Sekisui House, a major Japanese homebuilder, is moving its rental contracts to the blockchain. The company announced yesterday it will manage housing leases and utility agreements through the technolo
Sekisui House, a major Japanese homebuilder, is moving its rental contracts to the blockchain. The company announced yesterday it will manage housing leases and utility agreements through the technology. Tenants at Shamaison properties can enter their units without contacting estate agents. They register with phone numbers and addresses; the blockchain verifies them.
Sekisui House tenants use their phones to unlock doors. These blockchain measures roll out by March 2021.
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Blockchain strips away the middleman while keeping records tamper-proof and immutable. Regulatory compliance follows. Costs fall and security improves.
Real estate companies have been exploring blockchain. Malta passed a law last year requiring all real estate transactions on its blockchain. Prime Minister Joseph Muscat said the move would "show people the added value of this technology through applying it to something which they will use in their daily lives. Such a contract cannot be tampered with and only those authorized will be able to access it. This shows how the digital transformation will affect their lives."
Japan experienced the same shift. Sumitomo partnered with BitFlyer Blockchain to build a blockchain platform for real estate. Yuzo Kano, managing director of BitFlyer Blockchain, said the system "can greatly simplify the real estate rental contracts process, and the intermediary company can also reduce its significant administrative costs."
Sekisui House started building its blockchain real estate system in 2017, working with KDDI and Hitachi. The company belongs to Nexchain, a consortium where firms share blockchain research.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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