Ruden Holdings of Japan accesses Bitcoin and smart contracts for real estate transactions

Sep 4, 2018 at 2:59 PM

Ruden Holdings, a Japanese real estate company, has recently created a settlement platform for the real estate sector. The construction company with its partner Blockchain Global Limited (BGL), conducted an experiment to check the aids of the same by employing Bitcoin and smart contracts for property sales, reported CCN.

The Tokyo Stock Exchange-listed company with its partner developed the settlement platform and a “virtual registration data inquiry system.” The duo came together in the month of May to work on the same. Ruden Holdings said: “For the settlement of bitcoins (BTC) used in the property sale, Bitflyer’s web service and API functions were used.”

The transaction involving BTC and smart contracts was conducted in cooperation with Blockchain Global Limited (BGL). In April, both the companies entered into partnerships to develop a settlement system and a virtual registration data registration system. At the same time, Web services and Bitflyer API functions were used to calculate the BTC used for real estate sales. Some parts of the system implemented the NEM test network.

"Then the buyer sent the virtual currency (bitcoyne) to the virtual currency account of Ruden,
as soon as Ruden (system) confirms the transfer of the virtual currency, we execute the contract and [convert] the virtual currency to the Japanese yen. In addition, a notarized sales contract immediately transmitted to the buyer and seller, " said in Ruden Holdings.

The company exemplified, stating: “Smart contracts eliminate the need for manual work and conditions." The employment of smart contracts and crypto payments will help traders as it will "drastically shorten the time required” in the process. “The time to negotiate and conclude can be shortened compared to the current work.”

Ruden Holdings further explained: "It is not only to improve the efficiency of operations, but also to prevent unforeseen circumstances."

Image via Shutterstock

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