Picture Source: cointelegraph.com
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:
cointelegraph.com/September 16, 2019/Liam Frost
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