The Queensland Real Estate Institute of Australia will launch a blockchain leasing agreement platform to empower the leasing industry with smart contracts

The Queensland Real Estate Institute (REIQ) in Australia is partnering with local technology startup Igloo to launch a blockchain-based leasing agreement platform by the end of 2019.

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As the news media ZDNet reported on September 15, REIQ general manager Josh Callaghan said the new platform will use smart contracts:

“Create a simple and secure transaction for each lease agreement, taking advantage of the technology as an irrefutable source of truth”.

“All parties can see the contract at hand at any time. By signing a smart contract, we can also develop functions to handle bond and rent payments and facilitate other property-related activities such as daily inspections and maintenance. ”

Depicting a larger picture

Callahan said the new platform will allow tenants to rent in a more transparent and easier way, while also viewing the state's rental market in real time. He continued:

“Once the lease agreement is signed, we will know what the rent for a property is, how long the lease is, how long it will be vacant, etc. This will give REIQ an unprecedented insight into the trend of the rental market.”

In October 2018, Cointelegraph reported that Australia's New South Wales Land Registry Services, in partnership with blockchain technology provider ChromaWay, developed a proof of concept for electronic property transfer based on distributed ledger technology (DLT).

Earlier, it was reported that the Australian Stock Exchange planned to apply the blockchain to its registration, settlement and clearing system in 2021.