Japanese Company Trials BTC and Smart Contracts in Real Estate Transactions
A Tokyo Stock Exchange-listed company has built a cryptocurrency settlement platform for real estate transactions. The firm has tested the platform using BTC and smart contracts for property sales and has released its findings; many benefits were observed over the traditional method.
Japanese real estate company Ruden Holdings recently announced the results of an experiment using its newly-created “virtual currency real estate settlement platform.”
The company explained that the trial, which involved BTC and smart contracts, was conducted in collaboration with Blockchain Global Limited (BGL). The two companies partnered in April to develop the settlement system and a “virtual registration data inquiry system,” Ruden detailed, adding, For the settlement of bitcoins (BTC) used in the property sale, Bitflyer’s web service and API functions were used.
Some parts of the system, such as time stamping of the contract, used the NEM test network, the company added. Bitflyer is Japan’s largest crypto exchange by volume. However, the exchange halted registering new users after receiving a business improvement order from the country’s financial regulator in June.