Scottish property rental website Citylets has set up the world’s first blockchain database to help agents and local officials track and store rental information.

It has partnered with startup Wallet.Services to build the private rental sector (PRS) database. The new platform allows letting agents in Scotland to provide data and receive an analysis of mid rent changes, according to the Scottish Planning and Building Control Today website.

Recent PRS legislation

The Scottish government recently approved new PRS legislation, allowing local councils to apply to the authorities to designate all or any part of their local authority area as Rent Pressure Zones to help regulate the price of rentals and place caps on rent increases, PBC adds.

“The key here is trust. We are a private company looking to create a ledger of the rent changes experienced by the tenants of Scotland that can be utilised by all stakeholders within the private and public sectors,” says Citylets Founder Thomas Ashdown.

A significant resource

He believes that the new database will become a significant resource for the lettings industry and local councils, “who have new powers to apply for rent pressure zones but lack the data to underpin applications to the Scottish Government”.

Wallet.Services Chairman Rab Campbell says his firm is “delighted to be working with such a progressive company as Citylets”. He adds that the “project addresses an issue thrown up by legislation passed by the Scottish Parliament. It improves trust and data quality on an important matter that spans the public and private sectors.”