Speeding Up Mortgage Application Times: ‘Future of Real Estate’ Gets Regulatory Approval
A platform which hopes to speed up the closure of house purchases through blockchain technology has been legalized by Japanese authorities.
A blockchain-based startup which bills itself as “the future of real estate” has announced that its project has been legalized by Japanese regulatory bodies, including the Securities and Exchange Surveillance Commission.
Ruden Holdings says inaccurate information, poor record management and inefficient processes are currently blighting the property sector – costing businesses time, money and even credibility. Data cannot be shared easily between organizations – and some cases have seen property owners struggle to prove their ownership of a building.
The company has a goal of creating digital identities for real estate properties, helping to enhance the quality and consistency of information given to buyers and sellers. It also plans to reduce the costs associated with completing transactions through smart contracts and cryptocurrency payments – and believes this could offer big advantages to overseas investors who are making a purchase on the other side of the world.
According to Ruden’s white paper, one of the main advantages to digitizing certificates for properties – offering a thorough history of every building – is that it helps stop fraud. Blockchain’s encrypted and tamperproof nature lends itself to transparency, thwarting those who want to hide illicit funds through properties. Illustrating its potential, its team wrote: “Governments are now trying to use blockchain technology to register real estates and improve the transparency of lands and real estate ownership.”
In time, the company also hopes its technology could speed up the time it takes to get a mortgage – a prospect that would b