Blockchain technology has received widespread coverage for its use in supply chains and financial systems across the globe. However, it’s impacting other industries as well, one of which is real estate and according to Hayato Kameta, it’s changing the industry for good.
Kameta, founder of blockchain-powered real estate platform Zweispace, attended the CoinGeek Conference in Seoul where he spoke to Stephanie Towers about tokenization of property, among other topics.
Blockchain has been used extensively with virtual assets. However, it should also be applied to physical assets as well, Kameta believes. Zweispace is doing exactly this, using blockchain to secure property titles and leasing contracts on-chain. The platform also records earthquake information, which is a critical factor for the real estate industry in Japan where the company is based.
Zweispace offers a number of products for their clients, all of which capitalize on the immutable nature of the blockchain. One of the products is on-chain inheritance, Kameta explained.
One example is that we’ll start inheritance smart contracts so that elder people who have real estate can transfer the real estate, with the smart contract on top of the BSV blockchain.
There are over 7 million elderly people in Japan who need to transfer inheritance to their families. However, the lawyers and systems in place are insufficient. Zweispace will use smart contracts to automate the process, making it possible to transfer inheritance in real-time, for the first time ever.
The company, which is based in Tokyo, is also working on tokenization of real estate properties, Kameta revealed. It has already partnered with two other real estate companies for the venture. Its clients will be able to buy fractional shares in real estate properties and monitor their investment on a blockchain platform.
The platform runs on Zweiscoin, the native token which Kameta said can be used to settle payments.
Zweispace chose Bitcoin SV in May this year, as CoinGeek reported. Kameta revealed during this year’s CoinGeek Conference in Toronto that security was one of the top reasons his company chose BSV. The company also aligns with BSV’s regulatory approach which welcomes the authorities to work together, rather than against them.
The Genesis protocol upgrade on February 4, 2020 is a monumental step in the history of Bitcoin, and will see BSV returned as close as possible to the original protocol as envisioned by Satoshi Nakamoto. Visit the Genesis Hard Fork page to learn more.
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