Dutch city trials blockchain for real estate contracts

Rage Review : The Dutch city of Rotterdam is working with Deloitte’s Dutch branch to establish a standard for recording rental contracts on the blockchain. Rotterdam’s trial is the latest effort to connect the real estate industry with blockchain technology. According to relevant sources, the first step of the trial is to establish a mechanism to record rental agreements. The next step is to regulate rents.

Translation: Flora

Deloitte’s Dutch arm is working with the city of Rotterdam to create a standard for recording lease contracts on a blockchain.

The project is being developed in partnership with Cambridge Innovation Center, a US-based real estate services company, to develop a platform for managing home transactions. The real estate sector has long been an area of ​​exploration for startups, and the Rotterdam trial is the latest effort to connect the real estate industry and blockchain technology.

The first step in the trial is to build a mechanism to record rental agreements. Those involved in the project said the testing will also extend to the payment side of real estate transactions with the help of a tool to record agreements.

Jan Willem Santing

Jan Willem Santing, manager of Deloitte Real Estate Advisory Services, said:

“The next step is to regulate rents. By implementing other blockchain applications in real estate transactions, both time and cost will be greatly reduced. In addition, these applications will allow decision makers to use data analysis to make decisions on future purchases, sales and construction of houses.”

The city’s effort is one of the more high-profile public blockchain initiatives in recent weeks, following widespread news reports that the Port of Rotterdam, Europe’s largest cargo port, has been testing a blockchain application of its own.

The trial comes at the same time as a digital modernization effort by the Dutch government and municipal constituencies across the country.