Six reasons why blockchain makes sense for commercial real estate: Deloitte
The study reveals that blockchain technology is well-positioned to take over more than 50% of the entire leasing and sale process across commercial real estate. Solutions built around blockchain technology offer several upfront benefits, including a censorship-resistant, irreversible distributed ledger. Deloitte’s study revealed blockchain’s position as a perfect fit for real estate use cases around leasing and selling.Blockchain innovations often outdo traditional systems by not only digitizing information but also introducing a near real-time trustless environment, among other features.....
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In a notable endorsement and application of blockchain technology, the Dutch City of Rotterdam is working with Deloitte Netherlands and the Cambridge Innovation Center (CIC) to develop a real estate blockchain application to record lease agreements. First announced by Deloitte Netherlands, the aim of the blockchain pilot project is to conclude legally binding lease contracts “faster and easier” before eventually monitoring rental payments as well. “By implementing additional blockchain applications in the real estate industry, transaction times and costs can be reduced further,” stated Jan....
Financial incumbents may face a harsh reality soon, as a commercial real estate crisis has threatened the profits from America’s largest banks. A number of reports show that banks with a large amount of commercial real estate in their portfolios may see a significant fallout in the next few months. Just recently PWC’s real estate practice published a report called “The 2021 Emerging Trends,” which shows city ranks have changed a great deal since the coronavirus outbreak. For instance, for a number of years, the city of Seattle was a top ten city for real-estate....
Deloitte's Netherlands branch is working with the city of Rotterdam to create a prototype for recording lease contracts on a blockchain. In conjunction with the Cambridge Innovation Center (a real estate services firm based in the US), the project will focus on developing a platform for managing housing transactions. The area is one being explored by several startups, with the Rotterdam trial representing the latest effort to bridge the real estate industry and blockchain. The first part of the process involved building a mechanism for recording lease agreements. From there, those involved....
Dutch bank ABN AMRO has launched a blockchain application called Torch to help facilitate real estate transactions and exchange information. Developed in partnership with IBM, the blockchain application is a sweeping ledger that will be accessible by every party involved in a real estate transaction. Such as, buyers and sellers, landlords and tenants, ABN AMRO – as a bank, notaries, appraisers; the Land Registry Office and the Chamber of Commerce which is the country’s business register; as well as other regulators. Announced late last week, all of the above parties will – each in their....
Ragnar Lifthrasir, President of the International Bitcoin Real Estate Association, has become the new Director of Real Estate for Ubitquity. Ubitquity uses the blockchain to help prevent fraudulent transactions in real estate markets, while allowing an improvement on the settling of claims, and tracking the record of ownership across the entire real estate industry. We were able to interview Ragnar, discussing his new role as Director of Real Estate for Ubitquity. What are your thoughts on the Blockchain 2.0? Can bitcoin’s blockchain be improved upon vastly?