Helmsley Spear Commits to Innovative Use of Blockchain
Helmsley Spear, LLC, largely recognized as the oldest real estate company in America, is teaming up with blockchain-based supply chain software company Hercules SEZC. Brokerpulse reported that this will effectively catapult Helmsley into the next stage, where the traditional company will have its first taste of a tech wave that's sweeping the real property industry right now.
The partnership will allow Hercules SEZC to document rent rolls and other transactions of the real estate company. It will begin by recording the Lower Manhattan properties of Helmsley. The blockchain is actually a badly-needed innovation in the real estate industry. With the number of documents chronicling tons of transactions, blockchain can store all of those within a secure environment.
Helmsley Spear and Hercules SEZC symbolize a partnership between old, traditional processes and new ways of doing things. Despite the uncertainty of moving most transactions over to blockchain, the time appears to be fast approaching where the new ways will have to be adopted. It's just that Helmsley Spear, largely thought to be stubbornly antiquated, provided a fresh approach with their adoption of the blockchain.
The partnership between the companies, covered by Business Wire, is lauded by Helmsley Spear president Kent M. Swig. Of it, he says that the changing face of real estate and increasing competition required an adjustment to innovative processes. It also required an urgent shift of risk management as well as an investment towards new things that work.
Oliver Swig, Helmsley Spear Executive Officer, added that this partnership finally shows how critical blockchain's connection to real estate can be. It can also become the bridge through which property management transactions are shared on an open environment-a database that can be accessed by all which needed information on these transactions.
This partnership is to be closely monitored, according to analysts. It would be watched for how it creates new processes as well as improvements to security and privacy, how interoperability works, and how transactions can be traced with a 'digital audit trail' adding more security between both parties doing the transaction.
This shows that the real estate industry is changing, and it is a change for the better. Before, leaders of industry had to adapt to the changing times to create more profits and adapt. This time, it's real estate that has to do the work to be relevant in an ever-changing environment.