Real Estate Institute of Queensland (REIQ) Launches New Blockchain Platform with Igloo

Australia is about to see a new blockchain platform as the Real Estate Institute of Queensland, also known as REIQ, has decided to create its own blockchain tenancy agreement platform, which is set to be used by tenants all over the region in the future. This new partnership is set to be made with Igloo, a local startup.

According to the reports made by local news outlets, the general manager of the institution, Josh Callaghan, affirmed that this new blockchain platform will use smart contracts. They will be used to create agreements for each transaction.

He believes that they will be very useful. As the blockchain technology can be used to create immutable ledgers, it can also be an “irrefutable source of truth”, the general manager of REIQ affirmed. By using this contract, all the parties can view the contract and handle payments and other activities quite easily.

Callaghan also affirmed that the new blockchain platform would make renting much more transparent and easy to handle. They could also enable people to have a much better overview of the market at a moment.

The insights that can be taken from the data are also going to be very important because now the REIQ will know for how much money the place was rented, how much time the person stayed and for how long it was vacant. This is all very important data.

In related news, other companies in Australia are also using the blockchain to solve problems. The Australian Securities Exchange, for instance, is set to apply the blockchain to both its clearing and settlement systems until 2021.