Northeast Asia has seen many blockchain-based real estate projects of late, with major companies and groups such as Sony listed among the participants. However, most of the initiatives revolve around pilot projects still in the trial and development stages.
SK Securities, a subsidiary of the SK Group, and Kasa Korea recently signed an MOU for a joint venture focusing on creating a blockchain platform that will enable the issuing and trading of fractional ownership in property assets, according to a report from Yonhap News.
Kasa Korea was listed among the first group of 18 companies chosen by South Korea’s Financial Service Commission, the country’s key financial regulator, to participate in the regulatory sandbox aimed at testing the application of new innovations.
In early September, JJL Japan announced its partnerships with many companies to develop a digital platform that would facilitate recording and management of real estate data. The purpose of the pilot project was to test the potential of blockchain in centralizing income and expense data related to real estate property management.
SRE AI, a company that operates under Sony, announced it would participate in an initiative led by Sumitomo Mitsui Trust Bank, in a bid to develop a blockchain-powered solution that will streamline real estate transactions.
Reported on September 24, Tsubai Space, a Japan-based real estate blockchain company, and Shinonome Advisors, a real estate company specializing in law and tax, also joined together to develop digitized tokens for the real estate industry. The two firms said more details about the project would be officially published in October.
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