Sumitomo to Launch Blockchain-Based Real Estate Platform

Sumitomo to Launch Blockchain-Based Real Estate Platform
July 25, 2019


After undergoing correction for the past few days, the cryptocurrency market is trying to recover the lost ground in the past 24 hours. Bitcoin (BTC) has managed to climb back above $10,000 level. At the time of writing this article, Bitcoin has 3.8% in the past 24 hours to trade at $10,057.76. Likewise, Ethereum (ETH) has gained 7.8% to trade at $221.31. Ripple, which facilitates value transfer, saw its native currency XRP gain 3.5% to trade at $0.3178. Other major altcoins which have gained in the past 24 hours include Bitcoin Cash (BCH-$306.33, 6.6%), Binance Coin (BNB-$29.265, 4.2%), Monero (XMR-$82.01, 2.6%), Tron(TRX-$0.0234, 1.2%), Cosmos (ATOM-$3.94, 7.6%), NEO (NEO-$12.02, 9.2%), IOTA (MIOTA-$0.3078, 7.3%), Litecoin (LTC-$93.79, 5.6%), Stellar (XLM-$0.0869, 4.8%), Dash (DASH-$111.61, 4.1%), and Huobi (HT-$4.61, 2.1%).


Government level initiatives

Germany to bring in AML laws from 2020

New Anti-Money Laundering (AML) laws will become effective in Germany beginning next year. The regulations specify that cryptocurrency ventures must possess a license awarded by the Federal Financial Supervisory Authority (BaFin).

The latest laws necessitate cryptocurrency-related companies such as providers of wallet and exchanges receive approval from BaFin for their operations and conform to the AML regulation, as cryptocurrencies will be deemed as financial instruments beginning January 1st, 2020. Bundestag Free Democratic Party chairman Frank Schäffler opined that the government’s decision is damaging domestic enterprise and encouraging crypto companies to relocate to other EU states. On the contrary, Hengeler Mueller law firm’s associate Christian Schmies supported the regulation showing that more transparency will allow the sector to grow further.

Schmies said, “the technology has not yet been accepted by institutional investors because a reliable legal framework is missing.”

While Schmies acknowledges that classification of cryptocurrencies as a financial asset is a move in the correct course, he also underlines the need for more transparency in the sector.


NY State Digital Currency Task force members appointed

Legislators from the New York State Assembly have appointed six members to the New York State Digital Currency Task Force. Assembly member Clyde Vanel announced six appointments to the group, which is tasked with investigating and making regulatory recommendations regarding digital currencies and blockchain technology.

The task force will be comprised of 13 members, of which six will be appointed by the Assembly, while the rest will be nominated by the governor. The six appointed by the Assembly include the CEO of the Global Blockchain Business Council, Sandra Ro, co-founder of Blockchain at Microsoft Yorke Rhodes; Ethereum co-founder Joseph Lubin; Ryan Zagonne, the director of regulatory relations at Ripple; Yaya Fanusie, an adjunct fellow at the Foundation for Defense of Democracies, and Aaron Wright, who is a law professor at the Cardozo School of Law. On December 21st, 2018, Governor Andrew Cuomo signed the bill named “The Digital Currency Study Bill,” resulting in the creation of task force.


Private sector initiatives

New York Times launching a blockchain-based platform

The New York Times (NYT) is deploying a blockchain-based platform developed on Hyperledger Fabric to ensure the provenance of digital records. The NYT’s website for News Provenance Project states that the newspaper will battle fake news in the media using blockchain technology. The project’s main intention is to establish a platform that can be utilized by media publications of varied sizes.

The intended blockchain-based system will record metadata about audio and video recordings that are released by media outlets. In the initial phase, the New Provenance Project will establish a photojournalism centered proof-of-concept that illustrates how such a blockchain-based prototype could be ramped up for real-world use.

The web site elaborates on the project as follows: “Our initial work involves exploring a blockchain-based system for recording and sharing metadata about media – images and videos in particular – published by news organizations. We are also conducting user experience research to identify the types of signals that can aid users in recognizing authentic media.”

NYT further states that “All hype aside, blockchain offers mechanisms for sharing information between entities in ways we think are essential for establishing and maintaining the provenance of digital files.” The press release also states that it will publish the results of the project.


Sumitomo Corporation unites with bitFlyer

Japanese business conglomerate Sumitomo Corporation has collaborated with a subsidiary of domestic cryptocurrency exchange bitFlyer to establish a blockchain-powered real estate platform. BitFlyer intends to create a platform for real estate rentals, controlled by smart contracts deployed on Miyabi, the in-house blockchain of BitFlyer.  While talking to local tech news agency CNET Japan, Yuzo Kano, BitFlyer Blockchain’s managing director, stated that the venture’s goal was to allow transacting parties to finish the entire renting process via smartphone.

Yuzo Kano said, “It can greatly simplify the real estate rental contracts process, and the intermediary company can also reduce its significant administrative costs.”

A prototype is anticipated by the end of this year, with commercial launch in 2020.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world

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