The Real Estate Institute of Queensland (REIQ), in conjunction with local tech startup Igloo, has launched a blockchain-based tenancy agreement by the end of 2019. As news agency ZDNet reported on September 15 that Josh Callaghan, General Manager of REIQ, said that the new platform would use smart contracts to create a simple and secure transaction for each lease to exploit the benefits of technology as an irreplaceable source of revenue.
He also said that all parties have an overview of the contract at all times. By executing it as an intelligent contract, we can also extend the functionality of making payments for bonds and rents and simplify other related activities such as routine inspections and maintenance. The transparency that blockchain technology provides will create a real-time view of the state’s rental market. He continued by informing that once a lease is signed, we will know how much a property has been leased for, how long the agreement has been valid, how long it has been vacant, etc. This gives the REIQ unprecedented insight into rental market trends.
This trend shows the improvements blockchain technology can bring to different industries. Similarly, BitNautic is working on improvising the shipment industry with blockchain. BitNautic is a platform that allows you to choose a carrier for your cargo based on their rankings. Later, you can track your cargo and pay for the services using BTNT tokens. BitNautic’s use of blockchain makes the shipment industry more sustainable and secure than ever.