A Tokyo Stock Exchange-listed company has built a cryptocurrency trading platform for real estate transactions. The company has verified the platform with the help of smart contracts and BTC for property sales and a lot of benefits were seen over the old-style technique.
Ruden Holdings a Japanese real estate company, recently announced the results of a trial using its newly-created “virtual currency real estate settlement platform”. The company clarified that the experiment, which includes BTC and smart contracts, was taken place in the teamwork with Blockchain Global Limited (BGL). Both the companies joined in April to grow as a settlement system and a “virtual registration data inquiry system.”
As stated in Bitcoin News, few parts of the system, like time stamping of the contract, NEM test network was added. Bitflyer is Japan’s largest crypto exchange by volume. Though, the exchange stopped registering new customers after receiving a business development order from the country’s monetary regulator in June.
The trial started with a seller listing a property to sell and a purchaser looking for one to buy. The buyer then filled out an offer to buy the property, which the seller confirmed. Where then the buyer had sent the virtual currency (bitcoin) to the Ruden company’s virtual currency account, the company where once the Ruden (system) confirms the payment of the virtual currency, it would start the contract and convert virtual currency to Japanese yen and further cryptocurrency trading could also make the country profitable.
Some of the basic info about real estate transaction in Japan listed in Ken news stated that real estate systems and customs can vary quite a lot by Japan. Firstly there are no legal limitations or tax-related and fundamentally, while purchasing an investment property, it will be difficult to do so with a loan from a Japanese bank.
This is the reason Japanese Company has tested BTC and Smart Contracts in Real Estate Transactions to succeed in cryptocurrency trading for the country. The company has even announced last week the formation of a foreign subsidiary in Singapore for the issuance of its own token.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]