As the 2nd half gets underway we see opportunity. Nanalyze, a blog, writes on how blockchain can impact CRE. “For most CRE transactions, significant time is spent on due diligence activities related to financial, environmental, & legal. According to Deloitte, this is “predominantly due to the use of physical documents for proof of identity, documents that are often stored in siloed places & have limited flexibility to be customized to suit various needs.”
The problem is compounded when you involve 3rd parties, many of whom require duplicate due diligence steps & documentation. Any business that uses paper documents is low hanging fruit which can be solved with basic tech…Deloitte talks about how CRE “appears to take pride in keeping several aspects of its operations secret, such as comparable lease rental rates, property prices, & valuations, to create a possible competitive advantage.” Even without the shroud of secrecy, all of that data is stored in disparate silos – probably consisting of antiquated database systems & even paper records – meaning there’s a great deal of value to be had by creating a data warehouse & feeding all that big data to some AI algorithms.”
We agree, except for the data warehouse, a distributed data eco-system with verified data is even better.