Bank of China joins the blockchain development project
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Bank of China, one of the largest financial institutions in China, joined the cooperative development group, which aims to create an integrated real estate platform - based on blockchain technology. New World Development teamed up with the Hong Kong Institute of Scientific and Technical Research to launch a blockchain platform called PropTech. In cooperation with BoC, the platform is to accelerate the buying and selling of real estate by as much as 8 hours, New World Development said.

The platform aims to reduce the importance of traditional documentation and replace it with technological solutions, including blockchain. The solutions that are possible in the DLT area include approval of sales and purchase contracts or applications for mortgage loans. This will allow users to send an authorized, encrypted and digitally signed temporary contract to selected banks. The developer has estimated that PropTech will save homebuyers eight hours of time. Customers save their time and nerves on the long and tedious procedures of traditional administration.

Bank of China is one of the four largest state-owned commercial banks in China. According to a report published in 2009, it was the second largest lender in China and the fifth largest bank in the world in terms of market capitalization.

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Bank of China - commitment in the implementation of blockchain technology

In August last year, Bank of China announced the interest in the use of blockchain technology in the provision of mobile payment services. Bank of China and China UnionPay signed a cooperation agreement in the field of mobile payments and announced the launch of test payments in the bank's cloud, using a blockchain. Both companies tried to analyze the distributed accounting book in order to implement their products for mobile banking. In particular, China UnionPay had plans to design a unified and integrated financial services system for mobile devices. The idea behind such a system is that credit card holders will be able to make transactions using a QR code.

It is also worth mentioning the innovative project from January 2019. China Banking Association, a Chinese organization related to banking sector regulations, has announced the launch of a blockchain-based platform. Thanks to the new platform, the CBA intends to build a new trade finance ecosystem and improve the efficiency of financial services in the Chinese financial sector.

What do you think about the involvement of Bank of China in blockchain technology? We invite you to discussions!

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