One of the largest house construction companies in Japan is working on creating a blockchain platform for rental home contracts.
Sekisui House, as per a statement posted on its website, stated that it would utilize blockchain for houses offered on rental agreements.
The contract would cover utilities such as electricity and gas. The smart contract platform will be made available before March 2021.
By simply registering the phone number and address, clients of “Shamaison” rental homes will be able to enter the property without the involvement of a real estate agent.
Prevailing technology paves way for Sekisui House customers to open and shut doors using their smartphones.
Home builders operating in other countries are working to record property rental agreements on blockchain.
In June 2019, Malta regulators necessitated contracts to be recorded on blockchain to safeguard them from altering and guarantee authorized access.
In July 2019, Japan’s blockchain firm bigFlyer Blockchain stated that they had collaborated with the Sumitomo Corporation to roll out a real estate business powered by smart contracts on its custom built blockchain named Miyabi.
Sekisui House began creating a real estate data handling system utilizing blockchain in partnership with KDDI and Hitachi in 2017.
The firm is a member of Nexchain, which is an association of enterprises sharing data including that of blockchain technology.
