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Is blockchain the future for Australian real estate?

Is blockchain the future for Australian real estate?

blockchain technology
by Eliot Hastie 1 comments

A new partnership is gearing up to launch specialist blockchain technology for real estate in Australia, initially to provide tenants with a faster and more secure transaction.

ShelterZoom, creator of the first blockchain-based real estate offer/acceptance and rental solution, and view.com.au, a real estate portal, have partnered up to launch the technology.

The partnership will make view.com.au the first property portal in Australia to employ blockchain.

The project kicks off in June with a Rent Now pilot available to a small number of key clients.

Rent Now will be a widget that can be installed on any rental website and will enable prospective tenants to instantly submit a secure rental offer on a property which then generates an Ethereum smart contract.

The benefit of an Ethereum smart contract, according to ShelterZoom, is that it streamlines the offer process and provides enhanced security.

The online widget will initially be deployed on those clients’ rental property listings on view.com.au and rolled out to all listings after the pilot.

Chao Cheng-Shorland, co-founder and CEO of ShelterZoom said that he was excited to launch in Australia with view.com.au.

“We’re thrilled to join forces with view.com.au. The end result of combining our blockchain-based real estate platform with their unmatched coverage of Australia’s property listings will mean game-changing transaction security, speed and transparency for real estate consumers and agents alike,” the CEO said.

Enzo Raimondo, CEO of view.com.au, said that the partnership would revolutionise what is currently a very manual process.

“We are very excited about the partnership with ShelterZoom because their blockchain solution will revolutionise what is a currently a manual and unsecure process,” Mr Raimondo said.

Mr Raimondo added that the entire real estate industry would benefit from the use of blockchains and that this was just the start of it.

“Buyers and renters — and the real estate profession as a whole — will all benefit greatly from their use of Ethereum smart contracts to alleviate data security and privacy concerns. All real estate transactions will be secure and tamper-proof, with data accessible only to the parties involved in the transaction.”

Is blockchain the future for Australian real estate?
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