The city of Rotterdam, Cambridge Innovation Center (CIC) and Deloitte Netherlands have partnered to develop the first real estate blockchain applicati
The city of Rotterdam, Cambridge Innovation Center (CIC) and Deloitte Netherlands have partnered to develop the first real estate blockchain application to record lease agreements.
Lease agreements will be recorded digitally on blockchain. As a result, start – ups in the CIC network (cicrotterdam.com) will be able to sign contracts faster and easier, according to Deloitte`s press release available at deloitte.com.
“The next step will be monitoring the rental payments. By implementing additional block chain applications in the real estate industry transaction times and costs can be reduced further.”, said Jan Willem Santing, manager of Deloitte Real Estate, before deloitte.com. “Furthermore it enables decision makers to use data analysis for making future investment decisions on selling, buying and constructing real estate”.
The project has been launched within the framework of Rotterdam`s initiative called “Roadmap Next Economy” (mrdh.nl). It encourages 23 municipalities in the Rotterdam metropolitan region to experiment with disruptive technology like blockchain, explains cryptocoinnews.com.
“With this project, the city of Rotterdam is taking a major step forward by applying the blockchain as well by offering the blockchain technology to third parties.”, commented Deloitte before cryptocoinnews.com.
Efforts to develop blockchain on a city – wide scale is nothing new. For example, industry start – up Factom has worked on a blockchain – based land title project platform to be launched in Hondorous. Also, in February this year, Factom`s Texas – based branch established a partnership with the Chinese government to help develop smart cities, wrote cryptocoinnews.com.
It remains to be seen how the city of Rotterdam can implement and benefit from the blockchain technology.