Sekisui House, one of Japan’s biggest home building firms, is set to use Blockchain technology to ease and simplify the rental process and leasing contracts.
First Steps In Using Blockchain As A Fundamental Tool In Rentals
As recently announced by the company, the preparations to put some of its rental home contracts on Blockchain are already on the go.
The plan is for Sekisui House to use the technology for rental housing agreements, which will also include additionals like coverage of electricity and gas as well. The transformational changes are set to be implemented until March 2021.
The integrations will reportedly simplify processes for tenants as well when they enter into a rental property for the first time. Those staying in the “Shamaison” rental homes will have to simply register their phone number and address so that they can step into the property. There will be no physical contact with a real estate agent, and basically, the only thing a tenant will need is a smartphone.
Blockchain Tech Spreads To A Range of Industries
At this point, major companies and even governments have been experimenting with blockchain technology quite consistently.
It’s now becoming evident that the technology can span well beyond the fintech sector as it has been used in healthcare, real estate, cybersecurity, manufacture, transport, charity, retail, and even governmental activities.
Most recently, the Chairman of the US Federal Reserve, Jerome Powell, endorsed an Ethereum-backed reference rate project to replace the current London Interbank Offered Rate (LIBOR).
Another example came from Saudi Arabia. The country’s Monetary Authority (SAMA) tapped blockchain technology to execute money transfer and deposits. Moreover, this is just a step in the country’s plan to keep up with the overall trends in the fintech sector.
China, on the other hand, used distributed ledger technology to issue an asset-backed commercial paper (ABCP) worth $17 billion to the country’s financial market.