The real estate company New World Development and the Institute of Applied Science and Technology Studies of Hong Kong (ASTRI) have announced about joint launch of a blockchain-platform for property purchase. The new platform is supported by Bank of China, which will become its initial user.
The blockchain-platform will allow getting rid of great amount of paperwork, like contracts for the sale and purchase of real estate, and mortgage applications. It will allow users to send to selected banks authorized, encrypted and digitally signed real estate purchase applications.
Thanks to the usage of the distributed registry technology for organizing internal processes, banks will be able to cut expenses for an execution of an application by 15-60%, and the platform itself must attract to purchase even more customers.
“It will allow this ecosystem`s users to share information and transactions` history with the help of distributed infrastructure, without compromising privacy or the risk to lose important business information”, – the head of ASTRI Hugh Chow said.
Investment platform notes that the usage of blockchain-technology for real estate purchases and sales is becoming the new trend. In Mexico, for example, they plan to carry out land registration in the blockchain system.