Korean blockchain project Fantom, which gathered more than $ 39 million at the ICO in June, announced an agreement with Japanese real estate corporation Tosei, which controls more than $ 5.5 billion in assets, on Monday.
Fantom is developing a smart contract platform based on the Directed Acyclic Graph (DAG) technology, focused on solving scalability and transaction confirmation times that are present in existing blockchains. It is expected that the Opera blockchain being developed by Fantom will allow making payments in real time with minimal costs (less than $ 0.01) in conditions of unlimited scalability.
Integrating the Fantom solution into Tosei systems will optimize the property purchase process and the associated calculations on a large scale and millions of dollars on commissions. According to the developers, decentralized technology can have a positive impact on the real estate industry, where commissions sometimes reach 5% of the transaction amount.
With cumbersome contract procedures, lengthy processing times, and concerns around transparency, there are many friction points within the construction and property industry. Fantom has the potential to ease, address and solve these challenges not just for us but for the whole real estate sector. The marriage between real estate and Fantom is one of the strongest arguments for how decentralisation is not only a disruptor, but also an architect in building a framework for efficient ways of conducting end-to-end business.
Against the background of this news, Fantom FTM's own token has grown by 11%.