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The UK's largest property development and investment company said the blockchain will play "absolutely" a role in its business.
Land Securities Group, or Landsec, owns and manages more than 26,000,000 square feet of commercial properties, from London offices and department stores to major shopping centers and commercial parks. He also owns Piccadilly Lights advertising at Piccadilly Circus, London.
In an interview with CNBC Robert Noel, CEO of Landsec, was asked if the blockchain would be used in the business.
Absolutely … If you look at what we offer, business services, and those services are contractual, anything that accelerates archaic land rights, contract law, and the law of the land. rental, etcetera, will be welcome.
With the use of technology in Landsec's services, this could help speed up processes, especially those that require the signing of contracts and important paper work. This is the trick would reduce the time needed to come and go between different parties. Through the blockchain, each party would have access to an immutable copy of the contract, which is automatically executed when each party completes its part of the process. Noel claims, however, that the technology will not mean a reduction in the actual lawyers for the company.
Nowadays, as the distributed ledger gains prominence in a range of industries and varied use cases, industries realize the benefits that they can provide. So, law firms are experimenting with technology to determine its impact on the manual processes that they currently perform.
In February, it was reported that a law firm in New York was looking into the blockchain to see if it could eliminate many of the steps needed when it comes to the execution of smart contracts. The law firm, Hogan Lovells, was thinking about how smart contracts and technology can execute agreements automatically without human intervention, freeing up time for lawyers.
However, while the distributed ledger provides the answer to many industries, could this echo the end of the business law firms as we know them? Last June, Allens, one of the largest Australian law firms, sent a report to its clients informing them that the future of the economic model enjoyed by lawyers due a lack of trust between the organizations was working between them. blockchain.
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