Commercial Property Solicitors

New kid on the blockchain

Experts believe that if blockchain were embraced by the property industry, the very existence...

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New kid on the blockchain

11th May 2017

News : Commercial Property

Experts believe that if blockchain were embraced by the property industry, the very existence of agents and banks could be in jeopardy. If that is not enough to grab your attention then the blockchain revolution is expected to happen within the next five years – so it’s definitely worth reading about.

In short, blockchain should enable a property transaction to proceed more quickly, reliably and securely by using a tamper proof mechanism for numerous parties to agree on a set of facts and documents whilst preventing any unnoticed changes from being made.

Speeding up a transaction is just one planned effect of using blockchain; it could also enable smart contracts or similarly landlord and tenant interactions to be recorded, removing the need for tenant references or landlord checks to be carried out.

Don’t get ahead of yourself yet though, blockchain is still in its early days. However, a lot of smart people are backing the technology and agree on the potentially transformative impact.

So, can we expect more people involved in commercial property to  join the blockchain gang?

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