Japan’s one of the biggest home builders, Sekisui House, is making preparations for its contracts on certain rental homes to go on the blockchain. According to the company’s announcement on June 8, Sekisui House said that it would use blockchain for rental housing contracts, including covering electricity and gas. The measures will be implemented before March next year. According to the announcement, users staying in rental homes will be able to register their phone numbers and addresses to enter the property without ever contacting a real estate agent.
Companies push property rental contracts to be registered on the blockchain.
Home builders in many other countries have been pushing property rental contracts to be registered on the blockchain technology. It was reported that Malta regulators required contracts to be registered on a blockchain to protect them from tampering and to ensure authorized access. Last year Japanese blockchain company bitFlyer Blockchain announced they had partnered with the Sumitomo Corporation to launch a real estate business powered by smart contracts on its in-house Miyabi blockchain.
The Japanese home builder Sekisui House started building a real estate information management system using blockchain technology in collaboration with KDDI and Hitachi back in 2017.
Regulators take a serious look at blockchain amid the global pandemic.
In the midst of the global pandemic, regulators all around the world are taking a serious look at blockchain technology. The technology that underpins most cryptocurrencies is being looked at by regulators worldwide. Earlier, the United States Senate proposed for remote voting amid the lockdown due to the COVID 19 pandemic. The use cases of this technology have proven to be life-saving in the ongoing global pandemic. The digital distributed ledger reduces the paperwork, which reduces the risk of people entering into physical contact and lessens the chance of getting infected. The governments all around the world are now looking into the use cases of blockchain seriously.