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Helmsley Spear Adopts Blockchain Technology

Kent M. Swig, the real estate firm’s president, tells GlobeSt.com how its precedent-setting move will improve security and the authentication of building documentation.

Kent Swig, president of Helmsley Spear Kent Swig, president of Helmsley Spear

NEW YORK CITY—Helmsley Spear has hired Hercules SEZC, a blockchain-based software company, to document rent rolls for the real estate firm’s commercial leases. Starting with two properties it manages in Lower Manhattan, one at 83 Maiden Lane and another building owned by Swig Equities, the firm plans to roll out the technology throughout its portfolio.

No, this does not mean Helmsley Spear is transacting in Bitcoin or Ethereum. Blockchain is the technology that enables such cryptocurrencies. But its uses in the real estate industry are far more immediate with practical applications lacking the speculative elements associated with currency trading.

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Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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