Use of China Bank from Blockchain in housing

Use of China Bank from Blockchain in housing
Abstract

The New World Development Asset Management and the Hong Kong Institute for Applied Scientific Research (ASTRI) will jointly launch a Blockchain platform for property buyers. It is said that the Bank of China will be the first bank to use this platform. The news was released on February 20th by a local media.

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The New World Development Asset Management and the Hong Kong Institute for Applied Scientific Research (ASTRI) will jointly launch a Blockchain platform for property buyers. It is said that the Bank of China will be the first bank to use this platform. The news was released on February 20th by a local media.

According to reports, the platform intends to replace official formalities through the use of a digital license, such as signing a sales and mortgage agreement or applying for a mortgage. Users will be allowed to submit to the selected bank, with the buyer's permission, an interim agreement signed and encrypted digitally.

The integrated distribution office technology (DLT) technology will help reduce the cost of banking operations by 15 to 60 percent in intra-organizational processes. This is while the platform itself is expecting an increase in the number of users.

ASTRI CEO Hugh Chow acknowledged that distributed office technology could change the operation of the property market, leading to efficient and flexible sales and sales methods. Although the Hong Kong Monetary and Financial Organization (HKMA) believes that the distributed office technology for all users in the ecosystem would allow the sharing of customer information and transaction history over a distributed infrastructure without compromising customer privacy or sensitive information. Gives.



In August, the Bank of China, one of China's four largest public banks, in its partnership with the China Custodian Financial Services Corporation (CUP), examined the uses of blockchain Technology in the payment system. In this plan, the CUP will create a unified mobile pool for integrated financial services where cardholders can use the QR code to spend on, transfer, and exchange on a cloud-borne payment application. .

In January, the China Banking Regulatory Authority (CBA) announced that it will launch a blockchain platform to improve its performance in this segment. The project was formally named "China-China blockchain Platforms Interbank Finance and Trading". And aims at using blockchain for finance and trading, transactions and other financial services.

China is officially accepting and using the blockchain in various sectors. The government recently launched a "Strategic Review on Rural Financial Services Recovery." This new framework is targeted at the use of emerging technologies, such as the blockchain , to improve identification, monitoring, early warning and repayment of agricultural credit risks.

Source: cointelegraph

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