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ABN AMRO just launched a blockchain pilot that creates “smart contracts” for all parties involved in its real estate transactions.
In many ways blockchain’s potential is about trust, which is largely ingrained in the tech’s design, and the Dutch bank is partnering with IBM to use blockchain for parties that enter future leasing contracts. The tech gives all parties a reliable and efficient way to record, consult and exchange information, ABN AMRO says.
The pilot focuses specifically on commercial real estate financing, and connects everyone from buyers and sellers to government regulators. ABN AMRO is likely only the first of many firms to integrate this tech into their business, with a recent study from BrickVest predicting more than 56% of institutional investors will use blockchain in future deals.
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