The UK's largest commercial real estate development and investment company says the blockchain “of course†will play a role in its business.
From the London office to high street stores, shopping malls and retail plazas, Land SecuriTIes Group (Landsec) owns and manages 2.6 million square feet of commercial real estate. It also owns Piccadilly Lights, an advertising agency based in Piccadilly Circus, London.
In an interview with CNBC, the reporter asked Landsec CEO Robert Noel if the company would adopt blockchain technology.
He replied:
"Of course, if you understand what we offer, that is, the services that are provided to the business, these services revolve around the contract, and anything that can speed up the old land law, contract law, and lease law will be welcomed."
The Landsec service uses this technology to help speed up the process, especially the process of signing contracts and a lot of written work. Thereby reducing the time to go back and forth between the parties. Through the blockchain, the participating parties will access a copy of the contract that cannot be tampered with, and these contracts will be automatically executed when the parties complete their respective processes. Noel said, but the technology will not reduce the number of corporate lawyers.
Now, as distributed ledger technology gains attention in many industries and different use cases, industry is beginning to realize the benefits it can offer. So the law firm tested the technology to determine its impact on the manual processes they are currently doing.
The February report said that the New York law firm's research on blockchain technology can eliminate many of the steps in smart contract execution. Hogan Lovells considers smart contracts and the corresponding technology to automate contracts without the need for human intervention, giving lawyers more free time.
However, although distributed ledger technology provides answers to many industries, will it end the relationship between the company and the law firm as we know it? In June, one of Australia's largest law firms sent a report to clients telling lawyers to use the blockchain-based computer threats to exploit business models that are not mutually trustworthy.
This article only represents the author's personal opinion, does not represent the position of the blockchain pencil, does not constitute investment advice, the content is for reference only.
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