Japan has always been known for it’s innovative and progressive approach towards new technologies, as a result of which it adopted Blockchain Technology in its initial stages. Japan is home to the world’s largest Bitcoin exchange in the world, Mt. Gox.
Mt. Gox collapsed after a major hack, which made the government create a regulated framework for better development in the Blockchain and Cryptocurrencies. The inventor of Bitcoin is also rumoured to be Japanese as the pseudonym used in Japanese. Japan has also regulated the use of various cryptocurrencies in their country. Now Blockchain Real Estate Technology has made its way into Japanese Real Estate with Propy Inc. by completing two blockchain deals in April. The partnership is the first in Asia for Propy, which recently received a strategic investment from Second Century Ventures, a real estate technology fund backed by the National Association of Realtors. In February 2018, Propy coordinated the first U.S. application that combined blockchain with real estate finance via a pilot project in collaboration with the City Clerk’s Office of South Burlington, Vt., that utilized blockchain technology to record real estate conveyance documents–the ground-breaking transaction was a property record transfer from an individual to her limited liability company, with the $10 transfer fee and property records registered through the public Ethereum blockchain.
“By partnering with Escrow Agent Japan Co., we expect to get scaling in Japan,” said Natalia Karayaneva, CEO at Propy, Inc. “While we’ve been focusing on the U.S. market, the Japanese market, being historically innovative, is a natural choice for the first step in global expansion.”