5 Technologies Shaping the Future of Co-living

Let`s admit it: technology is transforming the world as we know it.

Innovative technologies like the Internet of Things (IoT) have made our homes smarter.

With a simple voice command, we`re now able to control a wide range of appliances – from heating to the TV sets.

But these tendencies are stretching far beyond our own homes and into the whole accommodation sector.

Let`s explore how tech is shaping co-living (the latest hot trend of sharing living space with other like-minded residents):

1. Voice Control

Imagine turning off and on the light by simple voice commands. How about changing the color of the light, the TV program or the wallpaper design? Sounds cool? Because it is. And it`s a reality thanks to technologies like IoT.

Voice control tech in co-living

Personalization is key in the accommodation sector. Co-living residents can use voice control technology to enhance and customize their living experiences – a trend that`s bound to impact the space in the years to come.

2. Digital Apps

Digital applications play an important role in supporting the shared living movement, according to a report co-authored by the IKEA-funded “future living lab”, Space10, and the culture design agency, Urgent. Agency.

Digital apps in co-living

Tools like Omni, Borigo, and Meetup are bringing like-minded individuals together in the real world, whereas encouraging the communication between them. Meetup, for instance, is helping users discover and host their own events and Borigo helps people talk to and share stuff with their neighbors. Both apps have found practical applications in the shared living space, as the research explains.

3. Artificial Intelligence (AI)

AI finds various applications in hospitality – from AI chatbots (answering questions 24/7) to smart matchmaking algorithms.

AI in co-living

Co-living is all about community building. Housemate communities encourage meaningful interactions.

But there`s one problem: as people share more, some tensions and disagreements might arise. Innovative AI solutions can be one way to solve this. Companies like the Danish Almenr develop AI algorithms that match housemates and run shared-living projects, as the research explains.

4. Smart design tools

In recent years, emerging technologies like virtual reality (VR), augmented reality (AR) and artificial intelligence (AI) have been employed in the fast-evolving space of shared-living design.

Shared living design: powered by technology

Shared living design requires implementing shared functions that combine with private spaces. This is where technology can be used to streamline more collaborative design processes. 

5. Blockchain technology

Blockchain technology has the potential to improve transparency, reduce transaction costs, and improve security in the hospitality sector.

Basically, it can be described as a “chain” of “blocks” that`s created by the help of cryptography. Here`s how it works:

Blockchain in co-living

Blockchain technology can be used to design and produce contracts and organize ownership. Smart contracts that are stored on the blockchain could have two potential benefits:

  1. Could help develop new modes of shared ownership.
  2. Could overcome structural barriers and reduce costs.

Any real-life implementations in the industry? The non-profit shared ownership platform DOMA breaks down the value of urban property into blockchain-based digital tokens.

Still, what`s DOMA`s core technology? The blockchain-powered smart contracts that facilitate all interactions between the Platform and its users.

Conclusion

Taking everything into account, it`s fair to say that emerging technologies can transform the design and operation of shared communities.

Nevertheless, as the research concludes there`s still a long way to go before we manage to realize their potential. As the authors of the study state:

We need to push the technologies and their applications forward in the world of finance, design, construction and operations as well as potential communities in the making.”

 
Yoana Hristova
Content Writer & Strategist