{"id":4135,"date":"2019-09-26T18:41:53","date_gmt":"2019-09-26T11:41:53","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=4135"},"modified":"2021-06-04T14:40:25","modified_gmt":"2021-06-04T07:40:25","slug":"japan-shows-yen-for-blockchain-innovation","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/japan-shows-yen-for-blockchain-innovation\/","title":{"rendered":"Japan shows yen for blockchain innovation"},"content":{"rendered":"

T<\/span><\/span>he East\u00a0<\/span><\/span>Asian power is\u00a0<\/span><\/span>once again\u00a0<\/span><\/span>living up to its reputation as a<\/span><\/span>\u00a0tech innovat<\/span><\/span>or\u2014<\/span><\/span>with blockchain<\/span><\/span>, crypto<\/span><\/span>\u00a0and other<\/span><\/span>\u00a0<\/span><\/span>fintech advances changing the face of\u00a0<\/span><\/span>the country\u2019s real estate industry\u00a0<\/span><\/span>\u00a0<\/span>
<\/span><\/p>\n

\"\"
Japan is belying its reputation for conservatism by embracing cryptocurrencies and blockchain technology. Pla2na\/Shutterstock<\/figcaption><\/figure>\n

In Oji, a northern suburb of Tokyo, a robot conducts a sublease rent assessment on a new-build near the local train station. The transaction\u2014which uses a smartphone to photograph the shape of the plot and then estimate the maximum expected revenue and land price after [virtually] constructing a variety of buildings on the land\u2014is done in 20 seconds. That is a sneeze compared to the usual one-week callback a client would expect when dealing with a human realtor.<\/p>\n

Welcome to the future of real estate courtesy of Zweispace, a Tokyo-based proptech company. Among the first wave of property firms to focus solely on blockchain and artificial intelligence to bring lightning-speed services to the industry, Zweispace recently completed a patent on its new Autocalc property robot at the end of June\u2014an industry first. It\u2019s a monumental development, but one that may not be warmly welcomed by a conservative real estate sector\u2014least of all the wary humans whose jobs could very well end up obsolete.<\/p>\n

But rather than replacing humans entirely, Zweispace argues that most of its blockchain initiatives are designed to make realty work simpler (and cheaper) for people. Last year, its partnership with real estate site Hudosanya.co.jp enabled the latter to offer free listings on its site using blockchain registration.<\/p>\n

Escrow Agent Japan and luxury developer Presi, both based in Tokyo, have also teamed up with Zweispace\u2014a move that helped to speed up and reduce the cost of drawing up architect plans, property appraisals, and land purchases. Zweispace has also announced a \u201creal-estate robot tax,\u201d contributing one percent of all profits to a creative industry fund as part of its corporate self-tax scheme.<\/p>\n

Today, Zweispace\u2019s sphere of influence is spreading beyond Japan. In May, Bitcoin SV saw its value quadruple in just a few days to USD232 after Zweispace announced the new Bitcoin as its preferred cryptocurrency. The company, which plans to patent and spread its blockchain-built property solutions across Asia, is seeking partners in China, India, South Korea, Indonesia, and the Philippines.<\/p>\n

After falling behind the likes of the US and China on blockchain uptake, Japan\u2014thanks to tech startups like Zweispace\u2014is now emerging at the front of the pack, say analysts. \u201cJapan is quickly becoming a leading force in crypto assets and blockchain,\u201d says Emi Yoshikawa, senior director of global operations at Ripple, a real-time settlement system that supports cryptocurrency and fiat currencies, as well as commodity exchanges and remittances.<\/p>\n

\"\"
Prime Minister Shinzo Abe has been positive about blockchain technology, saying it has the potential to make various industries \u2018safer and more efficient\u2019. Alexandros Michailidis\/Shutterstock<\/figcaption><\/figure>\n

Stability and acceptance have proven key, as is Japan\u2019s willingness to embrace the new. While the governments of the world\u2019s two most populous countries China and India have imposed outright bans on cryptocurrencies, Tokyo has accepted the likes of Bitcoin as a reality and instead sought to legislate its usage. In April 2017, the government announced a new Bitcoin Regulation Law, approving amendments in May that further protect rather than punish users.<\/p>\n

The move isn\u2019t without risk. Hacking has become a real problem in Japan. Last year, Japan\u2019s Coincheck was hacked for more than USD500 million in digital currency. Just this July, Remixpoint, which operates the Bitpoint Japan exchange in Tokyo, found JPY3.5 billion (about USD32 million) had disappeared from a so-called \u201chot wallet\u201d connected to the internet. Anonymous cryptocurrencies like Monero and Zcash also remain a sticking point for an administration fearful of money laundering and purchases of guns and drugs online.<\/p>\n

