Olten - Swiss Prime Site has entered into a strategic cooperation with the Zug-based IT consulting company inacta AG. The goal of the partnership is the development of applications based on Blockchain technology. Real estate services provided by Swiss Prime Site and Wincasa Group company are to be provided more efficiently.
A first successfully implemented application uses the Ethereum Blockchain and Smart Contracts to automate the processing of the rent deposit process. As a result, the administrative and paper costs can be significantly reduced.
In the real estate sector, blockchain applications offer significant potential both in the office and residential sectors. The real estate service provider Wincasa manages CHF 65 billion in assets under management and concludes more than 16,000 leases each year in the residential segment alone.
So far, the establishment and liquidation of a rent deposit deposit account was a complex process in which four parties were involved. In addition, there were numerous processing steps with corresponding evidence and signatures. In co-operation with inacta it could be shown that the deposit and subsequent repayment of the rent deposit for real estate objects with the blockchain technology is extremely efficient and possible directly between tenants and landlords.
The young technology of the blockchain creates real added value for tenants and customers of Swiss Prime Site and Wincasa. Urs Baumann, Head of Sustainability & Innovation at Swiss Prime Site explains: "We see the first application case as an introduction to make the advantages of the decentralized accounting system available to our customers. So-called 'Smart Contracts' will quickly gain in importance.”
Originally thanks to the digital currency Bitcoin, the technology is becoming more and more popular and promises interesting potential in the digitization of business processes.
Switzerland and especially the Zug region have established themselves as the worldwide center for crypto and blockchain technology. More than 100 companies have already settled in the metropolitan area of the city. Markus Fischer, Head of Business Development at inacta, is convinced: "Companies start with a manageable business process to recognize the potential of blockchain. To date, mainly blockchain applications have been implemented for banks and insurance companies. With Swiss Prime Site, a visionary market leader in the real estate industry is embarking on this new path.”