Many CRE systems and processes are currently siloed, and information is consequently scattered on different point solutions. This lack of interoperability results in data redundancies, duplication of records, and opaqueness. As such, RE management’s decisions are frequently based on data sets, which do not provide a real-time view of ongoing activities.
Blockchain technology can be the connective tissue between technology systems of CRE companies and other participants in a leasing transaction by providing a more open and shared database for all involved parties. This would enhance data quality and also enable real-time recording and retrieval. As a result, CRE players can address some of the interoperability issues and use predictive analytics to draw smarter and near real-time insights from the blockchain data, which may eventually enhance the quality of leasing-related and property operating decisions. While players can use their capabilities to analyze internal data, they could hire third-party blockchain vendors as intermediaries to analyze aggregated industry data.
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