Blockchain is seen as a key technology that will modernise industry transactions and one sector that appears more than willing to integrate such an exciting digital innovation is the property market. In Asia, Singapore and South Korea are leading the pack of early adopters to the modern tool that largely is associated with bitcoin or cryptocurrency.
The two countries, it seemed, do acknowledge that there is more to blockchain than the increasingly popular digital coins. What’s more important is how the technology facilitates business transactions with emphasis on security and transparency.
Indeed when a deal is completed through blockchain and cryptocurrencies exchanged, everything is recorded on a digital ledger that is chronologically arranged and available to the public for optimal convenience.
Efficiency is among the promises attached to blockchain and unsurprisingly Singapore and South Korea – two countries known to adhere closely to anything efficient – are making their play early in the game.
Singapore’s Blockchain Initiative
Already a modern state, Singapore continues on its quest to remain on top and the nation’s latest agenda is to become a “Smart Nation,” in which all engagements are conducted in digital platforms and blockchain is among them. Along this line, at least three Singaporean firms are into blockchain and they intend to make use of the technology in gaining further headway to the real estate sector, according to Property Report.
The report identified the companies as RealFuel, CrowdVilla and FundPlaces, and all three are pushing for the property market to be more accessible and straightforward.
RealFuel, for instance, is underscoring the fact that real estate deals on blockchain are smart and instantaneous that “will eventually remove the need for a middle man.”
For its part, CrowdVilla is focused on providing holiday home bookings and the whole experience is “is easier and comes with greater benefits.”
As for industry players looking to make investments in the sector minus the usual hassles, the solution offered by FundPlaces is the use of digital token. The company said entering the market doesn’t require huge money and thanks to blockchain investors enjoy transparency.
South Korea Pours Millions To Blockchain Thrust
Equally an early believer, the South Korean government is ready to fund multiple projects that “will establish a roadmap for developing blockchain technology.” Seoul will spend a whopping $207 million on the initiative that will increase the role of blockchain in many South Korean industries. And it goes without saying that real estate is among the sectors targeted to benefit from the technology.
The goal is to roll out blockchain and see it achieve an imposing presence of no less than 90 percent, Property Report said in a related article.
“Besides the Internet, smartphones and artificial intelligence, blockchain will be the leading technology for digital innovation,” the report added, citing a statement furnished by South Korea’s Ministry of Science and ICT (MSIT).