The Ministry of Land, Infrastructure and Transport (Minister Kim Hyun-mi) announced on the 8th that it will push to establish a blockchain-based “real estate information sharing platform.”
The goal is to establish a real estate electronic contract system that can reduce institutional visits and paper document issuance by keeping the offline real estate transaction process recorded in the blockchain.
The Public Procurement Service will announce the bidding for the BPR (Blockchain-based Real Estate Transaction Platform) and the Information Strategy Plan (ISP) service to Nara Market for the establishment of the Ministry of Land, Infrastructure and Transport’s “Blockchain-based real estate transaction platform.”
BPR and ISP will be in the process of entrusting outside specialized agencies to establish plans before implementing the project. Based on the results of the service, which will be completed in December, the Ministry of Land, Infrastructure and Transport plans to apply for the 2021 budget.
The platform will upload real estate books such as land registers on blockchain so that related agencies and private companies can share real-time real-time real estate transaction information. The Ministry of Land, Infrastructure and Transport plans to decide on detailed methods such as utilizing public and private blockchain after seeing the results of the service.
An official from the Ministry of Land, Infrastructure and Transport said, “When the platform is established, transaction information such as building register, land register, and land use plan can be checked before contract.” It will also reduce the effort to visit various agencies and issue documents to verify real estate registration and other issues,” he explained.
In the future, private real estate information companies such as Real Estate 114, Naver Real Estate, as well as the National Court Administration and the Korea Financial Telecommunications & Clearings Institute will be able to participate. An official from the Ministry of Land, Infrastructure and Transport said, “There are cases where the deal has already been made, but it has been put up for sale. It will help us skip such false sales on our own,” he said.
The project is an e-government support project by the Ministry of Public Administration and Security, with the Korea Information Society Agency (NIA) taking charge and the Ministry of Land, Infrastructure and Transport taking charge of the project.
In 2019, the Ministry of Science, Technology, Information and Communication and the Ministry of Land, Infrastructure and Transport conducted similar pilot projects on Jeju Island as one of the six 2018 blockchain public demonstration projects. An official from the Ministry of Land, Infrastructure and Transport said, “Through the Jeju pilot project, we have confirmed that we can share land registers on blockchain. The new project will have a much wider scope of business and participants,” he explained.