The Real Estate Institute of Queensland (REIQ) has reportedly partnered with Igloo – a tech firm in the region – to roll out a tenancy agreement platform powered by Blockchain, in the last quarter of 2019.
Reported by the ZDNet on September 15, Josh Callaghan – general manager of REIQ – shared that smart contract will be utilized to form “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 further stated.
Per Callaghan, the new platform is expected to create a transparent and simple process of renting a property, while at the same time provide tenants with the actual data of the property in the rental market.
“The instant a tenancy agreement is signed, we will know how much a property was rented for, how long the agreement is for, how long it was vacant and so on, which will give the REIQ unprecedented insights into rental market trends as it happens.”