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Swiss Prime Site signs deal to connect real estate with blockchain tech

Swiss Prime Site AG entered a strategic partnership deal for the development of blockchain technology-based applications for real estate functions.

Inacta, an IT consultancy firm based in Zug, Switzerland, Swiss Prime Site and its group company Wincasa have already developed a new app under the partnership, which will be used for rental escrow deposit automation, making the "laborious process" faster and more efficient.

Urs Baumann, Swiss Prime Site's head of sustainability, also added that the app will open doors for the use of decentralized data bookkeeping technology.

Blockchain technology played a role in the development of the Bitcoin digital currency and has mostly been used in the banking and insurance sectors, according to a release.