Sejong Telecom selected to test real estate transactions via blockchain

Today Sejong Telecom, a major Telecom company from southeastern South Korea, announced that it has been chosen as an additional operating partner in the Busan Blockchain Regulatory-Free Zone. Their main focus will be promoting and testing a blockchain-based real estate transactions platform.

Sejong Telecom plans to demonstrate the operations and functionality of a blockchain-based real estate investment and revenue distribution service and platform. They will operate the platform in collaboration with Aegis Asset Management, DS Networks, BBrick, and others. Eventually a consortium consisting of all participating companies will be created.

This platform is attracting attention because it will utilize securities token offering (STO) services which have been difficult to attempt due to a lack of legal infrastructure. The regulatory-free zone will aid in the further development of the use of STOs.

Currently, the real estate market is mostly private equity funds for high-value assets and institutional investors. Sejong Telecom’s platform is meant to create a public fund to help the majority of individuals invest in real estate. The system will apply only to residents of Busan and the surrounding provincial area.

Within the real estate trading and investing platform, a blockchain-based digital certificate is issued to general investors. With that, profits between all investors of a land parcel are divided up automatically. Deeds to land are issued in a way that allows transactions to be conducted entirely on a blockchain.

The platform will facilitate the investment process and the profit-taking process in accordance with South Korea’s Electronic securities Act. By using a blockchain, all operating parties hope to enhance the transparency of fund management to ensure all parties in a transaction are protected from fraud and forgery.

Sejong Telecom’s Vice President, Hyojin Park commented, “[I want to provide the greatest benefit to general investors and I want [Sejong Telecom] to be seen as a business that protects transactional integrity and transparency with the use of blockchain.]”

This announcement comes just a short time since the Ministry of Land, Infrastructure, and Transport declared a commitment to putting real estate transactions on a blockchain-based system. It doubled down on that commitment late last month by announcing that it will begin the strategic planning portion of their blockchain-based real estate transactions platform

Sejong Telecom is also utilizing blockchain technology in a medical data trading platform which they are developing. The company is going through the Busan Regulatory Free Zone for that platform, as well.

The platform will be developed with underlying blockchain technology and Hyperledger Fabric mainly to prevent counterfeiting and forgery. Reliable security and transparency of medical data transactions can be expected from this platform.

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