(NEW YORK, NY) —
America’s oldest real estate company, Helmsley Spear, LLC, is teaming up with Hercules SEZC, a cutting-edge, blockchain-based supply chain software company. The blockchain-based technology will document rent rolls for the real estate firm’s commercial leases, starting with two of the firm’s Lower Manhattan properties.
“Blockchain technology can be the critical connection between technology systems of real estate companies and other participants in leasing or property management transactions through the provision of a more open and shared database for all involved parties,” said Helmsley Spear Executive Oliver Swig.
Blockchain technology can securely store virtually any data, and in a data-heavy industry such as real estate, technology like this is well overdue. The ability to record property transactions, improve property search processes, speed up pre-lease due diligence and maintain leasing and property management information in real-time will reinvent the industry.
The partnership between Helmsley Spear and Herculez SEZC is one that will be at the forefront of a better, more credible way of storing and accessing data. This joint effort has the potential to revolutionize rent roll processes by improving security, privacy, interoperability and smart contract flow framework with an indisputable digital audit trail.
It is incredible to see the oldest firm in the country adopting the newest form of technology, blockchain. We’ve said it before and we’ll say it again, the ability to adapt to changing markets and environments will lead to limitless success. It’s the secret to how the best companies stay relevant.
Blockchain technology and its ability to eliminate third party portals by consolidating real-time data onto one platform may become 2019’s hottest trend.