Copy link
Increase text size
Decrease text size
Link copied

Sumitomo partners with bitFlyer Blockchain to digitize housing rental contracts

Wed, 24 Jul 2019, 07:12 am UTC

Japanese trading house Sumitomo is teaming up with bitFlyer Blockchain to jointly develop a blockchain-based housing rental contract platform equipped with smart contract functionality.

In May, bitFlyer Holdings, the operator of Japanese cryptocurrency exchange bitFlyer, established a new wholly-owned blockchain-focused subsidiary.

Currently, the housing rental contract process is quite convoluted and often requires face-to-face communication between various stakeholders – lessee, management company, intermediaries, etc. – along with a process of closing a contract via fax and mail.

Sumitomo and bitFlyer Blockchain aims to address these point points by performing part of the work related to the housing rental contract using blockchain technology. They plan to develop a blockchain application that can be used by the various parties involved in a housing rental contract.

“By digitizing the contract, the contracting party…can confirm the process from the property application to the contract conclusion in a timely manner, and reduce the time and cost of binding, mailing, and signing of the contract,” the press release reads.

The companies believe that blockchain technology will help streamline the office work related to the safe storage and management of contracts. They plan to complete the development and verification of the prototype in the latter half of 2019 and move to provide services to general users.

Going forward, Sumitomo and bitFlyer Blockchain intend to incorporate more technologies in addition to blockchain, in order to allow users to perform various functions from one app, including viewing reservation, contract, move-in, payment of various expenses, contract renewal and withdrawal procedure, and more.

The companies also aim to expand the project beyond housing leases to other industries that are closely related to real estate contracts such as guarantors and insurance companies.

[The article has been written using an online translation of the press release.]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $17,346.70 (+2.45%)
  • Ethereum (ETH) $527.25 (+2.97%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.167000 (+22.56%)
  • Chainlink (LINK) $13.04 (+5.92%)
  • Bitcoin (BTC) $17,346.70 (+2.45%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft