- bitFlyer aims to launch a platform for blockchain home rentals.
- The platform would allow payments in cryptocurrency.
- Tenants can sign smart contracts using the platform.
Japanese trading and investment firm Sumitomo collaborates with a Japanese cryptocurrency-based exchange bitFlyer to create a technology-fueled smart real estate platform for blockchain home rentals. Sumitomo intends to digitalize the rental management interface to facilitate home rental procedures for owners and tenants alike.
Aiming to launch by March 2021, the blockchain home rental system is already attracting clients, and reports reveal up to 25 firms signing up to use its services. These include real estate insurance giant Mitsui Sumitomo Insurance and Tokyo Gas, natural gas provider across Japan.
Blockchain home rentals: Features and other details
The blockchain smart contract technology features include enabling prospective tenants to finalize and sign tenancy contracts and payment of bills like utility, gas, and electricity using cryptocurrency. The firms are also said to enhance the solution by offering to buy property insurances like those for fire or theft through the blockchain solution.
bitFlyer expressed that the platform’s aim is to ease property dealings and rentals through simplified procedures and ensure speedy processes, unlike the conventional documentation procedures that are time-consuming and complex. The firm further added that efforts are being put in place to make room for the increasing number of firms engaging in this new project.
The firms further revealed that the multi-user platform could update data through the platform by controlling user registered information through on blockchain web. This is a new milestone in the blockchain for the real estate arena.
Speculations disclose a similar blockchain-inspired project being launched by Sekisui House, a homebuilding giant in the field since 1960, and a member of the Nexchain association that shares information on blockchain technology. The equally competitive project’s launch is expected to clash with Sumitomo’s Blockchain home rental solution.