The blockchain-based contracting system could be ready in mid-2021. Other companies around the world are studying to use blockchain technology.
One of the major construction companies in Japan is planning to use a blockchain system that will allow simplifying leases in the future. According to an announcement that the Sekisui House company published on its website, the new blockchain-based contract system will include full coverage of the rental of the property, as well as the payment of services such as electricity, domestic gas, and water.
According to the announcement published on June 8th, the company expects to introduce this new contracting method by mid-2021. Likewise, Sekisui House is studying the possibility of expanding the range of contract benefits.
The information regarding the project that Sekisui House hopes to implement, details that people who want to acquire a rental contract for any of the “Shamaison” properties will have to indicate their telephone numbers and the address of the property they want to acquire.
In this way, the client will be able to enter the house without needing a real estate agent of the company. Sekisui House has implemented this technology in the properties that it supplies.
The Future of Intelligent Leases
Sekisui House is not the only company hoping to use the benefits of blockchain technology to improve property contracting methods. In other countries, some companies also plan to introduce the technology to register rental contracts in a blockchain network that ensures the protection of private customer data. The system will only share the information with the company and the user.
Malta is one of the countries that seek to use blockchain technology in rental contracts. According to local media, regulatory bodies requested that lease contracts be registered on a blockchain network to keep certain private data safe, prevent tampering, and adjust access permissions to the property.
Another company would be in plans to introduce blockchain technology to the real estate sector. This is Sumitomo Corporation achieved an alliance with the Japanese blockchain technology company BitFlyer in July 2019. At that time, it would have announced a project that would allow the introduction of an internal and private blockchain system to boost the real estate sector through smart contracts.
In the particular case of Sekisui House, the smart initiative emerged in mid-2017 when the company began to develop a blockchain system that would serve to manage real estate information.
To make real this development, Sekisui House requested the collaboration of companies such as Hitachi and KDDI to conduct the project. Currently, the company is part of a major consortium that is responsible for sharing information of all kinds to promote the development of companies in Japan. Blockchain technology is part of the topics and data shared.
Technology is part of the life of Japanese citizens, as well as innovation in administration and management methods. This is one of the main premises that the real estate company hopes to fulfill in the future, thanks to new technologies like blockchain.
By María Rodríguez