The new Deloitte study suggests that blockchain technology is likely to take over half of the entire leasing and sale process across commercial real estate
Blockchain makes sense for commercial real estate: Deloitte. Source: shutterstock.com
Blockchain can advance commercial real estate, according to Deloitte. The technology has several opportunities to disrupt leasing and selling in a near real-time trustless environment. The study reveals that blockchain has all the chances to gain over 50% of the leasing and sale process.
Although some steps require physical intervention, e.g. property inspection and loan negotiations, blockchain may digitize most of the paperless real estate processes. Being able to maintain complex transaction data, decentralised ledgers can improve property search and allow customers to make better leasing/purchase decisions. Other benefits include a censorship-resistant, irreversible shared database.
Furthermore, Deloitte envisions blockchain expediting property and payment evaluations. It can also create better-streamlining cash flow management. In addition, the technology offers cheaper means of managing property ownership history while enabling efficient processing of financing and payments.
Therefore, the research recommends companies and CRE owners determine the best way ahead for blockchain implementation. It would be easier if they adopt a three-step approach — educate, collaborate or create, and facilitate.
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