Japan’s SuMi TRUST Partners with PARC to Evaluate a new Blockchain Platform for Real Estate
Japan’s Sumitomo Mitsui Trust Bank (SuMi TRUST) recently announced its plan to develop a new blockchain platform to further revitalize the real estate transaction market. SuMi TRUST has enlisted the help of PARC to assess the blockchain platform as it enters into a pilot phase for this project.
Blockchain is a record-keeping technology for online transactions that allows digital information to be stored in a distributed fashion, and makes it very difficult to delete or alter that information. The technology is decentralized – meaning it is not controlled by any one entity. Instead, it runs as a network of independent computers – giving individual users visibility into its structure and function. Initially designed for Bitcoin and other digital currencies, blockchain is now expanding to areas such as finance, healthcare and real estate.
Historically, the real estate industry has relied on pen and paper as its form of record-keeping, which can be time-consuming and costly. Using a blockchain-powered platform, real estate transactions could be conducted in a more secure, efficient and transparent manner.
With deep expertise in cyber-physical systems security across numerous industries, PARC is well-suited to help SuMi TRUST validate the performance of their new blockchain-powered platform.
“Given the need for transparent and robust recording of real estate transactions, the blockchain is a good candidate technology for SuMi TRUST’s application,” said Dr. Shantanu Rane, PARC’s Principal Investigator for this project. “We are excited about the opportunity to help SuMi TRUST assess their platform and make it more secure and reliable,” added Rane.
As part of the pilot project, participating real estate companies and business operators will record information pertaining to real estate income, expenses and properties using the blockchain-powered platform. Various transaction scenarios will then be tested to validate the performance of the technology. With the help of PARC, SuMi TRUST aims to build a reliable platform that will ultimately bring new added value to customers.
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