Speeding Up Mortgage Application Times: 'Future of Real Estate' Gets Regulatory Approval

Nov 13, 2018 — Connor Blenkinsop



A blockchain-based startup which bills itself as "the future of real estate"

has announced that its project has been legalized by Japanese regulatory

bodies, including the Securities and Exchange Surveillance Commission.


Ruden Holdings says inaccurate information, poor record management and

inefficient processes are currently blighting the property sector - costing

businesses time, money and even credibility. Data cannot be shared easily

between organizations - and some cases have seen property owners struggle to

prove their ownership of a building.


The company has a goal of creating digital identities for real estate

properties, helping to enhance the quality and consistency of information

given to buyers and sellers. It also plans to reduce the costs associated

with completing transactions through smart contracts and cryptocurrency

payments - and believes this could offer big advantages to overseas

investors who are making a purchase on the other side of the world.

According to Ruden's white paper, one of the main advantages to digitizing

certificates for properties - offering a thorough history of every building

- is that it helps stop fraud. Blockchain's encrypted and tamperproof nature

lends itself to transparency, thwarting those who want to hide illicit funds

through properties. Illustrating its potential, its team wrote: "Governments

are now trying to use blockchain technology to register real estates and

improve the transparency of lands and real estate ownership."


In time, the company also hopes its technology could speed up the time it

takes to get a mortgage - a prospect that would be welcome news for buyers.

Research on the US market by Fannie Mae suggests that the closing time for a

new purchase is 46 days - with the process creating endless amounts of

stress and anxiety for parties involved.


Growing interest


Fresh from being recognized by Japanese regulators, Ruden Holdings has

raised $10 million from private equity firms across Asia.


The startup is now planning to strike new relationships in jurisdictions

beyond Japan and Singapore. Executives from Ruden recently attended the

controversial Future Investment Initiative in Riyadh, Saudi Arabia, where

their project attracted the attention of the Lebanese ambassador. The

company is also gearing up for "high-level" talks with the finance minister

of Lithuania in the not-too-distant future.


In addition, Ruden believes that there are some exciting prospects for

growth to be found in the United Arab Emirates, which plans to ramp up its

adoption of blockchain. As reported by Cointelegraph, the state wants to

become a world leader in using the technology by 2021 - and one of its

objectives involves a commitment to making 50 percent of transactions via

blockchain over the next three years.

Jacky Hai, the company's chief technology officer, told Cointelegraph:

"Blockchain is a powerful tool for us which will enable us to define the

future of real estate.


"It will speed up the process of buying property and open up the Japanese

real estate market to foreign investment. The Ruden token allows us to

incentivise the uploading of current real estate data which will unlock the

value of large-scale data analysis."


Building a home for real estate documents


In the fourth quarter of 2018, the startup has been embarking on fundraising

with the goal of driving interest in its native Ruden coin. From here, it is

expected to be listed on overseas cryptocurrency exchanges by Dec 1 2018.


Next year, the emphasis will shift onto building a platform where real

estate can be securely purchased using cryptocurrency - and designing an

"information registration and query system" to benefit its user base.


The CEO of Ruden Holdings is Susumu Nishioka, who has been in position since

2009. He worked at a law firm before starting his own business - and

according to the company, he is now known as a "pioneer of one-room

condominiums for investment purposes."


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