Korean government moves forward with blockchain-based real estate transactions platform

The Ministry of Land, Infrastructure, and Transport in South Korea today announced that it will begin the strategic planning portion of their blockchain-based real estate transactions platform. The strategic planning portion will encompass the forming and implementation of a business strategy, establishment of detailed plans for each stage of the platform’s development, and a budget for the project.

The platform was first announced in April of this year when the ministry also pledged to choose a business partner or partners to carry out the business end of the platform. As of yet they have not announced a business partner but instead have demonstrated further commitment to the overall plan for the platform’s launch by 2024.

The business partners for the project will be on a consulting body for the project. The consulting body will consist of real estate-related organizations such as financial institutions and other government offices. This council will carry out business re-engineering and information strategy planning (ISP), mainly focused on the transaction information system and it’s UI/UX, connections with public ledgers, and discovery of service models. A final business operator will also be selected.

Currently, real estate transactions are conducted by first checking goods, signing of contracts, applying for loans, then finally transferring registrations. At each stage, participants such as brokers, banks, and lawyers, are issued and must resubmit paper documents necessary for the transaction. The reliance on paper documents opens transactions to the risk of forgery. The proposed blockchain-based platform would eliminate that risk altogether and provide the non-face-to-face (untact) feature which has become a post-modern necessity in the contemporary post-Corona era. Furthermore, off-line transactions such as the current real estate set up are becoming increasingly inconvenient and out of vogue as online infrastructures improve across the country and the globe.

The Ministry of Land, Infrastructure, and Transport plans to increase the safety and convenience of real estate transactions through this platform. To that end, the ministry will develop a blockchain to share data securely and conveniently. Such a blockchain will most likely be centralized on a server at the ministry headquarters where transaction data will be protected behind hash values that only the current registrants will know. Also, such a platform would require an adjustment to existing laws as it is developed.

An official from the ministry stated that in order for the platform itself and the development project to accomplish what it has set out to do, a solid plan will need to be put in place with clear goals and parameters to guide their progress. With that, it appears that the project is technically already behind schedule by failing to announce an official business partner to help with development which may be attributed to coronavirus scheduling complications. The official business partner was expected to be announced by the end of this month.

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