Yet despite the risks, Japanese Prime Minister Shinzo Abe has remained positive on cryptocurrencies. It fits right into his \u201cAbenomics\u201d policies, which emphasise reforms to make Japan\u2019s economy more competitive while expanding money supply. \u201cBlockchain has the potential to make various industries safer and more efficient,\u201d Abe told Japan\u2019s parliament, the Diet, in February. At this year\u2019s G20 Summit in Osaka, the prime minister headed talks on cryptocurrencies that led to a group declaration that \u201ccrypto-assets do not pose a threat to global financial stability\u201d despite the input of crypto critics, including US President Donald Trump.<\/p>\n

More: The state of zero-carbon development in Asia<\/strong><\/a><\/p>\n

Japanese banks are leading the way in crypto research. In the Bank of Japan, the European Central Bank has found a forward-thinking partner for its Project Stella\u2014a research project that examines how cryptocurrencies can improve cross-border payments, a key challenge of the global real estate industry. Japan\u2019s MoneyTap, a consumer-focused blockchain money transfer app built by SBI Holdings and Ripple, has now enlisted 20 local banking partners for its Ripple-based transfer platform, including Chikubo, Ashiga, Towa, Shimane, Toho, and Fukushima banks who all signed up in late June.<\/p>\n

The Japanese are already embracing the technology at a faster rate than just about any other country on Earth. With a shrinking population of 127 million people, Japan represents just 1.85 percent of the world\u2019s population yet more than 11 percent of all crypto trading volume. Last year, 3.5 million Japanese were confirmed users of currencies like Bitcoin, and in October, Japan will hold its first Blockchain Week, a gathering of crypto enthusiasts from around the country.<\/p>\n

Currently with housing rental contracts, face-to-face communication between lenders, management companies, brokerages and borrowers\u00a0<\/span><\/span>require<\/span><\/span>\u00a0a great deal of work<\/span><\/span>.<\/span><\/span>\u00a0<\/span><\/span>Speeding things up is an urgent issue<\/span><\/span><\/p><\/blockquote>\n

Soon, real-estate companies may not be able to avoid blockchain. Last summer, Japan\u2019s land ministry began trials on a new blockchain land registry expected to cover the whole of the country by around 2022.<\/p>\n

Many Japanese property firms are embracing this new technology. Tokyo-based crypto startup bitFlyer announced in late July a new partnership with the monolithic Japanese conglomerate Sumitomo Corporation aimed at digitising housing rental contracts using bitFlyer\u2019s \u2018miyabi\u2019 blockchain. \u201cCurrently with housing rental contracts, face-to-face communication between lenders, management companies, brokerages and borrowers require a great deal of work,\u201d says bitFlyer CEO Yuzo Kano. \u201cSpeeding things up is an urgent issue.\u201d<\/p>\n

More: Winter sports hubs halt their slide<\/strong><\/a><\/p>\n

Hokkaido Tracks, a luxury ski resort developer and agency, announced the first blockchain property deals in Asia in April. Two properties in the resort of Niseko were purchased in Japanese yen by a group of investors from Hong Kong, with the contracts all signed and sealed using the Propy blockchain with Hokkaido Tracks acting as agent.<\/p>\n

\u201cThe difference between using Propy versus a traditional transaction at this time in Japan is that it allows all parties to view and keep track of the deal all in one digital platform. This will help streamline the real-estate transaction process,\u201d says Paul Butkovich, sales and operations manager at Hokkaido Tracks.<\/p>\n

Despite these recent advances, however, Butkovich tells Property Report he still expects paper-based contracts to continue for some time\u2014even in tech-savvy Japan. \u201cBut, as the population gets older and the workforce shrinks, I think they will embrace the opportunity to digitise things,\u201d he forecasts.<\/p>\n

This article originally appeared in Issue No. 156 of PropertyGuru Property Report Magazine\u00a0<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The East\u00a0Asian power is\u00a0once again\u00a0living up to its reputation as a\u00a0tech innovator\u00a0<\/p>\n","protected":false},"author":8,"featured_media":20295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[81,97],"tags":[160,519,517,518,146],"class_list":["post-4135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-depth","category-magazine","tag-blockchain","tag-cryptocurrency","tag-dispatch","tag-fintech","tag-japan","news_country-japan","news_author-steve-finch"],"acf":[],"yoast_head":"\nJapan shows yen for blockchain innovation | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/japan-shows-yen-for-blockchain-innovation\/\" 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