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Unfortunately, it's so difficult to get a critical mass of inventory to succeed; it requires either a massive upfront investment, or partnering with RE developers from the beginning.
Nothing came of it!
Sounds like every blockchain proposal I've ever delt with.
A blockchain (assuming you can get buy-in/critical mass from the agencies) has the ability to align some financial incentives of all interested parties to open up access to real estate listings while still holding ownership and profiting from that access.
Instead of real estate companies protecting their listing data, they could offer access to their listing data in exchange for a fee or revenue share. Instead of out-of-date listings parading as up-to-date, there's a public temporal record of updates. Instead of buyers getting restricted or partial information, they can obtain access to the listing data via alternate sources.
But, the real issue is that, as the system currently is, you need to have a license to list a property. Don't like it? You can do FSBO. But, basically nobody does, because the majority of buyers have a Realtor and are showing properties in the MLS.
Realtors should, ideally, provide value in the transaction. When I bought a house, for example, my agent provided tips on how to structure the offer that I'm confident allowed us to get the house we got. On the selling side, the should be providing marketing expertise, as well as negotiating the legal landmines. For example, if you were to list your own house and say "This room would make an ideal man-cave", you are opening yourself up to litigation under the Fair Housing laws (you cannot suggest who should live in your house).
Now, whether this is worth 5-8% of the sale price is another matter for discussion, but let's not forget that Realtors do provide some value.
(Not a Realtor, SysAdmin to an MLS)