Digital planning tools are on the cusp of systematic adoption by councils and metropolitan planning agencies around the world looking to do away with long-standing inefficiencies through data-driven city planning.
According to a new research report released the Australian Housing and Urban Research Institute (AHURI), blockchain technology has the potential to dramatically transform the built environment and the social and private housing markets over the coming decades.
The report, released in partnership with UNSW Sydney, RMIT University, and Swinburne University of Technology, has underpinned the benefits and threats associated with the unproven emerging tech.
Blockchains are shared, tamperproof, peer-to-peer digital ledgers that enable a single, global version of transaction truth.
In Australia, real estate transactions typically take weeks to settle, with backlogged, paper-centric systems relying heavily on processes and middle-men.
In countries such as the United Kingdom, Russia, and UAE, blockchain technology is being explored as a possible solution towards centralised property ledgers to assist with administering transactions.
The Swedish Land Registry recently moved the country’s conveyancing to a digital ledger after nearly two years of testing, reporting improved overall speed of the process, as well as heightened security and verification.