#Japanese leasing firm trials real estate #Tokenization
Sumitomo Mitsui Finance and Leasing Company, a subsidiary of Sumitomo Mitsui Financial Group, Inc. (NASDAQ: SMFNF), is diving into the realm of tokenization with a focus on real estate, marking a significant step in embracing blockchain technology.
Teaming up with the United States-based tokenization platform Vertalo, SMFL aims to revolutionize the local real estate industry by leveraging blockchain technology to track assets.
The firm plans to integrate Vertalo's token platform with its existing asset tracking platform, AssetForce, which primarily focuses on physical assets but can now extend its capabilities to digital assets.
In a move aimed at enhancing transparency and efficiency in real estate transactions, SMFL's collaboration with Vertalo will provide real estate firms with comprehensive data on tokenized assets, including non-fungible tokens (#NFTs ). Additionally, SMFL envisions applying its digital asset tracking solution to furniture in leased properties, highlighting its versatility.
The innovative solution proposed by SMFL addresses various challenges in the property market, such as seamless data transfer between transaction participants and ensuring the security and accuracy of data. Through #Blockchain technology, the firm aims to centralize information exchange and facilitate efficient communication among stakeholders involved in the tokenization process.
Tokenization of real estate is growing globally, with firms like SMFL in Japan recognizing its benefits in broadening investor participation and enhancing industry trust. Asset fractionalization initiatives aim to improve liquidity rates, attracting interest from governments and industry players. SMFL plans to extend tokenization to other asset classes like artworks, ships, and aircraft, aiming to attract foreign investors and stimulate development projects, fostering real estate market growth.
Source - coingeek.com
