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.

Access-3509498_1280

Image source:

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Babbitt exclusive | imToken built-in DEX upgrade independent, August will have heavy news release

Babbitt News, July 31, imToken built Tokenlon officially upgraded to an independent decentralized exchange (DEX) . It...

Opinion

One year after the FTX crash, have the once badly affected market makers in the crypto world recovered?

Alameda Research is the core trading company of Sam Bankman-Fried's failed crypto empire, and after the company's col...

Blockchain

FTX Founder’s Shady Messaging Moves: The Signal of Trouble

Sam Bankman-Fried's Criminal Trial is Underway

Blockchain

ChainsMap Weekly Report: Data Decrease During Long Holiday, Binance Bitcoin Inflow Declines 44%

Beijing Lian'an focuses on blockchain security and data services. The following is a weekly report on the Bitcoi...

Blockchain

IMF urges Philippine central bank to collect crypto exchange transaction data and use data for macroeconomic analysis

According to Cointelegraph reported on January 2, the International Monetary Fund (IMF) urged the Philippine Central ...

Blockchain

UK Finance Minister: FCA has the final decision on whether to implement the ban on crypto derivatives

According to Cointelegraph's October 22 report, the UK government recently stressed that it is up to the regulat...