CodeBase's Wallet.Services is using its SICCAR product to develop, in accordance with Scottish Government, a solution for the private rented sector of Scottland's real estate industry.
Scottish residential property rental portal Citylets has teamed up with blockchain technology specialist Wallet.Services to offer what is thought to be the first blockchain-enabled private rented sector (PRS) worldwide database.
The number of households in the Scottish PRS has tripled since 1999 to 370,000 according to the most recent Scottish Household Survey. The move by Citylets is in response to new Scottish PRS legislation which provides for local councils to apply to the Scottish Government to designate Rent Pressure Zones (RPZs) within their Local Authority area.
Applications must be data-led, including market evidence that rent increases to tenants under the new Private Residential Tenancies introduced in December 2017 are excessive. Currently, there is no relevant data on rent rises.
Wallet.Services, headquartered at incubator CodeBase in Edinburgh, has utilized its award-winning SICCAR product, developed in conjunction with Scottish Government, to implement the solution.
The data is stored cryptographically which allows a higher degree of security and means the data cannot be corrupted once entered from source by letting agents across Scotland.
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