On the 23rd July, the Sumitomo Corporation
announced its partnership with blockchain firm bitFlyer for a home rental contract platform. The Tokyo based companies aim to digitize real estate contracts on a blockchain, allowing the rental process to take place entirely on a smartphone.
In Japan, it is more common for potential renters to meet their landlord face to face before any agreement takes place. Much of the administration is paper-based, often faxed and posted to many parties, including intermediate property managers and guarantors along with renters and landlords.
The blockchain as a service arm of bitFlyer has joined forces with Sumitomo, one of the world’s largest trading and logistics companies, to tackle these issues with smart contracts.
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