Japanese commercial giant Sumitomo Corp has partnered with a sister firm to local cryptocurrency exchange bitFlyer Blockchain on the development of a blockchain real estate business.
According to Tunf News, initial reports on July 23 indicated that bitFlyer had plans for building an umbrella platform for renting real estate, with its own inhouse Miyabi blockchain hosting smart contracts to drive the platform.
Yuzo Kano, managing director at bitFlyer, told local tech portal CNET Japan that the project aimed to allow rental parties to complete the entire process via smartphone.
“It can greatly simplify the real estate rental contracts process, and the intermediary company can also reduce its significant administrative costs,” he added.
While the full rollout is expected in 2020, CNET Japan clearly stated that a prototype would be available near the end of 2019. The news comes at a time when the implications of blockchain technology and its potential to transform the real estate industry are being widely considered.
The concept of tokenized real estate is continuing to gain major traction, with Malta announcing in June that it would soon have its own blockchain-backed record for all real estate rentals.
Maltese Prime Minister Joseph Muscat said new regulations were approved requiring the registration of rent contracts on a blockchain, citing the need to protect them from tampering while ensuring authorized access.
Following a year-long journey towards regulatory compliance, bitFlyer finally accepted new accounts for the exchange operation. This latest development means the firm is now in a position to benefit from a new market.
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