Yescha Nuradisa Ekarachmi Danandjojo, Samira Ramezani, Johan Woltjer
Multiple land rights holders and layered land rights structures create fundamental challenges for implementing land-based financing methods such as land value capture (LVC). In a decentralized governance system, overlapping land rights and fragmented planning complicate coordination and limit the effectiveness of LVC for financing transport infrastructure development. This study examines how different rights holders contribute to implementing land value capture within a layered land rights and multi-level governance system in Indonesia, using the Jakarta Mass Rapid Transit (MRT) project as a case study. In Indonesia’s decentralized system, multiple levels of government apply different planning tools to regulate land use and development, complicating coordination between planning, land rights, and LVC mechanisms. Qualitative data from semi-structured interviews and policy analysis show that overlapping land rights and fragmented regulations create legal and administrative uncertainty. This uncertainty acts as a barrier to cross-governmental coordination and private stakeholder engagement, both of which are necessary for a workable LVC framework. Although a formal LVC framework exists, unclear rules on which rights holders should contribute, combined with complex administrative procedures, limit its practical use. This study contributes to the LVC literature by linking instruments to specific land rights holders and by extending the bundle-of-rights perspective. It explains why LVC remains underutilized in contexts with layered land rights and decentralized governance. The findings highlight the need for policy reforms to clarify contribution obligations, improve coordination across governance levels, and simplify the administrative process.
Purpose The intersection of digital innovation and cultural heritage preservation presents a unique and emerging field of study, particularly in the context of “phygital” startups —enterprises that blend physical and digital experiences. Fusing digital innovation with Italy’s rich cultural heritage enhances preservation, accessibility and interactive visitor experiences. This paper aims to explore the transformative role of phygital startups in valorizing Italian cultural heritage utilizing a multidimensional analytical approach. The “phygital”, a portmanteau of “physical” and “digital,” refers to integrating digital technologies into physical spaces and experiences, creating a seamless interface between the two realms. This approach is particularly relevant in the cultural heritage domain, where digital technology is increasingly redefining the preservation and presentation of historical and cultural artifacts. In this context, phygital startups play a unique role in facilitating innovative experiences that enhance visitor engagement and understanding. By integrating cutting-edge technologies such as augmented reality (AR) virtual reality and interactive digital platforms, these startups create immersive and interactive experiences that bring cultural artifacts and historical narratives to life in unprecedented ways. This approach not only aids in preserving heritage but also democratizes access to it, reaching broader audiences who might not be able to experience these cultural assets in person. Design/methodology/approach This paper will examine case studies of Italian phygital startups in the cultural heritage sector, analyzing how their innovations have contributed to the enhanced preservation, interpretation and dissemination of cultural heritage. These case studies will provide insights into the practical applications of phygital concepts in cultural heritage, highlighting the opportunities and challenges these enterprises face. Findings Furthermore, this study discusses the implications of physical startups for cultural heritage management, including the potential for increased visitor engagement, improved accessibility and new revenue streams for heritage institutions. It will also address ethical considerations and the need for a balanced approach that respects the integrity and authenticity of cultural artifacts while employing modern technological enhancements. Research limitations/implications In analyzing the limitations of this research on Italian phygital startups in the cultural heritage sector, one should consider the potential narrowness of case studies, which may not represent the diversity of the sector. The rapid pace of technological change could also outdated findings quickly, while the focus on innovative applications might overlook traditional methods that remain relevant. Furthermore, the complexity of ethical considerations regarding the digital representation of cultural artefacts raises questions that this paper might not fully address, such as the potential for cultural misrepresentation or digital divides that may limit access for certain populations. Lastly, the research might not account for the long-term sustainability and economic viability of phygital approaches within cultural institutions. Practical implications The emergence of “phygital” startups marks a transformative era in cultural heritage management, merging digital technology with physical experiences. These enterprises employ AR and blockchain to engage audiences and create new economic models. Companies like WAY EXPERIENCE and ARTour lead in offering immersive experiences that blend history with technology. Managers in this sector are advised to form strategic alliances with tech and cultural experts to preserve the integrity and educational aspects of these experiences. The introduction of blockchain and digital assets like non-fungible tokens, typified by AESTHETES, represents a novel method of art ownership, necessitating careful management of digital and physical artworks and consideration of ethical issues in cultural preservation. Social implications The rise of “phygital” startups in cultural heritage brings social implications, such as democratizing access to art and history through AR, potentially reaching wider audiences. The intersection of technology and culture via immersive experiences fosters new forms of learning and appreciation. However, the digital divide could exacerbate inequalities if access to such technologies is uneven. Additionally, the use of blockchain for art ownership raises questions about the nature of art and its value in society. As physical artworks transform into digital assets, the very essence of ownership and cultural value is being redefined, challenging traditional views on art and cultural heritage. Originality/value In conclusion, this paper argues that phygital startups have a significant and growing influence on the cultural heritage sector. Their innovative approaches bring new life to historical artifacts and challenge traditional methods of cultural heritage management. The findings of this study will contribute to the broader understanding of the role of digital innovation in cultural heritage preservation and provide a foundation for future research in this evolving field.
