IDEAS FOR CAMDEN
SMART RENTAL CONTRACTS FOR WORKSPACES
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What is it?
An outcome-based rental contract for a workspace in Camden.
Why is it useful?
Instead of using standard rental agreements, tenants of a workspace could pay rent based on the conditions it creates – health of people working there, its contribution to local public space or its ethical supply chain.
This switches the incentive of the landlord from providing spaces with minimum cost, to providing healthy, productive and diverse spaces. These outcomes could be tied into a smart Ricardian contract and automated payments, with the precise level of rent dependent on the landlord fulfilling specific outcomes.
This switches the incentive of the landlord from providing spaces with minimum cost, to providing healthy, productive and diverse spaces. These outcomes could be tied into a smart Ricardian contract and automated payments, with the precise level of rent dependent on the landlord fulfilling specific outcomes.
Who would need to be involved?
- A Camden workspace
- Smart contract experts
- Rental contract law experts
- Participating tenant
- Camden Council
Where do we start?
- Research and formulate the analogue version of an outcome based rental contract.
- Ethnographic research with landlords, tenants, contract lawyers and machine-readable contract experts in Camden.
- Identify technological and contractual constraints and co-develop a paper prototype for a smart contract.
- Identify trial participants and work together to test prototype in a real-world scenario.
- Test and iterate outcome metrics and contract obligations.
Some thoughts…
- How do you keep the integrity and trust between landlord and tenant when they know they’re being analysed?
- The ethical interests between the landlord, office management and the tenant may be fundamentally different.
- What would be effective outcome-based metrics to use?
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