Japanese Company Trials BTC and Smart Contracts in Real Estate Transactions

A Tokyo Stock Exchange-listed company has built a cryptocurrency settlement platform for real estate transactions. The firm has tested the platform using BTC and smart contracts for property sales and has released its findings; many benefits were observed over the traditional method.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Some parts of the system, such as time stamping of the contract, used the NEM test network, the company added. Bitflyer is Japan’s largest crypto exchange by volume. However, the exchange halted registering new users after receiving a business improvement order from the country’s financial regulator in June.

“The buyer then sent the virtual currency (bitcoin) to the Ruden company’s virtual currency account,” the company described, elaborating:

Other forms including the property registration application and requests to acquire other necessary documents are also automatically sent in order to execute the sale of the property.

Ruden then outlined many advantages it observed from the experiment.

“Smart contracts eliminate the need for manual work and conditions,” the company detailed, adding that “the time to negotiate and conclude can be shortened compared to the current work.” Furthermore, the system also reduces “trouble such as refusal” to hand over the property after payment has been made.

Overall, Ruden emphasized:

In addition to building the two systems above, the company announced last week the establishment of an overseas subsidiary in Singapore for the issuance of its own token.

What do you think of using BTC and smart contracts in real estate transactions? Let us know in the comments section below.

Images courtesy of Shutterstock and Ruden Holdings.

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The post Japanese Company Trials BTC and Smart Contracts in Real Estate Transactions appeared first on Bitcoin News.

 

source: https://news.bitcoin.com/japanese-company-btc-smart-contracts-real-estate/