Sumitomo and BitFlyer to Build Blockchain Real Estate Platform in Japan


Japanese commercial giant Sumitomo Corporation has partnered with a sister company of local cryptocurrency exchange bitFlyer to launch a blockchain real estate business.

As Cointelegraph Japan reported on July 23, bitFlyer Blockchain will develop an umbrella platform for renting real estate, driven by smart contracts on its in-house Miyabi blockchain. 

Speaking to local tech news outlet CNET Japan, Yuzo Kano, managing director of bitFlyer Blockchain, added that the aim of the project was to enable rental parties to complete the entire process from a smartphone.

Binance Banner  

“It can greatly simplify the real estate rental contracts process, and the intermediary company can also reduce its significant administrative costs,” he told the publication.

According to CNET Japan, a prototype should be available towards the end of this year, with a full rollout in 2020. 

The announcement comes as blockchain’s potential to transform the real estate industry more widely is gaining considerable attention.

As Cointelegraph reported, Malta last month revealed it would record all real estate rentals on the blockchain, while the concept of tokenized real estate is also making considerable inroads.

Last week, Cointelegraph released a dedicated guide to the state of the sector and its future.

bitFlyer Blockchain’s development marks a new market for owner bitFlyer Holdings, while the company’s exchange operation this month began to accept new accounts after a year-long hiatus over regulatory compliance.

Coinbase Banner  

Go to Source
Author: William Suberg

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.