Japan’s Largest Real Estate Developer Sekisui House Tries to Solve Residential Leasing Problem with Blockchain

Sekisui House, one of Japan’s largest real estate developers, announced yesterday that it will use blockchain technology to process residential lease contracts, and the technology will be applied to its rental residential project Shamaison. The company hopes to introduce new standards for the industry and expects to officially launch related services in March next year.

Sekisui Housing stated in the press release that this move to combine blockchain technology for rental housing was the first of its kind in the region and was developed in cooperation with Japanese blockchain company NEXCHAIN. The purpose of the new plan is to make it easier for tenants to rent a house in Shamaison through a one-stop platform. For example, a tenant can use this platform to make an appointment to visit a house that can be rented and can use a mobile phone to unlock the door of the house, which can bypass real estate agents. Tenants can also upload personal information to NEXCHAIN, and then use it to apply for insurance, electricity and natural gas services at the same time, and book a lease, eliminating the need to repeat the registration process.

After the emergence of blockchain technology, the industry has been studying application scenarios for many years, and because data can be recorded using distributed ledgers, the risk of being tampered with is reduced, thereby increasing trust. Therefore, in the past, in the traditional industry, many intermediaries were required to authenticate the service, which is expected to simplify the entire process through the blockchain. Sekisui Housing believes that this initiative in the Japanese industry can reform the entire industry and respond to the “Social 5.0” policy advocated by the Japanese government.

As early as 2017, Sekisui Housing has collaborated with Hitachi and Japanese telecommunications company KDDI to organize NEXCHAIN, hoping to cooperate with companies in different industries to establish a blockchain platform to share information and research in multiple fields Blockchain to solve existing problems. The real estate industry in various regions has also been discussing whether the technology is feasible. For example, Hong Kong real estate developer New World announced in February last year that it would use blockchains to simplify the process of buying a house, or the European government in Malta, a small country in June last year, planned to integrate all Real estate leases are placed on the blockchain.