Building a Blockchain-Based Real Estate Transaction Platform... Paper Documents Will Disappear

[Asia Economy Reporter Moon Jiwon] The government plans to establish a blockchain-based real estate transaction platform by 2024.

The Ministry of Land, Infrastructure and Transport announced on the 29th that it plans to create an environment where real estate records can be accessed and utilized more quickly and transparently by building a blockchain-based real estate transaction platform applying advanced information and communication technology (ICT) by 2024.

The Ministry of Land started the informatization strategic plan (BPR/ISP) project for building a blockchain-based real estate transaction platform on the 3rd of this month.

Before the three-year blockchain-based real estate transaction platform construction project starting from 2022, the ministry plans to specify the project details, establish step-by-step detailed plans, and calculate detailed budgets.

Currently, real estate transactions proceed in the order of property verification, contract signing, loan application, and registration change. At each stage, licensed real estate agents, banks, and judicial scriveners participate, issuing and submitting various real estate records in paper form, which raises a high risk of crimes due to forgery and alteration of official documents.

With the recent spread of non-face-to-face culture throughout society due to the COVID-19 pandemic, the necessity of online real estate transactions has also been highlighted.

The Ministry of Land plans to convert the method of issuing and submitting real estate records in paper form into a blockchain technology-based data format, enabling related institutions such as banks to automatically verify and validate in real time.

Regarding documents such as the certificate of all registered matters and resident registration, a public-private consultative body will be formed, and through related discussions, real-time data sharing plans will be included in the informatization strategic plan.

Nam Young-woo, Director of the Land Information Policy Bureau at the Ministry of Land, said, "For the blockchain-based real estate transaction platform construction project to achieve results that the public can feel, active participation in the blockchain network by institutions holding and utilizing real estate information is necessary."

This content was produced with the assistance of AI translation services.