Blockchain technology will “absolutely” have a function in Landsec’s business, the CEO of the U.K.’s largest property firm told CNBC on Tuesday.

Landsec is the developer behind some Britain’s biggest shopping malls and most iconic sites. For example, it owns the electronic advertising billboards in London’s Piccadilly Circus.

The FTSE 100-listed firm deals with a lot of contracts from leasing properties to hiring contractors.

When asked if blockchain technology would be used in this part of the business, Chief Executive Robert Noel replied in the affirmative.

“Absolutely… If you look at the way what we provide, which is services to business, and those services are around contract, anything that speeds up archaic land law, and contract law, and leasing law, etcetera, will be welcomed,” Noel told CNBC in a TV interview.

“And so I’m absolutely sure that there will be progress in that sphere.”

Blockchain is the underlying technology behind the cryptocurrency bitcoin. But the theory behind it can be applied to numerous industries. Blockchain is also called distributed ledger technology and refers to a method of decentralizing processes.

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