Yesterday Hogan Lovells launched DriveChain, a blockchain-enabled platform for document and contract automation. While the application is relevant to all industries, the first client planning to adopt the solution is BNP Paribas Real Estate.
DriveChain technology adds structured data to PDFs and Word documents turning them into “smart documents”. That enables the software used by Hogan Lovell’s clients or their contracting partners to incorporate the document data. That could include generating reports, managing assets, as in the case of BNP Paribas, or conducting due diligence. A key benefit is the potential interoperability between document management and contracting systems, even when the original documents are not created using the same software.
“DriveChain enables peer-to-peer transfer of documents, contracts, and their associated data in a way that increases automation, accuracy, and security,” said Dan Norris, partner and global head of Hogan Lovells’ real estate team. “Because it is accomplished using existing software, clients and their clients can achieve almost immediate benefit from increased document and contract automation and security. Although it was designed in response to a real estate client’s needs, we’ve made it discipline agnostic.”
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