BADADHE SHIVAJI, VENKATESH IYER, SAMI SHAIKH, ARUN GHANDAT
The real estate sector grapples with the persistent issues of inconsistent property appraisals, a lack of transparency in valuation methodologies, and a reliance on outdated pricing frameworks. This project introduces an innovative solution: a distributed ledger-based real estate valuation system. This system leverages self-executing digital agreements and spatial data analytics to deliver dynamic, transparent, and data-driven property assessments. By incorporating OpenStreetMap APIs, the system automates the acquisition of real-time data pertaining to proximate community resources, such as educational institutions, healthcare facilities, recreational spaces, and public transit networks. A weighted valuation algorithm processes this information to derive a contextual relevance score, quantifying the spatial influence and impact of these factors on property values. The computed scores, along with pertinent property details, are securely stored and managed on the Ethereum network via smart contracts, ensuring data integrity, immutability, and enhanced stakeholder trust. Furthermore, the system automates the entire valuation workflow through a Python-based backend, which serves as an intermediary between distributed ledger interactions and spatial data acquisition. Designed for scalability, transparency, and operational efficiency, this project aims to modernize conventional property valuation practices by addressing inherent inefficiencies and empowering stakeholders with access to reliable, up-to-the-minute valuation data. By redefining the paradigm of property value assessment, this system offers a transformative approach to real estate pricing, harmonizing cutting-edge distributed ledger technology with advanced spatial data analysis.
The integration of AI and ICT solutions within Italian public administrations aligns with the Italian Recovery Plan's digitalisation goals. The National Agency for Digital Italy (AgID) and the National Anti-Corruption Authority (ANAC) provide regulatory guidance for ICT and AI procurement to facilitate strategic and innovative procurement, and also regulate private sector involvement to prevent lock-in scenarios and ensure efficiency and transparency to drive Italy's digital transformation agenda. Recent procurement reforms emphasise end-to-end digitalisation to promote trust and fairness in digital collaboration among public and private entities and citizens and enable the use of AI and distributed ledger technologies to optimise procurement processes in general and in ITC sector.
Il lavoro ricostruisce i profili tecnici della blockchain, degli Smart Contracts e degli NFTs quali mattoncini di base per lo sviluppo di nuove forme di commercio e le crittomonete, visto che rappresentano lo strumento di supporto di questi nuovi modelli di business.La natura decentralizzata delle Blockchain permetter di produrre e negoziare nuovi contenuti digitali attraverso transazioni trasparenti e tracciabili senza la necessit di coinvolgere intermediari.Per questo si sottolinea come gli utenti che sapranno cogliere le nuove opportunit legate alla finanza decentralizzata (DeFi), al metaverso e alle nuove tecnologie avranno un vantaggio competitivo nell'evoluzione del World Wide.The work reconstructs the technical profiles of Blockchain, Smart Contracts and NFTs as essential building blocks for developing new forms of commerce and cryptocurrencies, representing the fundamental tool to support these new business models.The decentralized nature of Blockchains will allow new digital content to be produced and traded through transparent and traceable transactions without the need to involve intermediaries.For this reason, it is underlined that users who can seize the new opportunities linked to decentralized finance (DeFi), the Metaverse and new technologies will have an essential competitive advantage in the evolution of the World Wide Web.Sommario: 1. Introduzione alla blockchain -1.1 Struttura della blockchain -1.2 Protocolli di consenso -1.3.Sicurezza della blockchain -2.Web 3.0, Wallets e Smart Contracts -3.Assets digitali e NFTs -4.
L'autore definisce una metodologia di progettazione utilizzando strumenti come blockchain, Distributed Autonomous Organization (DAO) e Non-Fungible Token (NTF) per risolvere le problematiche del luogo e per offrire servizi di valorizza-zione territoriale. Nella parte iniziale viene introdotto il contesto tecnologico (Web3, blockchain, DAO e NFT) e si sottolinea l'importanza della community nell'‘ecosistema informatico. Il testo vuole mettere in relazione il concetto di ma-teria prima, di risorsa naturale, con l'NFT, considerato come un oggetto digitale che rappresenta la risorsa economica e materiale di comunità digitali. La ricerca ha prodotto un modello di classificazione di progetti che utilizzano la blockchain e gli NFT come metodo principale di sostentamento e finanziamento per raggiun-gere diversi obiettivi tematici. Sono state individuate quindici variabili di analisi più di quattordici DAO. Vengono presentati brevemente i progetti analizzati, che coprono diverse tematiche come l'ambiente, l'arte, la finanza rigenerativa e il cambiamento climatico. Nel finale, il progetto individua i technofossili, ovvero manufatti umani che sono stati sedimentati negli strati della terra a partire dalle prime attività umane, come materia prima digitale per creare beni digitali e pro-muovere la valorizzazione del territorio.
