Dutch City Trials Blockchain for Real Estate Contracts

Stan Higgins (@mpmcsweeney) | Published on December 12, 2016 at 14:00 GMT

NEWS

• 284

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 with the project say, testing will move to payments for real estate transactions in conjunction with the agreement recording tool.

Jan Willem Santing, a manager of real estate advisory services at Deloitte, said in a statement:

"The next step will be monitoring the rental payments. By implementing additional blockchain applications in the real estate industry transaction times and costs can be reduced further. Furthermore, it enables decision makers to use data analysis for making future investment decisions on selling, buying and constructing real estate."

The effort is one of the more high-profile public sector blockchain initiatives to emerge in recent weeks, coming on the heels of news that the Port of Rotterdam, Europe’s largest shipping port, has been testing applications of its own.

It also comes amid a digital modernization effort being undertaken by both the national government in the Netherlands as well as municipal-level constituencies throughout the region.

Image Credit: Hit1912 / Shutterstock.com

DeloitteEuropeReal EstateRotterdamThe Netherlands

#11: [Coinomia] - Money is just the start (Part II)... 5 ways the blockchain will change non-monetary transactions...

#11: Hey MINERS, FRIENDS, COUNTRYMAN...

Continuing On Yesterday's Article -

Money is just the start (Part II): 

Five ways the blockchain will change non-monetary transactions

Today, I’ll show you five industries outside of finance that the blockchain
will completely revolutionize...

1.Real Estate

Land is one of the biggest sources of wealth in the world.

But an estimated $7–$9 trillion worth of land is “locked up”
due to poor recordkeeping and archaic land registries.

The blockchain will change all that...

Today, buying and selling real estate is a lengthy process...

Most people need to hire middlemen such as brokers, inspectors,
appraisers, notaries, and so on to get a deal done.

The blockchain will eliminate the need for these intermediaries—
and all their paperwork—by assigning each property a digital address.

The address will contain the property’s entire transaction history
and update it in real time.

The blockchain will also allow people to create “smart contracts.”

Smart contracts are computer protocols that execute and enforce agreements.

Since cryptocurrencies are “programmable money,” they can be added to a
smart contract to automatically pay the first month’s rent or fund escrow
accounts... reducing costs and saving time.

Cook County (home to Chicago) is already experimenting with the blockchain.

The county is working with startup Velox.re to test the blockchain
for recording and transferring property titles and tax liens.

http://coinomia.com/?id=PREDRAGSAINTGERMAIN
http://coinomia.com/?id=PREDRAGSAINTGERMAIN