How blockchain-based smart contracts could revolutionize commercial real estate
In this updated and expanded version of our report, we reveal how blockchain technology can advance leasing, as well as purchase and sale transactions in commercial real estate. Explore the time and cost benefits of blockchain, as well as increased security and transparency that the technology could drive across the purchase and sale process.
Blockchain technology: the next big thing in commercial real estate
Blockchain technology has recently been adopted and adapted for use by the commercial real estate (CRE) industry. CRE executives are finding that blockchain-based smart contracts can play a much larger role in their industry. Blockchain technology can potentially transform core CRE operations such as property transactions like purchase, sale, financing, leasing, and management transactions.
Download our report ” Blockchain in commercial real estate” to learn more.
Benefits and opportunities of blockchain technology
Is blockchain right for your business? To find out, we find it helpful to consider your processes, and ultimately your goals, needs, wants, and your pain points. Do you strive for more transparency, less risk, streamlined processes, or a unique platform for sharing?
Our overview below provides more information on how blockchain can benefit your business. Overall, the blockchain technology should meet certain prerequisites for it to be relevant. Once companies identify a process that is ready for blockchain technology, they should evaluate costs and benefits. While doing so, they will potentially benefit from assessing the extent of overhauling existing systems and interoperability with the various technology systems used by different stakeholders of CRE transactions.
Blockchain opportunities and challenges
Our Blockchain in commercial real estate report takes a deeper dive into the ways blockchain technology can create opportunities while alleviating some of the existing challenges. We look at six use cases for improving the leasing and purchase and sale process through the use of blockchain:
- Improve property search process
- Expedite pre-lease due diligence
- Ease leasing and subsequent property and cash flow management
- Enable smarter decision-making
- Transparent and relatively cheaper property title management
- Enable more efficient processing of financing and payments
Unlock the potential of blockchain technology
Blockchain technology has significant potential to drive transparency, efficiency, and cost savings for CRE owners by removing many of the existing inefficiencies in key processes. CRE companies and industry participants evaluating an upgrade or overhaul of their current systems should have blockchain on their radar as its demonstrated usefulness has the ability to bring significant value to the industry.