2 November 2024
BitFlyer Introduces Home Rentals In Blockchain
Sumitomo one of the Japanese biggest trading companies and businesses has partnered with bitFlyer, a major Japanese crypto exchange. The partnership aims to build a blockchain-powered real estate rental and property management platform. The new platform will digitize the entire house rental process for both tenants and landowners.
There are a total of 25 Japanese companies who are ready to collaborate with this platform including Mitsui Sumitomo Insurance and Tokyo Gas, the primary provider of natural gas to cities including Tokyo, Kanagawa, and Saitama.
The platform enables house-hunters to sign tenancy contracts and pay their electricity, gas, and other utility bills – as well as take out and manage fire and theft insurance policies – all using smart contract technology.
The crypto exchange BitFlyer stated that the new platform will make it an easy process for rentals. It will also speed up the processes that take too much time for paperwork.
The firm also added that through smart contracts multiple companies can check and update data by managing information that is registered by users using a blockchain network.
The exchange also says that it is working towards expanding more companies to participate in the project.
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