the in China, Too, seems to be enjoying the Blockchain technology great popularity. The real estate development company New World Development and the Hong Kong Applied Science and Technology Research Institute (ASTRI) want to work together on a Blockchain platform for home buyers. The Bank of China to be one of the first users.
Sebastian wood
21. February 2019BTC$3.920,06 -0.95%part Facebook Twitter LinkedIn xing mail
bring The Chinese firm New World Development, the Hong Kong Applied Science and Technology Research Institute (ASTRI), a common Blockchain-a platform for real estate transactions on the market. The Chinese conglomerate NWD is a company listed on the Hong Kong stock exchange and in several sectors of the economy. NWD is owned by the Chinese billionaire Cheng Yu-Tung. The company owns and sells, among other things, Hotels, office buildings as well as residential real estate. The Hong Kong Applied Science and Technology Research Institute is especially in the area of information and communication technology, networked. The aim of the cooperation is to develop a System by which real estate transactions on the Blockchain secure, and paperless can handle.
How is the real estate Blockchain works?
The use of Blockchain technology in the real estate life cycle promises to be not only resource-saving Asset transactions; the possibility of processes of tracking, is one of the advantages of the Blockchain technology. In addition, book entries could be omitted in the processing of reason, any means of men; of the data would, in turn, via decentralized Blockchain systems out of the hands of Central institutions. The demolition, Recycling and redevelopment can be life in the context of the real estate cycle by a Blockchain verifiable, ecologically and sustainably designed.
However, the China-developed platform to handle the signing of sale and purchase agreements or the mortgage application through the use of digital approvals paperless. Users the application provides the ability to send authorized, encrypted, and digitally signed contracts with selected banks. In the secure and private Transfer of customer information and transaction histories with business partners to further the quality of the technology. ASTRI CEO Hugh Chow is of the opinion that more efficient that the transformation of the system, and more flexible real estate purchases and sales. According to estimates, the Distributed Ledger is expected to contribute technology (DLT), the operating cost of the banks to be cut by around 60 percent.
Read also: forcing China, Blockchain-companies to disclose user data
Outlook
The cooperation in the real estate field is not the first Blockchain-a project of the Bank of China in the strictly regulated Chinese market. In August 2018, the large Chinese Bank entered into a cooperation with the financial service provider, China UnionPay (CUP). The focus of the cooperation, a common Blockchain technology for payment systems, which aims to create a single Port for mobile integrated financial services, meanwhile, is. However, China seems to also want to in the field of Blockchain technology in the future ahead. If you Believe the Figures from the world intellectual property organization (WIPO), is currently the world’s the majority of patent applications in the field of Blockchain technology from the middle Kingdom.
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