The Queensland Real Estate Institute(REIQ) has partnered with local Startup Igloo to develop the world’s first blockchain-based digital tenancy agreements. Queensland Real Estate Institute launches world’s first digital tenancy agreements.
As a digital smart contract, Proptech innovation will see residential tenancy agreements concluded in Queensland by the end of this year.
In a statement, REIQ general manager, Josh Callaghan, said the new smart contracts would use blockchain technology to create 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,” Callaghan said.
Queensland Real Estate Institute launches world’s first digital tenancy agreements. As of now, property investors have had to rely on rental data that might not reflect the exact details of the tenancy agreement. Mr. Callaghan believes that the innovation would make renting a property much easier and more transparent for tenants.
He expects that “this new level of property market visibility will make Queensland one of the most attractive property investment destinations in the world.”