Interestingly, it is worthy to note that New World Development will be joining Hong Kong’s ASTRI; Applied Science and Technology Research Institute to debut a blockchain platform.
This platform is basically for individuals who want to purchase homes. Excitingly, Bank of China is the service’s first bank participant. This news was broadcasted by diverse local news outlets.
This new platform will be implemented first by the Bank of China. Meanwhile, this collaboration is wonderful news for Blockchain enthusiasts. Developed blockchain technology enables the platform to provide an all in one backing service to purchasers.
It is not only for purchasers but also for banks and linked entities. With this collaboration effort, PropTech platform will be the fundamental breakthrough that will shape the real estate industry situated in Hong Kong.
It will practically be time-saving and save resources in the process of purchasing properties. Individuals purchasing homes will soon begin to enjoy a swift and comfortable user experience in this new beginning of Property Purchase 2.0.
It is simpler to operate and actually saves time, energy and of course stress. It will be finally on stream by this year 3019, in April.
The Issues With The Current System
According to Adrian Cheng; who is the Executive Vice chairman and also the GM (General Manager) of New World development, the real estate market of Hong Kong for the last third years has barely seen any advanced technology brought to the purchasing procedure.
Regularly, real estate developers, banks, buyers and even law firms practically work in their very own field and not together. However, New World development has successfully built the first and latest cross-sector platform.
Meanwhile, the biggest advantage of the new PropTech platform is to open up the complete real estate organization chain. Additionally, it will also mark the first application of Blockchain technology into the world of real estate.
Objective Of The Platform
The main focus of the platform is to once again replace the operation of paperwork. These paperwork’s range from;
- The signing of the provisional sale
- Agreement of Purchase
- Mortgage application with computerized authorization, etc.
The transformative advantage of merging Blockchain technology with a property buying platform will enable some things. These things revolve around an unprecedented decrease in time and work.
This centers around signing the provisional agreement and finally sealing the deal. The CEO of ASTRI; Hugh Chow mentioned that decentralization could help to sharpen property market functions.
Moreover, this will result in a flexible and effective property buying process.
Generally, this Blockchain platform can aid in saving roughly eight hours on executing a transaction. This is done via merging the time consuming first steps, filling long yet difficult application files, stressful back and forth with both lawyers and the banks and the research into data concerning mortgage loans.
In addition to all these points, the platform will be beneficial to service providers and helps save roughly forty-seven working hours. For the complete industry chain, it will help in saving basically fifty-five hours on every transaction totally.