by Property Forum | Office

Poland’s first office leasing transaction based on blockchain technology has taken place on the ShareSpace platform in August 2018. The tenant was Ricoh Poland, a company providing office solutions.


The use of blockchain ensures the security of lease transactions, the irrefutability of commercial and legal conditions and reduces brokerage and advisory costs. Access, verification and validation of commercial documents and arrangements take place through a decentralized platform, which significantly shortens the time of negotiations and at the same time maintains the security of the whole process online, even with the involvement of many parties, according to sharespace.pl.
 
Polish IT company Atende was responsible for a detailed description of test scenarios and test cases of applications verifying the conformity of blockchain-based transactions with functional requirements. The transaction was supervised by the Institute of Systemic Research of the Polish Academy of Sciences. Stefan Dziembowski, blockchain technology expert and professor at the University of Warsaw was also involved. Hogan Lovells provided legal service and project execution in accordance with the applicable legal regulations. Cushman & Wakefield, a partner of Share Space, was also involved in the business and market analysis.
 
ShareSpace provides innovative, tech-based tools in the field of quick offer access and lease process management of serviced and coworking offices across Poland.