Blockchain Platform For Real Estate To Be Opened In China
The Bank of China may be the first to use a blockchain platform for the sale of residential property, which will be jointly developed by New World Development and the ASTRI from Hong Kong, the Standard news agency reported.
The blockchain platform will completely substitute manual documentation, including the signing of initial sales contracts, documents in the field of mortgage lending, and many others. With the launch of the platform, participants in real estate transactions will have the opportunity to draw up agreements using an encrypted digital signature and send them to banking institutions.
The blockchain introduction into the domestic banking system will reduce operating expenses from 15% to 60%, according to some estimates. The developers express the hope that their product will quickly gain popularity among users.
Distributed ledger can absolutely change the real estate market, buying and selling will become more effective and convenient, ASTRI top manager Hugh Chow states. Blockchain technology will provide the ability to store transaction history and share data safely without damage to customers' personal information.
The Bank of China has already paid attention to blockchain technology. In August 2018, the institution entered into a cooperation agreement with the financial company China UnionPay (CUP) to study blockchain and its application in payment systems.
Earlier, Chinese economic experts expressed doubts about the future of blockchain technologies and cryptos in their country.