Today Real Estate Institute of Queensland (REIQ) announced the adoption of blockchain for executing residential tenancy agreements. REIQ said the platform will be up and running by the end of 2019 in the Australian state of Queensland.
REIQ aims to use blockchain smart contracts between parties and envisions a real-time database of the property rental market. The blockchain platform will also act as a directory of rental prices and trends.
“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 (deposit) and rent, plus facilitate other activities related to the property such as routine inspections and maintenance,” said REIQ General Manager Josh Callaghan.
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