Loudi City in China Presents Blockchain Platform to Store Data on Real Estate

December 10, 2018

According to the People’s Daily, the Chinese Communist Party’s official newspaper, Loudi, a city in China’s Hunan province, has launched a blockchain-based platform for real estate data recording.

The platform is supported by departments of land, tax and real estate in Loudi city of Hunan province. Launched back in November, the system was built to reduce bureaucratic processing time for citizens when submitting documents to federal departments. Moreover, on November 13th, the first ever real estate e-voucher had been issued via this novel blockchain platform.

Amongst other countries, China is emerging as one of the most active adopters of both public and private blockchain. In September, the People’s Bank of China (PBoC) had made an announcement on the “Guangdong, Hong Kong, and Macao Dawan District Trade Finance Blockchain Platform” aiming to build an ecosystem which supports cross-border trading. In the same month, the State Bank of Communications had applied blockchain in issuing digital mortgages worth 1.3 billion dollars. Also, earlier this year, the Agricultural Bank of China issued a blockchain-based loan and was backed by local agricultural land, valued at approximately $300,000.

According to CoinTelegraph, across the globe blockchain has been actively experimenting in the sphere of real estate. Specifically, nations have applied blockchain in issuing digital mortgages to minimize the paperwork while enhancing the interoperability between various institutions.

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