Estate Archives -
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…
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…
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…
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…
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…
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.
BTC and Smart Contracts in Real Estate
Japanese real estate company Ruden Holdings (TYO:1400) recently announced the results of an experiment using its newly-created “virtual currency real estate settlement platform.”
The 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 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.
For 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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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
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Global property store with a decentralized registry Propy in collaboration with Hilton & Hyland Real Estate, a leading luxury brokerage are selling ownership for Rome’s architectural Masterpiece el Palazzetto Mansion in a historical blockchain auction. Set to begin on June 28th, 2018 at noon PST, the event will accept offers both in USD and in cryptocurrency.
The Palazzetto Mansion was built by geniuses of the Italian Renaissance and it is located in the center of Rome’s historic Palazzo Albertoni Spinola declared World Heritage site by Unesco. This prestigious area and its richness of prominent archaeological sites and museums make it one of most desired places to live in Rome. The luxurious four-floor mansion is currently valued at €35 million including a redevelopment plan.
According to a blog post by Propy, this is a notable confirmation that the new technology is entering our everyday lives.
“We’re about to make history with the first blockchain-powered real estate auction taking place in the real estate industry”, said Alex Voloshyn CTO of Propy who will be overseeing the IT systems during the live auction. “This is the result of hard work, and we’re excited to inaugurate our first transaction within the European Union, with an innovative bidding process. We know this is not your everyday single-family house deal, however, through such ambitious projects we challenge ourselves to reinvent the real estate industry.”
The Blockchain technology automates the auction and offering mechanisms. It allows to hold temper-proof, publicly verifiable auctions and has the potential to make them accessible worldwide at a very low transaction cost.
Propy created an online portal to expedite the process and facilitate the access to more participants around the globe. Bidders need to follow these easy steps to take part in the auction:
– Create an account, review and sign the “BIDDER TERMS AND CONDITIONS” via Docusign
– Deposit funds of $ 100,000 USD or its Cryptocurrency equivalent, to be able to bid.
– Place an opening and max bid or make an offer up to June 27th at noon PST.
– June 28th at noon PST, sign in and participate in the live streaming auction.
For more information about the historical auction or to register as a bidder, visit https://auction.propy.com
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The post PR: Propy to Hold First Ever Real Estate Auction on Blockchain appeared first on Bitcoin News.
Prince might’ve had a biological daughter who was never looped in on what would happen with the late singer’s estate … so claims a woman in new legal docs. The woman in question, Snowe Melinda Saxman, filed paperwork in a Minnesota court –…