Blockchain to change property functions

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EMERGING technologies such as blockchain will present significant opportunities as well as changes to existing roles in the property market.

Commonwealth Bank’s head of blockchain, Sophie Gilder, told the Australian Property Institute’s National Property Conference that blockchain could change how property is owned and managed in the future, including by acting as the land titles register for electronic title to land, and storing other information in relation to property such as tenancy details and safety certifications.

“So many different stakeholders may be interested in information in relation to property being defragmented and being brought together and being trusted in blockchain registry,” she said.

“We’ll live in a connected world in the future, and it will be absolutely imperative that that network that connects those buildings is secure. And blockchain really lends itself to security against cyberattacks, due to the fact that it is a decentralised architecture, so there’s not a central point to attack.”

Australian Property Journal