A Chinese City Launches Blockchain Platform for Real Estate Data
The Chinese city of Loudi in Hunan Province has launched a blockchain platform to store real estate data, according to the country’s Communist Party’s official newspaper People’s Daily.
The platform is backed by the local departments of land, tax and real estate. Starting from Nov.15, the blockchain powered platform will free citizens there from long waiting time and complex bureaucratic processes when submitting documents to the departments mentioned above, as the report stated.
At the same day, the first real estate electronic voucher was issued in the city via the new blockchain system.
China has been among the countries actively adopting blockchain technology on both the public and private levels. In September, the People’s Bank of China (PBoC) announced the “Guangdong, Hong Kong and Macao Dawan District Trade Finance Blockchain Platform,” which aims to provide an ecosystem for cross-border trading in the mentioned areas.
The country’s banks and insurance industry have also taken the lead in embracing blockchain technology to simplify and secure their business. In September, the state-owned Bank of Communications leveraged blockchain to issue digital mortgages worth $1.3 billion. Earlier in July, the Agricultural Bank of China issued a loan via blockchain worth around $300,000.
As previously reported by 8btc, e-commerce conglomerate Alibaba holds the most blockchain applications in the world, followed by the country’s central bank, the People’s Bank of China (PBoC).
The use-cases of blockchain implementation seem to have no bounds. With blockchain being actively tested in the sphere of real estate globally, especially in issuing digital mortgages to reduce paperwork and increase interoperability between different institutions, it is expectable that this technology would be brought into mainstream use.
As such, countries around the world all rush to jump onto the blockchain bandwagon for the foreseeable future the advanced technology may create. China, the world’s second largest economy, of course, wants to seize the opportunity, too.