The Artificial Lawyer reports on the completion of the first-ever U.K. residential property deal using blockchain technology rather than traditional property-transfer methods.
The deal was managed by the law firm Mishcon de Reva, which describes its work as “cross-border, multi-jurisdictional and complex,” and this specific deal as the first “end-to-end digitised residential property transaction.” The Artificial Lawyer explains that in effect, the deal was carried out on “a blockchain-based platform, and completed via working alongside the HM Land Registry’s Digital Street research and development group and Premier Property Lawyers.”
This is clearly a big deal. There has been plenty of talk about such blockchain uses, but this one is for real. – The Artificial Lawyer
The Artificial Lawyer points out that not only does the use of blockchain mean a dramatic difference in the length of time it takes to complete a property deal in a real-estate market that has been “famously slow, manual, paper-based and often open to fraud due to the disconnected processes it involves,” but it is also a dramatic affirmation of the blockchain technology itself, “given that the U.K. is one of the most important property markets in the developed world…. [I]f people here think blockchain is a useful method for property sales, then it certainly has legs and is operating in a very demanding environment.”
Read the details on The Artificial Lawyer site, and then consider: Are you ready for blockchain transactions at a level equal to or exceeding residential property purchases and sales? If not, what steps does your firm need to take to attain this expertise?
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