From major shopping centers and retail parks to electronic billboard advertising, Land Securities Group is the biggest commercial property development and investment company in the United Kingdom. With over 26 million square feet of property, Landsec leads the way, not only in development but now in blockchain technology as well.
When asked about blockchain in a CNBC interview, Landsec’s CEO responded, “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, etcetera, will be welcomed.” He is confident in the progress that blockchain offers, and explains that the addition of blockchain won’t mean a decrease in the number of legal experts employed by the company. Landsec is seizing the opportunity to implement blockchain into their company to speed up contract signing, reduce paperwork, and decrease back-and-forth communication.
The use of blockchain technology is rising in numerous industries, as companies are realizing the possibilities and benefits of the distributed ledger system. Last year, New York law firm Hogan Lovells began a review of blockchain and smart contracts to determine whether these could help to eliminate the manual steps involved in executing traditional contracts. If successful, the use of smart contracts through blockchain technology would save lawyers a lot of time.
Not everyone is excited about the future of the technology, however. One of the largest law firms in Australia, Allens, informed their clients that the use of automated blockchain technology could end the current model of corporate law as we know it. But for many, the simplification of processes and the increased transparency and accountability provided by blockchain technology are exciting advancements in how businesses can improve over the long term.