New Blockchain Platform Launched in Loudi, China for Storage of Real Estate Information
According to a report from People’s Daily, the official newspaper of the Chinese Communist Party, there’s a new project in the worlds that will help manage the process of buying and selling real estate.
This new effort was launched by Loudi as a new blockchain platform, storing all of the real estate data of participating departments in the city.
Presently, the platform is already being supported by land, tax, and real estate departments in the Hunan-based city. Though the system hasn’t been implemented yet, it will allow citizens to bypass all of the complicated processed involve when submitting proper documentations to these departments, starting on November 15th.
As the developers ensure that the platform works properly, they issued their first electronic voucher for the industry today, using the blockchain-based setup.
Blockchain technology is working its way into many economies already, but China is one of the most assertive companies that are adopting the technology to both public and private sectors. Two months ago, the “Guangdong, Hong Kong and Macao Dawan District Trade Finance Blockchain Platform” was announced by the People’s Bank of China (PBOC). This new platform was developed with the intention of supporting cross-border trading more effectively in the participating countries.
During the same month, the Bank of Communications for China worked gently in real estate, helping with the issuance of $1.3 billion worth of digital mortgages. In July, China tested out blockchain’s use with loans for agricultural land, using the Agricultural Bank of China and blockchain technology to make the $300,000 loan possible.
Many countries are working on using blockchain technology for real estate. The process of inputting paperwork and keeping each document properly filed leaves too much room for error. With a blockchain platform to support it, issuing digital mortgages and shifting ownership on a single ledger makes the entire process less costly and inconvenient.