The Chinese City Launches Blockchain Platform for Real Estate. Loudi, a city in China’s Hunan province, has created a Blockchain information sharing platform. This will, however, simplify the process of real estate registration.
The city’s land, tax, and real estate departments backed the platform. Starting November 15, the platform will allow citizens to avoid long queues. Also, other cumbersome bureaucratic processes during document submission to these departments. Although to avoid inconveniences for citizens, they will also have the option of applying through the traditional paper-based process.
The Hunan Smart Government Blockchain Technology Co. developed the sharing platform. It is a high-tech enterprise. The Beijing Golden Stock Chain Technology Co and Loudi Wanbao New District Development and Investment Co have jointly established it. It is the city’s first blockchain implementation in the field of government service.
Interestingly, this is the first application scenario of Loudi in the field of government service. Although it breaks through the barriers of segregating departments and levels and opens up information sharing and management coordination.
Chen Hao, deputy mayor of Loudi City, said that the launch of the blockchain platform is “conducive to optimizing the government process and simplifying the process of the masses.”
Chinese City Launches Blockchain Platform for Real Estate. The launch comes amid a larger blockchain push in China. In September, the People’s Bank of China (PBoC) launched the testing phase of the “Bay Area Trade Finance Blockchain Platform” focused on conducting trade activities. In the same month, reports suggested there would be a set up of a new trade and finance blockchain platform, called the “Guangdong, Hong Kong, and Macao Dawan District Trade Finance Blockchain Platform,” backed by the PBoC.
China, in general, sees blockchain as an active area of innovation and expects public blockchains. Also, decentralized applications to become significant parts of the future economy. Local governments of Shanghai, Shanxi, Henan, Guangzhou, Guiyang, and Hangzhou have all issued policies to encourage blockchain development.
In the month of September, the State Bank of Communications used blockchain to issue digital mortgages worth $1.3 billion. Earlier, in July, the Agricultural Bank of China issued a loan via blockchain worth around $300,000. Also, this was backed by a piece of local agricultural land.