Hogan Lovells collaborates with global industry leaders to launch a new transaction automation technology

1 October 2020 - International law firm Hogan Lovells, supported by global industry leaders including BNP Paribas, The Crown Estate, and Elevate announce today the launch of its new transaction automation infrastructure which aims to reduce administrative costs, enhance data privacy and security, and accelerate transactions throughout the global real estate industry.

Organized in response to the CREtech Reimagining Real Estate Challenge, the new technology infrastructure solves one of the longstanding obstacles to transaction automation in the $230 trillion global real estate market – the lack of interoperability of document and contract management software. The ground-breaking innovation uses the Integra Ledger blockchain to authenticate privately held real estate contracts, enabling highly secure, automated transactions even between organizations using different software systems.

Steve Harber, head of property management at BNP Paribas Real Estate, commented, "BNP Paribas Real Estate supports thousands of real estate owners around the world, many of which use different property management software systems. Like many forward-thinking businesses, we are constantly looking at ways to embrace automation and tech. We believe that this new technology has the potential to create significant efficiencies both in terms of time and cost, and most importantly drive data quality at source for our clients and in real estate in general."

Daniel Norris, global head of real estate for Hogan Lovells, concurred, "During this time of extraordinary challenges in the world's markets, we have intensified our efforts to come up with and deliver new innovation and efficiencies for our clients. A client of ours called an automated solution to extract metadata from completed documents into management systems as "the Holy Grail".  We've gone further than that and developed a process that, takes initial instructions data to generate documents automatically, securely verifies completed data and documents via the blockchain, auto-populates client systems and extracts the metadata into all types of management reports. Over the coming weeks we look forward to inviting more industry leaders to join in this important collaboration."

The new technology impacts all types of real estate transactions – leasing, sales, financing – no matter what software is in use by real estate owners, brokers, tenants, banks, and law firms.

In the near term, adoption of the new ecosystem transaction automation technology will boost productivity and reduce administrative costs. Longer term, as the technology becomes more ubiquitous in the real estate industry, it is hoped that it will accelerate deals, improve liquidity, and positively impact asset values.

Sharath Beedu, VP of Products at Elevate, commented, "Elevate is streamlining and digitizing contract processes. Adding blockchain-based authentication and automation to real estate contracts brings new efficiencies to the global real estate market. It’s especially compelling that this new authentication and automation functionality can be added to existing enterprise software, allowing organizations to leverage their software investments and minimize disruptions to existing business processes."

Norris added: "This technology is not only set to transform this sector but crucially in the future, it also has the potential for wide applicability across any commercial transaction in any industry."

The new ecosystem technology infrastructure is "live" and currently available for beta testing by real estate companies, financial institutions, brokers, and law firms.

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