According to People’s Daily, a Chinese communist party official newspaper, Loudi has launched a blockchain platform to save real estate data.
The platform is supported by land, tax and real estate departments in the city which is situated in central Hunan provinces. From November 15th, the new system will allow citizens to avoid queues and other office procedures when submitting documents to the departments listed above.
The first real estate electronic voucher was issued in the city today through the new blockchain based system.
China is among the nations actively getting involved with blockchain technology on both the public and the private sector. In September, the People’s Bank of China (PBoC) declared the “Guangdong, Hong Kong, and Macao Dawan District Trade Finance Blockchain Platform,” which plans to give an ecosystem for cross-border trading in the named areas,
Also, the national bank of communications used blockchain to give digital mortgages worth $1.3 billion. Earlier in June, the agricultural bank of China gave a loan through blockchain which was estimated around $300,000 and it was backed by a piece of local agricultural land.
As cointelegraph reported before, blockchain has been actively tried out in the sphere of real estate worldwide, particularly in issuing digital mortgages to reduce paperwork and expand interoperability between different organizations.