The Real Estate Institute of Queensland (REIQ) teamed up with local tech startup Igloo to launch a blockchain-based tenancy agreement platform by the end of 2019.
As news outlet ZDNet reported on Sept. 15, REIQ general manager Josh Callaghan stated that the new platform will use smart contracts to create “a simple and secure transaction for each tenancy agreement to leverage the benefits of the technology as an irrefutable source of truth,” adding:
“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.”
Painting a bigger picture
According to Callaghan, the new platform would allow tenants to rent a property in a more transparent and easier way and simultaneously create a real-time view of the state’s rental market. He continued:
“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.”
In October 2018, CryptoNewspeople reported that Australia’s New South Wales Land Registry Services engaged with blockchain technology provider ChromaWay to develop a DLT-based proof-of-concept for electronic property conveyancing.
Previously, it was also reported that the Australian Securities Exchange intends to apply blockchain to its registry, settlement and clearing systems in 2021.