“What is the likelihood of Blockchain property transactions within five years’ time?”
Few questions, like this one submitted by property and regeneration consultant Robert Chapman, stump the experts at EG’s Question Time debates like this one did at Cardiff last week.
But if the people at Question Time Cardiff are representative of the industry, which on the whole grasps the impact of technology, and in many cases embraces it, then the concept of Blockchain eludes them.
Most of them anyway.
Caroline O’Flaherty, a panellist and partner at law firm Hugh James, came through with an articulate explanation for the fintech platform.
“It’s a type of secure platform where people in a transaction have limited access to materials, and therefore increasing security. So if you are doing a deal then everyone agrees to changes in documents before they are locked down. This speeds up transactions and is ultimately a more secure way of transferring money,” she said.
“We are experiencing huge challenges as law firms in terms of cyber security. Hackers have suddenly clicked that law firms move huge amounts of money around every day. Anything that secures a transaction and makes it quicker is good for the economy and good for business.”
Blockchain transactions have been trialled by both the Swedish land registry and the UK land registry.
However, O’Flaherty admitted that it is “early doors in terms of the technologies and the desire to run with it” in fully fledged fashion, and so a roll-out in five years is unlikely.
Fellow panellist Janet Bell, commercial engagement director at Specific, said there was an interest in Blockchain for solar and energy transactions.
“Anything that allows energy transactions between property and buildings and brings alive distributed energy at community level is fantastic, so if this could be an enabler, this is good news.”
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