The Role Of Blockchain In Rental Contracts

Japanese Home Builder Utilizes Blockchain Contracts

One of the most prominent home builders in Japan is making plans to take its contracts on specific rental homes to the blockchain network.

Sekisui House recently announced on its company’s website that it would use blockchain for its rental housing contracts, including contracts relating to gas and electricity. The new measures will hopefully be implemented before the start of next year.

Users in the specified rental apartments will have the chance to register their addresses and phone numbers to gain entrance into the property without the need for any real estate agent. The presence of existing technology means it is possible for Sekisui House clients to open their doors using only their smartphones.

Using Blockchain To Facilitate Rental Contracts 1

The Need For One-Stop Leases

Homebuilders from various countries have been voicing the need for the registration of rental contracts on the blockchain network. Last year, regulators in Malta were asking for contracts to be registered on a blockchain so as to offer them protection from hacking and tampering, and also ensuring authorized access.

BitFlyer, a Japanese blockchain company, announced the partnership with Sumitomo Corporation to develop a real estate business powered by smart contracts on its own blockchain network, the Miyabi blockchain.

Sekisui House made plans to build a real estate information management system via blockchain in partnership with Hitachi and KDDI back in 2017. The company is a member of Nexchain, and it is centered on sharing information, including that on blockchain tech.

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