Blockchaining Real Estate Records
A collaboration between America's oldest real estate company and a Grand Cayman software developer that utilises public blockchains is set to revolutionise commercial building records management.
Helmsley Spear manages over $7 billion of New York Real Estate. The company is scheduled to collaborate with Hercules SEZC, a George Town, Grand Cayman engineered software developer that develops supply chain management solutions utilising public blockchains. Under the agreement, Hercules will document rent rolls for Helmsley’s commercial leases in a move that is set to bring greater confidentiality to the management and storage of historic building documentation at two properties in Lower Manhattan.
How does the collaboration work?
We all know how secure blockchain technology is, therefore, the collaboration has the potential to change rent roll procedures. The aim is to improve privacy and security. It will also ensure there is a smart contract flow framework that will leave a digital audit trail making things more visible.
Helmsley Spear president, Kent M. Swig, believes new technologies can transform the real estate industry, intensify competition, and also crack the complex financial considerations which require an understanding of managing risk, investment and the risks involved.
So how does Hercules SEZC come in?
Helmsley believes that bringing in Hercules' blockchain-based protocols will allow real estate companies to improve property search processes, record property transactions, maintaining lease and property management information.
Helmsley Spear’s Executive, Oliver Swig, believes that the blockchain technology is going to be a critical connection between real estate technology systems and other participants involved in leasing and property management transactions. This will even be more effective because there will be an open and shared database for all the parties involved.
How will these commands be beneficial?
According to Anthem Blanchard, the CEO OF Hercules SEZC, he believes that once they incorporate these commands into Hercules protocol, the data quality will improve tremendously and ensure that real-time recording and retrieval is possible.
How does this move help Helmsley Spear?
Just as we know, competition is healthy, and it helps companies get more creative in their service delivery. Such blockchain protocols as Hercules are augmented by an open source community which ensures smooth management of value chains which makes companies that use them have a competitive advantage over their competitors.
This management protocol makes data management easy to trust and exchanged in the global market at a price of $.32 for every 10,000 data entries which makes it 98% more efficient than other software.
Other ways of using the Hercules software
As much as the software will be for making shared databases more effective, it has other uses. The software can be used as lease and tenancy solution. How? It will be a secure way to stabilize and improve rental income in a tenancy mix.
There are other projected future goals such as stabilising expenditure control functions on taxes, maintenance, rates, risk management, lease document recording rules and strategies, capital improvements, and forecasted cash flow opportunities - which suggest the software may one day become the tool of choice for real estate industry professionals seeking a single-source solution to document management, asset monitoring and financial reporting.
About Helmsley Spear
Helmsley Spear is America’s oldest, continuously operating real estate company and has been a leader in commercial real estate since 1866, evolving from a real estate appraisal company to a full-service firm providing highly-professional performance and bottom-line profitability for its clients. Originally founded as L.B. Goodale, the company underwent three ownership changes with new partners added in the first two decades of the twentieth century.
In 2007, an investment group led by Kent M. Swig purchased the firm and began a re- branding and redevelopment of the HelmsleySpear brand name and company as the firm had declined in stature following the death of Harry Helmsley in 1997. Founded by Kent Swig in 1994, Swig Equities, LLC, is a full service real estate development, investment and management company with a proven track record in the development of over $3 billion of residential and commercial properties, and operating companies. Swig Equities provides Helmsley Spear with logistical and operational support.
About Hercules SEZC
Based in Grand Cayman, Hercules is a Special Economic Zone Company (SEZC) whose work is developing supply chain management software that utilizes public blockchains. The company makes use of HERC tokens to decentralize and power the platform. These tokens are needed to record and validate the supply chain data. It offers transparency as it enables its users to identify the items they need tracking with all data entered such as time and date. It is also easy to insert data modules that have information such as audit reports and legal opinions stored in the blockchain. Evidently, it is a great way to identify any discrepancies to eliminate any fraudulent activities such as intentional errors. The CEO IS Anthem Blanchard while the president is Cynthia Blanchard.