Blockchain-powered tenancy deals are coming to the state of Queensland in Australia. This is after the Real Estate Institute of Queensland (REIQ) partnered with a local blockchain startup Igloo to develop the tenancy platform. The platform, which will facilitate smart contracts, will be available by the end of the year.
According to REIQ general manager Josh Callaghan, the new platform will leverage blockchain technology to “create a simple and secure transaction for each tenancy agreement to leverage the benefits of the technology as an irrefutable source of truth.”
Callaghan told the media that since he learned about smart contracts, he has been certain that the real estate industry would benefit immensely from their application.
He added, “All parties will have visibility over the contract at any time from the palm of their hand. By executing as a smart contract, we’re also able to build out the functionality to handle payments of bond and rent, plus facilitate other activities related to the property such as routine inspections and maintenance.”
The new platform will make renting property in Queensland easier and more transparent for tenants. It will reduce the manual handling of contracts from the property manager side, Callaghan explained. It will also “streamline the process for tenants and giving both parties much better visibility over the agreement.”
Additionally, the platform will give REIQ and any other interested party real-time information of the state’s rental market.
The instant a tenancy agreement is signed, we will know how much a property was rented for, how long the agreement is for, how long it was vacant and so on, which will give the REIQ unprecedented insights into rental market trends as it happens.
Blockchain in real estate has become more widespread, with the real-time nature of the technology providing new opportunities for the industry. In Japan, a country that’s prone to earthquakes, one company is using blockchain to collect data that helps in the designing of safer buildings. Zweispace uses sensors and IoT devices that detect seismic activity while relying on artificial intelligence to analyze the possibility of earthquakes in a particular region.
To ensure the integrity of the data and make it easily available for use, the company relies on the Bitcoin SV blockchain. CEO Hayato Kameta explained during the CoinGeek Toronto conference that his company chose BSV because of the level of security it offers as well as its adherence to regulations.
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