Japan: Home builder uses blockchain to simplify rental contracts

In Japan, one of the largest house builders is planning to put contracts for certain rental apartments on the blockchain. According to an announcement on June 8 on the company’s website, Sekisui House said the company plans to use blockchain for leases, including electricity and gas. The measures will be implemented by March 2021.Users who live in “Shamaison” rental apartments can register their phone numbers and addresses and enter the property without having to contact a real estate agent. The current technology enables Sekisui House customers to open and close doors using their smartphones alone.

 

On the way to direct rental

Home builders in other countries are also working towards registering rental contracts for real estate on the blockchain. Malta required contracts to be registered on a blockchain to protect them from tampering and only guarantee authorized access. In July 2019, Japanese blockchain company bitFlyer Blockchain announced that it had partnered with Sumitomo Corporation. They then founded a real estate business based on smart contracts that works via their in-house Miyabi blockchain.