Recently another good news came out cheering the cryptocurrency enthusiasts in real estate. A Tokyo stock exchange company has announced that they have built a cryptocurrency settlement platform for all the real-estate transactions. According to the latest updates, the firm has thoroughly tested the platform using BTC along with the smart contracts for sales of properties. After successful testing, the firm released all the findings proving that it is a good idea.
Real Estate a Platform using BTC & Smart Contract
Ruden Holdings, a Japanese real estate company has made an announcement declaring the results of an experiment that they conducted to introduce BTC and smart contracts in the real-estate.
According to the reports, two companies, Ruden Holdings, and Blockchain Global Limited worked together to develop a BTC and Smart Contract based settlement system along with a virtual registration data inquiry system.
How does this system work?
This experiment began with the seller listing a property to sell and a buyer who is looking for one to purchase. Once the buyer finds the property, the buyer then is required the fill out an offer he or she sees fit. Once the offer is submitted, the seller will then, confirm the deal.
Once the seller is happy with the performance, the buyer will transfer the virtual currency (bitcoin) to the Ruden Company’s virtual currency account. After this, the company will confirm the remittance and will execute the contracts and convert the cryptocurrency to Japanese Yen and complete the deal. The experiments seem to be successful. The smart contracts eliminate the need for the manual work and increase the speed of the process. The entire platform here is designed to speed up the real estate deal while reducing the manual efforts.
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