Blockchain technology will “absolutely” have a function in Landsec’s business, the CEO of the U.K.’s largest property firm told CNBC on Tuesday.
Landsec may be the developer behind some Britain’s biggest shopping malls & most iconic sites. For example, it owns the electronic advertising and marketing billboards in London’s Piccadilly Circus.
The FTSE 100-listed firm deals with a whole lot of contracts from leasing properties to hiring contractors.
When asked if blockchain technology would be used in this the main business, Chief Executive Robert Noel replied in the affirmative.
“Absolutely… If you go through the way what we provide, which is products and services to business, and the ones services remain contract, anything that boosts archaic land legislation, and contract legislation, and leasing legislation, etcetera, will get welcomed,” Noel advised CNBC in a Television interview.
“And so I’m sure that you will see progress in that sphere.”
Blockchain may be the underlying technology behind the cryptocurrency bitcoin. However the theory behind it can be applied to numerous industries. Blockchain can be referred to as distributed ledger technology and identifies a method of decentralizing processes.