Fantom and Japan’s Tosei Revival Investment to Introduce Blockchain to Real Estate
The Fantom Foundation has signed an agreement with Tosei Revival Investment. A Japan-based real estate company. The partnership will see Tosei integrate Fantom’s cryptocurrency payment solution and blockchain technology into its business operations.
Tosei Corporation, the parent company to Tosei Revival Investment, currently manages real estate assets worth $6 billion. The collaboration with Fantom is aimed at increasing the efficiency of operations, mainly by enabling cryptocurrency payments and using blockchain to track provenance and store ownership records. In exchange, Tosei will endorse thof Fantom's blockchain solution across Japan.
Naturally, people get overly excited over purchasing real estate assets. The problem, however, is the additional expenses required to facilitate the transfer of ownership. Fantom uses blockchain technology to eliminate the need of intermediaries and establish a direct connection between buyers and sellers. This means that buyers enjoy reduced expenses while sellers do not have to pay commissions to the middlemen.
Speaking about this partnership. Byung Ik Ahn, the CEO of Fantom, affirmed that the real estate industry is marred with several problems such as sluggishness, non-transparency and extraneous procedures. Byung noted that smart contracts and blockchain technology can provide a lasting solution to these challenges.
He added that decentralization can be pivotal in increasing the efficiency of transactions in various sectors of the economy. Byung concluded by saying that the agreement with Tosei is a demonstration of his company's commitment to promoting the mainstream use of digital currencies, smart contracts and blockchain technology.
On the other hand, Seiichiro Yamaguchi, the President and CEO of Tosei Corporation, said that his company identified decentralization as the catalyst for expanding their service portfolio. Thus, the connection with Fantom is expected to spur a rapid growth of the company. Yamaguchi revealed that Tosei will use Fantom's technology to store contracts, reduce expenses and track the progress of projects, among other things.
Earlier this month, Fantom formed another partnership with Danfoss.