In Canada’s commercial real estate market, there are countless extra fees and processes involved in purchases that go beyond the price of the property. But blockchain technology could hold the key to cutting down some of those costs by reducing the intermediaries.
Blockchain is essentially an online ledger that manages recorded transactions. What makes it innovative is that the ledger is distributed, meaning anyone connected to the network has a copy of it. The implications of this in commercial real estate are numerous, from purchasing to leasing to management.
“If we have a blockchain approach … then it cleans that whole process and streamlines it,” says Sheila Botting, national real estate and construction leader at Deloitte Canada.