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Bank Of China Joins New Blockchain Platform For Homebuyers

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The Bank of China is joining PropTech, a new blockchain platform for homebuyers, Hong Kong news outlet The Standard reported.

The platform was launched by Property development firm New World Development and the Hong Kong Applied Science and Technology Research Institute or ASTRI.

The Bank of China, a state-owned Chinese bank, is perhaps the first bank user of the platform which aims to replace paperwork operations with digital authorization.

The platform would allow users to send the homebuyers' authorized, encrypted and digitally signed provisional agreement to selected banks. It is expected that the integration of the blockchain technology into organizations would help to reduce banks' operating costs significantly, as well as the required time for the procedure.

Last year, Bank of China partnered with financial services corporation China UnionPay or CUP to jointly explore blockchain technology applications for payment systems.

In January, China Banking Association or CBA, the Chinese banking industry self-regulatory organization, announced the launch of a blockchain-based platform to build a new trade finance ecosystem and improve the efficiency of financial services.

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