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| January 17, 2019

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Estate Archives -

What to consider before becoming an estate executor

December 9, 2018 |

Dear Liz: A lifelong friend has made me executor of his will. He has one brother who is named in the will only to be told that he is not included. My friend’s estate is left to two other lifelong friends. If his brother protests the will, what are my duties or liabilities? Can I be pulled into…


L.A. Times – Business

TMZ

Verne Troyer’s Estate Billed $364k for Hospital Stay Before His Death

November 16, 2018 |

Verne Troyer’s estate is getting a harsh reminder about the high cost of medical care, because it just got a hefty bill for his final days in an L.A. hospital.  According to legal docs, obtained by TMZ, Valley Presbyterian Hospital slapped…

TMZ.com

Massive real estate scam based in Irvine bilked people out of $100 million, FTC alleges

November 8, 2018 |

The Federal Trade Commission announced Thursday that it’s looking to shut down the “largest overseas real estate investment scam” it has ever encountered: an unfinished luxury development in Belize whose owners, the agency said, bilked people out of more than $ 100 million.

The scheme’s perpetrators…


L.A. Times – Business

TMZ

Aretha Franklin’s Lawyer Files Docs with Estate for Unpaid Legal Bills

October 26, 2018 |

Aretha Franklin is getting dogged in death over legal bills … TMZ has learned. The late singer’s lawyer, Gregory Reed, says he had trouble collecting what Aretha owed him when she was alive … so he’s now hoping her estate will cough up…

TMZ.com

TMZ

Prince Estate Demands Donald Trump to Stop Playing ‘Purple Rain’ at Rallies

October 12, 2018 |

Prince’s estate is sick of President Trump playing The Purple One’s music at his rallies and is demanding he stop STAT. The late singer’s half-brother, Omarr Baker, just said on behalf of the estate … “The Prince Estate has never given…

TMZ.com

Did an L.A. real estate broker shortchange the citizens of an African nation out of millions?

September 30, 2018 |

When the bluff-top mansion at the end of Malibu’s Sweetwater Mesa Road sold for more than $ 30 million in 2016, it looked like the end of a years-long intrigue involving the playboy son of the president of an oil-rich African nation.

Instead, the sale and a quick flip of the property for nearly…


L.A. Times – Business

TMZ

Tupac’s Estate Settles 5-Year Lawsuit and Wins Back Unreleased Music

September 29, 2018 |

Tupac’s estate is getting a treasure trove of unreleased music, although not as much cash as it wanted. We’ve learned Tupac’s estate has settled its lawsuit against Entertainment One, the company it sued because the estate claimed E.O. had screwed…

TMZ.com

Japanese Company Trials BTC and Smart Contracts in Real Estate Transactions

September 4, 2018 |

Japanese Company Trials BTC and Smart Contracts in Real Estate Transactions

A Tokyo Stock Exchange-listed company has built a cryptocurrency settlement platform for real estate transactions. The firm has tested the platform using BTC and smart contracts for property sales and has released its findings; many benefits were observed over the traditional method.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

BTC and Smart Contracts in Real Estate

Japanese Company Trials BTC and Smart Contracts in Real Estate TransactionsJapanese real estate company Ruden Holdings (TYO:1400) recently announced the results of an experiment using its newly-created “virtual currency real estate settlement platform.”

Japanese Company Trials BTC and Smart Contracts in Real Estate TransactionsThe company explained that the trial, which involved BTC and smart contracts, was conducted in collaboration with Blockchain Global Limited (BGL). The two companies partnered in April to develop the settlement system and a “virtual registration data inquiry system,” Ruden detailed, adding:

For the settlement of bitcoins (BTC) used in the property sale, Bitflyer’s web service and API functions were used.

Some parts of the system, such as time stamping of the contract, used the NEM test network, the company added. Bitflyer is Japan’s largest crypto exchange by volume. However, the exchange halted registering new users after receiving a business improvement order from the country’s financial regulator in June.

The Experiment

Japanese Company Trials BTC and Smart Contracts in Real Estate TransactionsThe experiment began with a seller listing a property to sell and a buyer looking for one to buy. The buyer then filled out an offer to purchase the property, which the seller confirmed.

“The buyer then sent the virtual currency (bitcoin) to the Ruden company’s virtual currency account,” the company described, elaborating:

As soon as Ruden (system) confirms the remittance of the virtual currency, we will execute the contract and [convert the] virtual currency to Japanese yen. In addition, a notarized sale [and] purchase agreement is promptly shared with [the] buyer and seller.

Other forms including the property registration application and requests to acquire other necessary documents are also automatically sent in order to execute the sale of the property.

Many Advantages Over Traditional Systems

Ruden then outlined many advantages it observed from the experiment.

Japanese Company Trials BTC and Smart Contracts in Real Estate TransactionsFor buyers and sellers, the company explained that using smart contracts and crypto payments makes it “possible to drastically shorten the time required” to perform each step of the process, including depositing money.

“Smart contracts eliminate the need for manual work and conditions,” the company detailed, adding that “the time to negotiate and conclude can be shortened compared to the current work.” Furthermore, the system also reduces “trouble such as refusal” to hand over the property after payment has been made.

Overall, Ruden emphasized:

It is not only to improve the efficiency of operations, but also to prevent unforeseen circumstances.

In addition to building the two systems above, the company announced last week the establishment of an overseas subsidiary in Singapore for the issuance of its own token.

What do you think of using BTC and smart contracts in real estate transactions? Let us know in the comments section below.


Images courtesy of Shutterstock and Ruden Holdings.


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The post Japanese Company Trials BTC and Smart Contracts in Real Estate Transactions appeared first on Bitcoin News.

Bitcoin News

Chinese Reversing Big U.S. Real Estate Buying Spree That Had Helped Boost Prices

July 25, 2018 |

Chinese real-estate investors, facing pressure from Beijing, are reversing a yearslong buying spree in the U.S. where they often paid record prices for marquee properties like New York’s Waldorf Astoria hotel.
WSJ.com: What’s News Asia