The UK's leading commercial real estate developer and investor, Landsec, has openly acknowledged that blockchain technology will play a significant role in its operations. With a vast portfolio spanning 2.6 million square feet of commercial properties, including iconic locations like the Piccadilly Lights in London, the company is actively exploring how emerging technologies can enhance its services.
In an interview with CNBC, CEO Robert Noel was asked whether Landsec would integrate blockchain into its business model. He responded positively, stating, "Of course, if you understand what we offer — the services provided to businesses — they revolve around contracts. Anything that can speed up land law, contract law, and lease law will be welcomed."
Landsec is leveraging blockchain to streamline processes, particularly in contract management and documentation. By using this technology, the company aims to reduce the time spent on back-and-forth communication between parties. Through blockchain, all involved parties can access an immutable copy of the contract, which automatically executes once the required conditions are met. However, Noel emphasized that this technology won’t replace legal professionals but rather support them by reducing administrative burdens.
As distributed ledger technology gains traction across various industries, more companies are recognizing its potential. Law firms are also experimenting with blockchain to assess its impact on traditional, manual processes. A February report from a New York-based firm highlighted how blockchain could simplify smart contract execution by eliminating many of the steps currently required.
Hogan Lovells, for instance, sees the potential of smart contracts to automate agreements without human intervention, allowing lawyers to focus on higher-value tasks. Despite these advancements, questions remain about whether blockchain will fundamentally change the relationship between businesses and law firms.
In June, one of Australia’s largest law firms sent a report to clients, advising them to use blockchain-based tools to address trust issues in business models. This shift signals a growing awareness of how blockchain can transform traditional practices.
While the full impact of blockchain on the legal industry is still unfolding, it’s clear that the technology is no longer just a buzzword — it’s becoming a practical tool reshaping how businesses operate. As more companies adopt it, the future of real estate and legal services may look very different in the years ahead.
This article reflects the author’s personal views and does not represent the position of any organization. It is for informational purposes only and should not be considered financial or legal advice.
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