Sumitomo and BitFlyer Blockchain to Build 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.
bitFlyer Blockchain will develop an umbrella platform for renting real estate, driven by smart contracts on its in-house Miyabi blockchain.
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.
“It can greatly simplify the real estate rental contracts process, and the intermediary company can also reduce its significant administrative costs,” he told
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.