Blockchain in commercial real estate
The future is here!
The new technology on the “block”
The commercial real estate (CRE) industry appears to take pride in keeping several aspects of its operations secret, such as comparable lease rental rates, property prices, and valuations, to create a possible competitive advantage. However, secrets are hard to keep—and may not even be desired—in today’s hyperconnected and digitized world. In response to greater demand for transparency, technology advancements and the disintermediation by startups are gradually making some of this information public.1 As a result, property-related information is increasingly available in digital and paper form. However, a significant portion of the digitized information is hosted on disparate systems, which results in a lack of transparency and efficiency, and a higher incidence of inaccuracies that creates a greater potential for fraud.
Until recently, blockchain was known more as the technology powering Bitcoin. However, industry players now realize that blockchain-based smart contracts can play a much larger role in CRE, potentially transforming core CRE operations such as property transactions (purchase, sale, financing, leasing, and management). Over time, blockchain adoption can have a broader impact, as it can be linked to public utility services such as smart parking, waste, water, and energy billing, and also enable data-driven city management. In this report we will dive deeper into the value proposition of blockchain technology and its applicability to property leasing and management processes.
But is CRE ready for blockchain technology?
As CRE companies invest in a multitude of technologies to meet their varied business requirements, it may be worthwhile to first understand the benefits of blockchain technology that are highlighted in Figure 1.
Why BlockChain Important in Real Estate?
it can take advantage of its inherent benefits and meets the prerequisites for using the technology.
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