Bank Of China Joins A Revolutionary Blockchain Platform For Property Buyers

Today, on our DC Forecasts crypto news site, we are focusing on the property development firm New World Development and the Hong Kong Applied Science and Technology Research Institute (ASTRI) which are together launching a blockchain platform for home buyers with the Bank of China being its first bank user.

The news went viral after it was first announced by the local news outlet the Standard on February 20th.

Jointly developed, this platform aims to replace paperwork operations such as signing the Provisional Sale and Purchase Agreement or a mortgage application with digital authorization. This gives users the ability to send the purchaser’s authorized, encrypted and digitally signed provisional agreement to selected banks.

The integration of distributed ledger technology (DLT) into the organisation structure and their internal processes will reportedly help reduce banks’ costs from 15% to 60%, while the platform itself is expected to see an increase in its number of users.

The CEO of ASTRI, Hugh Chow, reportedly stated that DLT in this case could reshape the property market operations and with that result in an efficient and flexible property buying procedures.

On the other hand, HKMA said that the DLT technology:

“allows all […] users in the ecosystem to share customer information and transaction histories securely over a distributed data infrastructure, without compromising customer privacy or sensitive business information.”

It seems like the crypto regulation efforts in China are moving forward. A month ago, China’s self-regulatory bank organization, the China Banking Association (CBA), announced the launch of a blockchain-based platform that will improve efficiency across the sector. This was only one of the efforts towards the adoption of blockchain in various sectors in the country.