This article highlights a potential ability for bitcoin to manage security deposits for renters. Although written in terms of the Jurisdiction of the United States, the principle remains the same for the UK Market. If Surveyors became familiar with such technology, such multi-signatory release of security deposits would improve the ability of surveyors to actively manage funds held as security for expenses under the Party Wall etc. Act 1996.
This, of course, would prove problematic in terms of interest rates and the price fluctuation of the cryptocurrency, that said, considering the relative infancy of the technology it does prove to be an interesting development that may apply to Section 12 of the Party Wall etc. Act 1996. This would also require attention to acceptance of Bitcoin wallets as accounts for RICS firms’ annual returns to conform to RICS regulation. With the multinational management consultancy Accenture’s request for UK government to regulate bitcoin wallets, the reality of security being held as bitcoin for works under the Act may be far fetched but might not actually be that far away.