Ruden Holding, a Japanese real estate company that’s listed on the Tokyo Stock Exchange, said that it would be using Bitcoin and NEM blockchains for contract-based settlements since they are yielding better results compared to the framework they were previously using.
Collaboration With Blockchain Global
To make its new plan a reality, Ruden Holding has collaborated with an Australian Company known as Blockchain Global in order to come up with a “virtual registration data inquiry ledger called the “virtual Blockchain Settlement Platform.”
According to the real estate company, blockchain comes with a number of advantages over its traditional settlement systems. It noted that the technology is highly cost-efficient and eliminates corrupt intermediaries. The company also highlighted that depositing money for property deals in a significant amount is safer and much faster when using blockchain technology, unlike the traditional ways of conducting bank wire transfers.
Making Transactions With The New System
The entire process of operation is also very simple with blockchain in cases where an eligible buyer and seller are identified. Ruden Holding stated that buyers will be required to fill out an application form for purchase and then proceed to submit all the necessary documents before proceeding to make a payment in the cryptocurrency of their choice to complete the deal.
It further noted that:
“As soon as Ruden (system) confirms the remittance of the virtual currency, we will execute the contract and [convert the] virtual currency to Japanese yen.”
Bitflyer’s API and web service solutions, the biggest exchange by traded volume in Japan, was used to make bitcoin settlements, while the NEM blockchain was used to confirm transactions. However, after a legal order from Japan’s financial regulator, the exchange – which offers liquidity to cryptocurrency businesses – was forced to halt accepting any additional new members since June 2018.