Episode 190

EPISODE 190
LEVEL A2

READING COMPREHENSION

First Polish blockchain contract for commercial real estate
Polish start-up ShareSpace (www.sharespace.pl) has created in August 2018 the first office rent transaction in Poland based on blockchain technology. ShareSpace is the marketplace that allows to find, compare and rent coworking or shared office spaces online, due to the analytical tools and standardization of all offers. The advantage of using blockchain in the lease process is not only transaction security. The whole operation is automated, so the office administrator saves time and money on long-term negotiations. In turn, the tenant is able to find the right space and make a rent contract within a dozen of minutes. “Most lease agreements on the real estate market are concluded in a traditional paper form. Until now, the parties have exchanged scans of signed documents, not seeing each other and with no possibility of checking the identity. However, we strongly believe in this electronic documentary form, secured by the blockchain technology, because it allows full verification of both sides of the transaction “, says Robert Chmielewski, ShareSpace co-founder.

 

Ex. 1 Match the words in the list with their English equivalents from the text:

1. umowa
2. komercyjny
3. rynek
4. oferta
5. korzyść
6. najemca
7. tożsamość
8. współzałożyciel
• advantage
• co-founder
• commercial
• contract
• identity
• marketplace
• offer
• tenant

 

Ex. 2 What collocations can you make with the words in these two rows?

analytical / blockchain / lease / long-term / office / real / signed / transaction

agreement / document / estate / negotiations / rent / security / technology / tools

1. _______________________________
2. _______________________________
3. _______________________________
4. _______________________________
5. _______________________________
6. _______________________________
7. _______________________________
8. _______________________________

 

Ex. 3 Translate these sentences using words from the exercises above:

1. Zapewniamy (ensure) bezpieczeństwo transakcji dzięki technologii blockchain.
2. Nie lubię długotrwałych negocjacji z najemcami.
3. Aby zawrzeć (to conclude) umowę najmu potrzebujemy wszystkie podpisane dokumenty.

 

I know English idioms:

Today, let’s focus on the key word of the reading text: “blockchain”:
• blockchain = a system to make a digital record of all the occasions when a cryptocurrency (a digital currency, such as bitcoin) is bought or sold, and that is constantly growing as more blocks are added
➢ Blockchain technology has the potential to transform business operating models.

 

Phrasals, phrasals…

Our reading text tells us about a new “start-up” on the Polish market. Here’s what the phrasal verb “to start-up” means:
• to start (sth) up = to create something and make it start to operate
➢ She’s talking about starting up a totally new business.

 

Grammar corner…

This lesson’s reading text contains such as sentence: In turn, the tenant is able to find the right space and make a rent contract within a dozen of minutes. It uses the preposition “within”, which can here translate as “w ciągu”. Thera are, however, other meanings:
➢ In 1992 cross-border controls within the EU were abandoned.
➢ We recommend that this wine should be consumed within six months.
➢ He is very highly regarded within his profession.
➢ I was acting within the law.
➢ We managed to complete our last project within budget.

 

GLOSSARY

blockchain (technology) – technologia blockchain
contract / agreement – umowa
commercial – komercyjny
real estate – nieruchomość
start-up – start-up (nowa firma oparta na nowych technologiach)
office rent – wynajem biura
marketplace – rynek
to allow – pozwolić
to find – odnaleźć
to compare – porównać
coworking/shared office space – współdzielona przestrzeń biurowa
due to – z powodu
analytical tool – narzędzie analityczne
offer – oferta
advantage – korzyść
using – używanie
lease process – proces najmu
transaction security – bezpieczeństwo transakcji
whole – cały
automated – zautomatyzowany
to save time and money – oszczędzać czas i pieniądze
long-term negotiations – długotrwałe negocjacje
in turn – z kolei
tenant – najemca
to be able to – być w stanie
within a dozen of minutes – w ciągu kilkunastu minut
most – większość
to be concluded – być zawartym
until now – dotychczas
party – strona umowy
to exchange – wymienić (się)
scans of signed documents – skany podpisanych dokumentów
possibility – możliwość
to check identity – sprawdzić tożsamość
electronic documentary form – elektroniczna forma dokumentowania
secured – zabezpieczony
full verification – pełna weryfikacja
sides of the transaction – strony transakcji
co-founder – współzałożyciel

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