Swiss Prime Site relies on the blockchain

According to Swiss Prime Site, a first application has been developed together with Inacta that uses the "Ethereum Blockchain" and "Smart Contracts" to automate the handling of the rent deposit process. This could significantly reduce the administrative and paper work.

The real estate company believes that blockchain applications have "significant potential" in both the office and residential sectors. Wincasa concludes more than 16,000 rental agreements annually in the residential segment alone. Four parties are involved in establishing and dissolving a rent deposit, and there are also numerous processing steps with corresponding proofs and signatures. With blockchain technology, on the other hand, the deposit and subsequent repayment of the rent deposit for real estate properties is possible directly between the tenant and the landlord.

"We see the first use case as an introduction to making the advantages of the decentralized accounting system available to our customers in concrete terms," says Urs Baumann, Head Sustainability & Innovation at Swiss Prime Site. "So-called 'smart contracts' will rapidly gain in importance," he is convinced.

Blockchain technology originally became known through the digital currency Bitcoin. However, it is now becoming increasingly popular in other areas as well. Great potential is seen above all in the digitization of business processes. Switzerland, and in particular the Zug region, has established itself as a global center for crypto and blockchain technology: Over 100 companies have already set up shop in the city's metropolitan area.

Markus Fischer, Head Business Development at Inacta, says: "It's best for companies to start with a manageable business process to realize the potential of blockchain." To date, he says, blockchain applications have mainly been implemented for banks and insurance companies. According to him, Swiss Prime Site is the first major player in the real estate industry to use this technology.