Paolo Mistrangelo, Lavinia Chiara Tagliabue, Algan Tezel
The real estate market is widely considered a favorable sector for investment, although it ties up capital in the short term. However, long-term asset appreciation is an attractive prospect for investors. The concept of a "divisible" asset can help remove some of the obstacles and difficulties faced by owners, while promoting liquidity and providing access for those with different financial and social backgrounds. Ownership of the asset is shared, freeing up financial resources for the primary owner and offering retail investors the opportunity to purchase a portion of the asset via an NFT (non-fungible token).
The building sector’s decarbonization progress made to date has not been enough to achieve the target of limiting global warming to 1.5°C1. To avert a catastrophic climate disaster, mobilizing capital at the requisite scale and speed is urgently needed. However, as things stand, the investment in building decarbonization is unlikely to increase radically in the next few years. One of the biggest challenges is the financial barrier of decarbonization's demand and supply side. This barrier will lead to significant investment gaps and a subsequent market failure to deliver the net zero carbon emission target. With the rise of the voluntary carbon market and carbon data disclosure mandates, an emerging cohort of Web3 startups is helping corporations track, tokenize, and transact energy or carbon impact. This phenomenon inspired us to revisit monetizing carbon value in commercial real estate to bridge the decarbonization financing barrier. We identified four challenges to make this idea work: 1) measurement and verification, 2) streamlined automation, 3) stakeholder incentive alignment, and 4) fixing the failing carbon market. We examine if Web3 decarbonization solutions can tackle those four challenges in monetizing building decarbonization. By looking into Web3 applications in decarbonization data management, tokenization, and marketplace, we unpack the unique capabilities and potentials of Web3 solutions and how they are different from the status quo to accelerate decarbonization in commercial real estate. The findings are a mixture of "the emperor's new clothes" and " the next big thing ."Web3 startups are immature – most are at or before proof of concept. Nonetheless, Web3 technologies can play a role in providing improvements to carbon data management, aligning stakeholders' incentives, and increasing efficiency in the energy or carbon markets.
Il contributo analizza i principali aspetti connessi alla disintermediazione, tech-based nei mercati finanziari, illustra natura e principi di operatività di DLT e Blockchain per poi illustrare vantaggi e i rischi derivanti dal ricorso alle Distributed Ledger Technologies nel mercato finanziario, con particolare riferimento alle incertezze connesse al relativo quadro normativo.
The rapid rise in urbanization internationally is both driving and stressing our consumption patterns, including that of land use. Urban sprawl is arguably one of the most important threats to human and nature biodiversity given its reliance upon fossil fuel exploitation and consumption. The need for increasing the density of cities is required to contain urban expansion in land size. However, while the footprint density of cities is increasing, vacant plots are prized and rare in most urban areas. Tradable air rights development is seen as a potential solution to provide developers the option of increasing density while encouraging an emerging urban economy. However, the price speculation of air rights is a danger and counter to a fair and inclusive real estate market. This paper proposes a new model that encourages the trading of time-sensitive air rights through Smart Contracts in the Blockchain as a means of prevention against urban sprawl.
This article focuses on the role of local institutions in mitigation and adaptation to climate change, considering learning experiences in promoting public-private partnerships in to resilient actions. It does so under the belief that climate impacts will affect disadvantaged social groups and small-communities more disproportionately, and that local institutions centrally influence how different social groups gain access to and are able to use assets and resources. Looking at the increasing awareness that global temperatures will raise, a mentality "Climate-smart" must be adopted by all levels of decision-making. This approach involves the search for synergies between climate change mitigation and adaptation, wherever is possible. As for mitigation, for adaptation we consider similar pre-conditions. Base on this pre-conditions we identify Public Private Partnerships as a challenge possibility to finance decentralized renewable energies and green infrastructure for resilient communities. The article aims to demonstrate two main unclear topics in existing understanding about institutions and climate change responses: the correlation among Public Private Partnerships and participatory process and how it lead to win-win climate responses funding, a learning experience from Sustainable Energy Action Plan - Within the MED Programme project ZeroCO2[1] - and Local Adaptation Plan development – within the LIFE+ project BLUE AP[2]. [1] Kyoto Club was partner of the MED Project ZERO CO2 www.medzeroco2.eu [2] Kyoto Club is partner of the LIFE+ Project BLUE AP Bologna Local Urban Environment Adaptation Plan for Resilient City – www.blueap.eu