Real estate sales require the sharing of a considerable amount of paperwork. With emails bouncing back and forth between the buyer, seller, their agents, lawyers, financiers and others, the process is very messy. More importantly, if one person has a hold-up, other parties may be unaware of the delay. Hence, blockchain could be used to share documents and data about the progress of the sales transaction process, making it more transparent. In Japan, SBI Holdings, SBI Real Estate Finance and Sumitomo Real Estate Sales have collaborated on a blockchain-based solution, SREC.
So far they’ve conducted a demonstration of SREC, which uses R3’s Corda enterprise blockchain. Following the successful demo, they plan to build a data sharing platform for the general public.
Another high profile real estate blockchain project is the UK’s Coadjute, which also uses the Corda blockchain.
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