Tuesday, October 19, 2021

JLL China Collaborates With VeChain to Explore Blockchain for Commercial Real Estate

As a report has it, Jones Lang LaSalle China, a global real estate services firm in commercial property and investment management, has collaborated with VeChain, the leading enterprise blockchain platform, to explore blockchain adoption in sustainable Proptech.

The new development was shared a few hours ago via the official Twitter handle of VeChain Foundation. According to the report, the collaboration will aid VeChain in its quest to create innovative solutions, as well as tackling carbon emissions.

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VeChain Foundation tweeted, “We are proud to collaborate with JLL China & explore app. scenarios for blockchain in commercial real estate! VeChain, with its industry-leading technologies will continue creating innovative solutions, tackle carbon emissions & drive systemic change.”

Jones Lang LaSalle China Seeking Sustainability via Blockchain

According to the report, sustainability has become a critical pillar of business success in the Chinese market. So, JLL has been earnestly seeking innovative solutions to accelerate carbon emissions reduction in real estate, which brought about the recent collaboration with VeChain.

Read Also: VeChain (VET) Joins Top 10 Cryptocurrencies with Leading Social and Market Activity

The report also stated that insufficient technological infrastructure is a major obstacle to making de-carbonization goals a reality. At the moment, the lack of consistent and validated carbon data poses a significant reporting challenge. As of now, at least two/third of Chinese corporations are looking to invest in nascent technologies to bridge the gap.

So, the best technology to make this happen is blockchain. Leveraging the VeChain blockchain, there is assurance for the ideal tool to deliver consistency and transparency in data. It has a huge potential to help bring improvement to measurement and reporting standards and accelerate progress towards the quest to realize the zero-carbon goal.

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The report itemized three scenarios in which blockchain could help Jones Lang LaSalle China:

  1. Scenario 1: Real Estate developers and owners – easy traceability of full lifecycle carbon footprint
  2. Scenario 2: For enterprise tenants – better choice of green office space with ‘Carbon Label’
  3. Scenario 3: For enterprise employees – incentives for low-carbon behavior

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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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