Blockchain technology is finding its huge application in real estate sector lately. A Chinese city of Loudi has opted for Blockchain technology for storing its real estate information. The aim is to reduce the paperwork processing time by cutting down intermediaries thereby bringing transparency into the system, as reported by Chinese Communist Party’s official newspaper, People’s Daily.

The new platform will ease the process of document submission procedure that involves the middlemen such as land, tax and real estate departments in the city. As the earlier procedure involved these departments, it was taking more time for the approval. However, with blockchain in action, the process will get quick and transparent. As the information will be stored inside the blocks securely, the occurrence of the data breach will cease to exist.

The platform has already begun working by issuing the first real estate electronic voucher for the citizens. Next, the distributed ledger technology will look for its application into issuing digital mortgages. It will not only reduce paperwork but also will increase interoperability between different institutions.

China is amongst those few countries in the world who is putting Blockchain into maximum utilization, on both public and private levels. For instance, to ease out cross-border payment system, the People’s Bank of China launched a trade Finance Blockchain Platform in September.