On 4th September, it was revealed that Bitcoin [BTC] had entered into the realm of real estate, with Ruden Holdings, a Japanese real estate company announcing its trials with its “Bitcoin-based virtual currency real estate settlement platform.”
With the arrival of the cryptocurrency into a field as mainstream as real estate, proponents of Bitcoin have revealed that it is a step in the right direction. Ruden Holdings has also stated that the entire experiment of linking Bitcoin with real estate was done in collaboration with Blockchain Global Limited, a blockchain company aimed to make transactions more secure and transparent.
The experiment also involved Bitflyer, a famous cryptocurrency exchange and Japan’s largest cryptocurrency exchange by volume. The reports released by Ruden Holdings also showed that some parts of the framework used the NEM test network. NEM has been doing the rounds more and more often right now, especially with the media push it received after its tie-up with Petro, a cryptocurrency that is being linked to the Venezuelan Bolivar.
The report released by the company gave a breakdown of the processes that users need to follow to conduct transactions. Ruden has pointed out that the buyer can choose a property from the listing on the website and transfer the required amount in Bitcoin to the Ruden’s Virtual currency account.
They have stated that as soon as the transfer is complete, the company will convert the Bitcoin to Japanese Yen and complete the transaction. Officials from the company said:
“As soon as Ruden (system) confirms the remittance of the virtual currency, we will execute the contract and [convert the] virtual currency to Japanese yen. In addition, a notarized sale [and] purchase agreement is promptly shared with [the] buyer and seller.”
The reports have also shown that the new method has a lot of advantages over the traditional way of conducting transactions related to real estate. One of the major advantages stated by the company is how the usage of Bitcoin and smart contracts has drastically reduced the time required in completing deals. This ranges from the first click on the property listing to the final transfer of the Yen. Ruden went on to say that:
“It is not only to improve the efficiency of operations, but also to prevent unforeseen circumstances.”
The company has also stated that the model which was only applied in Japan, will be launching in cryptocurrency friendly countries soon.
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