chatbot: “Thank you. The transaction is done and I’ve booked the reservation for you. I’ll remind you later.”

As the digital age yields a more sophisticated user base, the demand for information and services increases and the conventional user interface, difficult to navigate and data poor, becomes obsolete. The next-generation of applications must serve as a facilitator for complex intention and integrated demand. With the emergence of large language models (LLMs), we believe that the integration of chatbot into the Web3 UI is inevitable and will become a standard.

Here is a sneak peek of Neststock UI, where you make conversation to retrieve information and execute services.

Note: We use “chatbot” term interchangeable with “conversational agents” or “virtual assistant” terms. We prefer Chatbot over other terms since the wave of ChatGPT that has shaped the imagination of a virtual conversational assistant.

KOL AI Twins

KOL stands for “Key Opinion Leader” and is a term widely applied for experts in a number of fields. And while big data is great for statistical analysis, expert knowledge will always be inarguably valuable. In real estate, these experts are not only opinion leaders, but have battle-tested experience, strong intuition and in-depth knowledge about market trends. Sometimes, they even have a bit of insider information.

Realizing the importance of these KOLs, Neststock has worked to capture the perspective of these experts by building an AI Twin based on their knowledge base. Whenever you want to learn a thing from a specific expert, you select their corresponding AI twin and start the conversation. The UI also allows you to contrast ideas of different KOLs. By exploring perspectives by different industry leaders, we hope to provide a complete picture for all investors, allowing them to fully explore the intricacies and nuances before pursuing an investment opportunity.

Stay tuned for the debut of Neststock

Taking geographical advantage and its strong collaborative connections with real estate partners and agencies, Oraichain Labs will debut Neststock for the Vietnam real estate market first this October with Vietnamese as the main language for users. Neststock is a completely unique offering in Vietnam and the debut will be a great showcase of our technologies for real world users. In the future, we plan to expand our presence to other countries and regions.

Please contact bd@orai.io for early trials of Neststock or international collaboration requests.

About Oraichain

Oraichain provides multidimensional trustworthy proofs of AI and enables secure integration with Web3. With AI as the cornerstone, Oraichain has developed many essential and innovative products and services including AI Oracle, DINO Hub with DINO Center, AI Marketplace & Data Marketplace, fully on-chain VRF, AI-based NFT generation & copyright protection, Royalty Protocol, AI-powered Yield Aggregator Platform, Cosmwasm IDE, and many more. Oraichain is the world’s first Layer 1 of AI oracle and Trustworthy Proofs™️.

Oraichain | Telegram | Twitter | YouTube | Discord | GitHub | Medium | Commonwealth