Blockchain Will ‘Absolutely’ Have a Role in Contract Processing, Says UK’s Largest Property Firm

Blockchain, News | December 27, 2017 By:

UK’s largest property firm Land Securities Group (Landsec) has said that blockchain technology will find a place in its business.

In an interview with CNBC, Landsec CEO Robert Noel said that blockchain would “absolutely” have a function in the company. Landsec could use blockchain to manage a wide range of contracts, from hiring contractors to leasing properties and contract management.

“If you look at what we provide, which is services to business, and those services are around contracts, anything that speeds up archaic land law and contract law and leasing law, etc., will be welcomed,” Noel said. “And so I’m absolutely sure that there will be progress in that sphere.”

Landsec is the largest commercial property development and investment company in the United Kingdom. The firm switched to Real Estate Investment Trust status when REITs were introduced in the UK in January 2007. Landsec owns and manages more than 26,000,000 square feet of commercial property, from London offices and high street shops to major shopping centers and out-of-town retail parks. The company’s property portfolio was valued at £14.3 billion. It is headquartered in London and traded on the London Stock Exchange and is a constituent of the FTSE 100 Index.