Citylets has adopted blockchain technology to help track and store rental data in Scotland.
The Scottish property rental portal has teamed up with blockchain technology specialists Wallet.Services to offer what is thought to be the first blockchain-enabled private rented sector (PRS) database.
Letting agents and local authorities north of the border will now be able to contribute data to and receive analysis of mid tenancy rent changes on a modern, inherently trustworthy technology platform.
The system has been developed in response to new Scottish PRS legislation which allows local councils to apply to the Scottish government to designate all or any part of their local authority area as Rent Pressure Zones, or RPZs.
The criteria by which any applications are to be made handed down by Scottish government are very detailed but a predominant feature is that 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.
Citylets founder Thomas Ashdown said: “The key here is trust. We are a private company looking to create a ledger of the rent changes experienced by the tenants of Scotland that can be utilised by all stakeholders within the private and public sectors.
“Ultimately, this will become a resource both for the lettings industry and local councils who have new powers to apply for rent pressure zones but lack the data to underpin applications to the Scottish Government.
“Blockchain tech was chosen to put the dataset beyond reproach. It is a highly secure, immutable technology.”
Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions.
If any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals, then the post may be deleted and the individual immediately banned from posting in future.
Please help us by reporting comments you consider to be unduly offensive so we can review and take action if necessary. Thank you.
Average rents in Scotland continued their upward trend in the third...
The number of rental homes on the market in Scotland dropped...
Rents in Scotland fell marginally in the final three months of...
Rents in Scotland have hit a record high as demand from...
The vast majority of tenants are unaware of new laws introduced...
Despite the recent tax crackdown, buy-to-let continues to look an attractive...
The property market had enjoyed a boost thanks to the outcome...
There wasn’t much by way of good news in the Spring...
Twenty twenty-four is a pivotal year for landlords in the Private...
National Landlord Investment Show has announced that the former Leader of...
The management of BTL properties, whether it's a modest collection of...
A council has prosecuted a landlord for letting out two HMOs...
The Labour-led government in Wales has issued a consultation proposing the...
Another council is looking for landlords with rental properties to match...
Another council is looking for landlords with rental properties to match...
.png)
Landlords and renters’ activists are at either end of the spectrum...
A prominent lettings sector expert is blaming the media for anti-landlord...
Who are you and what does it say on...
Who are you, and what does it say on...
Who are you? I am the Head of Broking for...
Join the conversation
Jump to latest comment and add your reply
Councils and SNP need to realise that the more unattractive they try to make the prs, the higher will be their bills for the homeless and the higher the rents for the flats still available for rent! Rent control has never worked and never will. Stop meddling with people's lives, both landlords' and tenants'.
Please login to comment