"The key here is trust. We are a private company looking to create a database that can be utilised by all stakeholders within the private and public sectors. Working with Wallet.Services, I am convinced that blockchain is the best way to deliver this data.”
-Thomas Ashdown, Managing Director, Citylets
Under new legislation, local councils now have the power to apply to the Scottish Government to have any or all parts of their local authority area designated a Rent Pressure Zone. The issue of Rent Control in this legislation has been a controversial topic, both within and outside of the Lettings Industry.
All parties agree that the subject should be discussed using insightful data, but that there is currently no data available around mid-tenancy rent changes - for which proposed rent controls apply. The criteria by which any applications are to be made have been handed down by Scottish Government and are very detailed - but the predominant feature is that applications must be data led.
Using SICCAR, which was originally devised with Scottish Government, we designed a platform which applies blockchain to securely share information between letting agencies and councils so that tenancy rent changes can be monitored.
- Agents can share their sensitive information securely and confidentially
- The platform is designed to be free and seamless to those contributing data
- Local and central government have access to an authoritative database, which can be used to debate on the matter of Rent Pressure Zones in Scotland
Ultimately, this platform has the potential to become a resource for local councils who have new powers to apply for rent pressure zones but lack the data to underpin any application to Scottish Government.
Blockchain can provide a democratic platform for debate on public sector and industry issues. SICCAR has provided the foundations for trusted data to underpin fair decisions on the future of parts of the rental market.