The Real Estate Institute of Queensland (REIQ) has entered into a partnership with local blockchain startup Igloo to fully digitalize residential tenancy agreement.
As per a press release, the initiative will see residential tenancy agreements being executed as digital smart contracts.
Josh Callaghan, REIQ’s general manager, noted the new initiative will enhance transparency and provide new beneficial functions.
Callaghan further said that the new smart contracts would use blockchain technology to conduct a simple and secure transaction for each tenancy agreement to “leverage the benefits of the technology as an irrefutable source of truth.”
“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,” he said. Source...