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The Real Estate Institute of Queensland Set to Roll Out a Blockchain-powered Tenancy Platform

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REIQ adopts the blockchain

The Real Estate Institute of Queensland (REIQ) has joined hands with tech startup Igloo to in a blockchain deal. This partnership involves the creation of a blockchain-powered tenancy platform by the end of this year. A news outlet unveiled this new via a report on September 15. The upcoming platform would use smart contracts to complete tenancy agreements.

According to the report, using smart contracts would create a simple and secure transaction for each tenancy agreement. In so doing, the parties involved would enjoy the benefits of the blockchain as an indisputable source of truth.

In the publication, the general manager at REIQ, Josh Callaghan said,

All parties will have visibility over the contract at any time from the palm of their hand. By executing as a smart contract, we’re also able to build out the functionality to handle payments of bond and rent, plus facilitate other activities related to the property such as routine inspections and maintenance,

Introducing Transparency in the Real Estate Sector

Commenting on REIQ’s partnership with Igloo, Callaghan added,

“Since the inception of smart contracts, their application to real estate contracts seemed obvious to me. We were very fortunate to discover an Australian-based startup that also shared that vision.”

Per Callaghan, the new platform would let tenants rent property easily and transparently. This is because the platform’s design would help minimize the manual handling of contracts. On top of this, it would create a real-time view of the state’s rental market.

He went on to note that,

The instant a tenancy agreement is signed, we will know how much a property was rented for, how long the agreement is for, how long it was vacant and so on, which will give the REIQ unprecedented insights into rental market trends as it happens.

This news comes as Australia as a whole continues having a bullish outlook on the blockchain. Prior to this, a report unveiled that the New South Wales Land Registry Services had adopted the blockchain. Per the publication, the agency teamed up with Chromaway, a blockchain provider. This collaboration sought to create a DLT-based proof-of-concept to enable electronic property conveyancing. Through this move, the agency aimed to cut costs while increasing reliability and security.

Apart from this, the Australian Securities Exchange (ASX) unveiled that it sought to adopt the blockchain. Per ASX, it would integrate the blockchain into its registry, settlement, and clearing systems (CHESS) in the next two years. The agency would work with the VMware and Digital Asset Holding (DA) to reach this goal.

Do you think REIQ’s decision to adopt the blockchain has created a gateway for crypto adoption as well? Let us know in the comments below.

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