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.”