Published On: Thu, Jun 22nd, 2017

Japan to Trial Blockchain Technology for Real Estate Records

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Japanese authorities are looking into using Bitcoin’s blockchain technology to better manage their property and real estate records.
State of Bitcoin in Japan
Since the MT.GOX hacking incident, the Japanese government has carefully tried to properly regulate the bitcoin trading market in the whole country.
In April 2017, the Japanese government passed a ‘Bitcoin Regulation Law’, which forced all bitcoin exchanges in Japan to properly implement know-your-customer (KYC) and anti-money laundering (AML) mandates.

In addition the passed law would declare bitcoin as legal tender with major Japanese and international retailers backing the new law.
According to a recent Nikkei financial report, the Japanese government is looking into upgrading their current real-estate systems, using blockchain technology, one of the key components of Bitcoin.
The official Justice and Land ministry is using their own independent property registries for taxation purposes.
The Japanese government is estimates that around 230 million plots and 50 million buildings are registered across the country.
A New Blockchain-Based Registry
Japanese officials and ministries are proposing using blockchain technology in order to more effectively collect, manage and update real-estate data, while also preventing any tampering.
The lack of sufficient and updated …

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