Government agencies, as well as commercial banks and other financial institutions involved with the real estate business, have been urged to adopt blockchain technology to deal with and reduce corruption in the real estate business.
An anti-corruption article, issued by the Office of the National Anti-Corruption Commission on 22 January 2021, indicates that the use of blockchain technology will contribute to the real estate business, as it will increase efficiency, promote transparency, and bring about quick operations. Moreover, this technology will also help save management costs and enhance business competitiveness.
Blockchain technology is comparable to a network to collect data that are accessible to everyone in the consortium blockchain. The data will be kept in each block, linking together like a chain.
The blockchain is used in various transactions, and because of its immutability, no one can forge the data without the knowledge of other people. This will help prevent corruption and ensure transparency, as the data can be checked from blockchain technology.
The anti-corruption article explains that the blockchain serves as a big-data screening system concerning the behavior of buyers through artificial intelligence. The system will become a major database for real estate business operators and financial institutions to use when they make decisions on extending credit.
When the blockchain system is fully used, government agencies, commercial banks, and other financial institutions involved with the real estate business will be affected, both directly and indirectly, and they should adjust to the changing situation.
It has been suggested that a “National Blockchain Platform” be established by the public sector. Various financial institutions and real estate business operators should develop a corporate blockchain linking with the National Blockchain Platform. In so doing, there will be many new entrepreneurs in the form of “start-ups.”
The public sector has also been encouraged to conduct a thorough study on the adoption of blockchain technology in public administration. A pilot project should be launched on the issue, and a body of knowledge should be created on this technology.
Source: The Government Public Relations Department