LandSec to Use Smart Contracts in Property Deals
Landsec buys, sells, develops and manages property in the UK. The group is listed on the London Stock Exchange with the ticker LAND, and it tracked by FTSE 100 index. Landsec has developed some of UK’s largest malls and properties. It owns properties like Piccadilly Lights and Piccadilly Circus in London.
The company’s chief executive said that blockchain would “absolutely” have a function in the business. Landsec has to manage a wide range of contracts, from hiring contractors to leasing properties, and contract management would be the first area where the distributed ledger technology (DLT) could help the property group.
Robert Noel, speaking about Landsec’s position on blockchain technology, said:
“Absolutely... If you look at the way what we provide, which is services to business, and those services are around contract, anything that speeds up archaic land law, and contract law, and leasing law, etcetera, will be welcomed.”
“And so I'm absolutely sure that there will be progress in that sphere,” he added.
Blockchain is being tested in various sectors, especially in the financial, supply chain management, and logistics fields. However, the technology is flexible and has a broad application, just like the internet.
Currently, several companies are already experimenting with blockchain in the land and property market. For instance, Alibaba’s subsidiary Ant Financials will use smart contracts to streamline rental property management.
Moreover, in the context of property market, DLT also found adopters among individuals. There are several examples of peer-to-peer property trades with the help of smart contracts. https://cryptovest.com/news/uks-land-securities-ceo-open-to-using-blockchain-technology-for-contract-processing/