Dutch City Trials Blockchain for Real Estate Contracts

Deloitte’s Netherlands branch is working with the city of Rotterdam to create a prototype for recording lease contracts on a blockchain.

AccessTimeIconDec 12, 2016 at 2:00 p.m. UTC
Updated Dec 12, 2022 at 1:42 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Deloitte's Netherlands branch is working with the city of Rotterdam to create a prototype for recording lease contracts on a blockchain.

In conjunction with the Cambridge Innovation Center (a real estate services firm based in the US), the project will focus on developinghttps://www2.deloitte.com/nl/nl/pages/over-deloitte/articles/for-the-first-time-lease-agreements-are-recorded-in-blockchain.html a platform for managing housing transactions. The area is one being explored by several startups, with the Rotterdam trial representing the latest effort to bridge the real estate industry and blockchain.

The first part of the process involved building a mechanism for recording lease agreements. From there, those involved with the project say, testing will move to payments for real estate transactions in conjunction with the agreement recording tool.

Jan Willem Santing, a manager of real estate advisory services at Deloitte, said in a statement:

"The next step will be monitoring the rental payments. By implementing additional blockchain applications in the real estate industry transaction times and costs can be reduced further. Furthermore, it enables decision makers to use data analysis for making future investment decisions on selling, buying and constructing real estate."

The effort is one of the more high-profile public sector blockchain initiatives to emerge in recent weeks, coming on the heels of news that the Port of Rotterdam, Europe’s largest shipping port, has been testing applications of its own.

It also comes amid a digital modernization effort being undertaken by both the national government in the Netherlands as well as municipal-level constituencies throughout the region.

Image Credit: Hit1912 / Shutterstock.com

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.