Smart contracts are computer codes that can self-execute and self-enforce the terms and conditions laid out in a legal agreement.
Commercial estate agent SavoyStewart revealed that 66% of respondents thought that smart contracts would enable the exchange between the buyer and seller to be more efficient.
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Other highlights included:
- 63% of professionals believed that smart contracts would allow them to save a considerable amount of money due to fewer, or no, ‘middlemen’
- 59% thought smart contracts were highly secure
- 40% appreciated the positive impact that paper-free smart contracts have on the environment
- 45% highlighted improved communication as a positive impact of utilising smart contracts
- 74% saw a lack of knowledge as the main reason why the industry may not use smart contracts on a greater scale in the future
“Smart contracts are only in their infancy, but they have huge potential to make a real game-changing impact in the commercial real estate industry,” said Darren Best, managing director at SavoyStewart.
“As this research certainly shows, smart contracts have left an encouraging impression on commercial real estate professionals.”