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Real Estate Tech Firm Zweispace Japan Starts Registering Property Sales on the Blockchain

Published 1 year ago

Real Estate Tech Firm Zweispace Japan Starts Registering Property Sales on the Blockchain

BitsOnline via bitsonline.com

Zweispace Japan, a publicly-listed company that develops applications for the real estate industry, has begun live testing of its patented blockchain-based property registry. On April 2nd the platform officially went to work, recording data from real estate transactions on the Bitcoin Cash (BCH) blockchain..

Also see: Zeppelin Team Audits ‘US Dollar’ Token, Warns Investors Against It Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news is integrating the blockchain-based system into its “Ofudokun” product, which aims to streamline real estate sales — and reduce registration fees. Real estate buyers and sellers in Japan currently pay broker intermediaries to officially register transactions, at a cost of ¥60,000 ($565 USD) plus 3 percent of the property value, each..

Speaking to Bitsonline, Zweispace founder and CEO Hayato Kameta said the blockchain-based buyer and seller management system acts as a supplement to the official government land registry, which is the final official record of who owns what. Someday, by demonstrating the speed at which a blockchain-based registry could confirm and secure ownership data, Kameta said governments might consider using blockchain for official records..

Perhaps refreshingly, Zweispace isn’t planning an ICO and wants to use an existing blockchain network for its registry platform. It’s developing the real estate registry in partnership with ISPACE Japan and PRESI Corporation, which deal with the actual property and legal issues..

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