A DLT platform for home buyers developed through the joint efforts of Hong Kong Applied Science, New World Development, and Technology Research Institute (ASTRI) has welcomed Bank of China, one of the largest state-owned financial institution in the country.
The distributed ledger technology (DLT) platform, wants to help home buyers to bypass the lengthy and tedious paperwork that they always go through when purchasing a home. The DLT platform is focusing on digital authorizations of documents such as mortgage application and signing the Provisional Sale and Purchase Agreement.
Hugh Chow, CEO, ASTRI, noted that:
[A DLT platform] could reshape property market operations, resulting in efficient and flexible property buying procedures.
The vice chair of New World Development, Adrian Cheng is optimistic that the DLT platform will be the first step towards renovating the real estate sector which he says it last saw the introduction of high technology 30 years ago.
According to TheStandard, a local news outlet:
[The DLT platform] allows all date[a] 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.
Bank of China has been making strides towards adopting products built using distributed ledger technology. For example, last year, the financial institution indicated it was investigating how the distributed ledger technology can be used to streamline its payment sector. To achieve this, it established a working partnership with China UnionPay.
Although financial institutions in China have been cold towards cryptocurrencies, they have been welcoming the blockchain technology. Banks in the country have already formed a self-regulatory organization. The organization is tasked with investigating and applying the distributed ledger technology to boost efficiency in the banking sector.
With China investing heavily in the distributed ledger technology, do you think the country will at some point open up to digital currencies?
Let us know your thoughts in the comments section below.