By Staff Reporter
Hong Kong real estate firm New World Development will launch a blockchain-based platform in partnership with the Bank of China (Hong Kong), according to a report in the Standard newspaper.
The platform, known as PropTech, is set up in partnership with Hong Kong’s government-backed Applied Science and Technology Research Institute (Astri).
ASTRI chief executive Hugh Chow was quoted as saying that distributed ledger technology (DLT) “could reshape property market operations, resulting in efficient and flexible property buying procedures.”
A digitization of the paper-based system – such as signing of the “provisional sale” and”purchase agreement” or the application for mortgage – is expected to save buyers up to eight hours.
The blockchain platform will replace paperwork with digital authorization to send authorized, encrypted and digitally signed provisional agreements to the selected banks.
The platform is expected to see 4000 users in 2020, the report quoted sources as saying.
The Whitepaper 2.0 on distributed ledger technology conducted by the Hong Kong Monetary Authority estimated that DLT could reduce banks’ operating costs by 15 to 60 percent.
Hong Kong’s de facto central bank has been pushing for the adoption of DLT in wide range of areas from real estate to shipping and logistics.
