BitFlyer Blockchain and Japanese subject giant Sumitomo Corporation have joined forces to develop a blockchain service that allows users to special rental contracts over a mobile app and more.
The project appears to be an attempt to tie up almost the whole rental business in one smartphone app. CNET Japan revealed Tuesday that the firms plan to develop a “one-stop shop,” allowing users to search for properties, make bookings, get rid of a enrol contracts and payment different expenses, as well as providing contract renewal and exiting procedures.
As for benefits, bitFlyer and Sumitomo say that the app will-power use smart contracts on a blockchain to improve the efficiency of the rental business, lowering costs and speeding up the process of signing up to sublease out a property.
BitFlyer Blockchain is a subsidiary of bitFlyer Holdings set up earlier this year, and a sister firm to the cryptocurrency change of the same name.
Ultimately, the plan is to expand the services offered to related contractual services outside property rental, such as tendered by guarantors and insurance companies. As insurance and guarantees are mandatory, they expect the services to be gradually digitized along side the sublease out aspect of the industry.
The planned app currently would match-make between the lessee and the property management company, or an intermediary. By digitizing the arrangement process, all parties are able to verify the process from first enquiry to the contract signing in a timely manner, the crack says.
Further, details of the parties would be stored on the system for later contract deals, and associated with merit or credit information.
Yuzo Kano, managing director of bitFlyer Blockchain, said the app would usher in “a world where all from browsing to contract is completed with a smartphone.”
It will “greatly simplify” the real-estate rental contract method “significantly reduce” administrative costs, he said.
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