INDUSTRY OUTLOOK
Blockchain
Blockchain technology is another form of PropTech which enables for secure and permanent storage of a digital ledger of transactions , contracts and agreements by a network of users . Through a secure , shared database , owners , tenants and service providers can interact openly . Purchase or finance agreements , title deed surveys and property valuations can be shared and processed by all the different stakeholders . As a result , processes become more cost-effective and decision-making is improved . An example of this is Silicon Valley-based , Propy which automates real estate sales processes . That said , the use of blockchain technology is still very much in its infancy in transactions in the UK .
Bringing real estate into the 21st Century
The Saïd Business School ’ s report PropTech 2020 : The Future of Real Estate categorised PropTech into five key areas :
1 . Smart buildings 2 . Shared economy 3 . ConTech 4 . Real estate FinTech 5 . Legal Tech
Many of the above-mentioned examples of PropTech fall into the first four categories . Legal Tech is of particular interest though when considering the impact of technology in the legal real estate sector .
Like the real estate industry as a whole , the legal real estate sector is certainly not described as fast-paced or innovative . Indeed , property lawyers are still implementing legislation from decades ago ( or even nearly a century ago concerning the Law of Property Act 1925 ). That does not mean , however , that technology cannot be used to change these legacy tags and vastly improve the efficiency of property transactions – not only for the client but also for the lawyer .
PropTech in the legal sector
There are data manipulation tools which extract data from public sources – such as the Land Registry and Companies House . Orbital Witness streamlines due diligence ,
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