ASTRI , Hong Kong engineering and Technology research Institute  and therefore the Property development firm New World Development ,will conjointly launch a blockchain platform for home customers with the Bank of China reportedly being the primary bank user. The news was proclaimed by local news outlet the standard on February. 20.

The platform reportedly aims to change work operations — like sign language the provisional Sale and buy Agreement or a application — with digital authorization. This can purportedly permit users to send the purchaser's approved, encrypted and digitally signed provisional agreement to selected banks.

Integration of distributed ledger technology (DLT) into organizations’ internal processes is estimated to assist reduce banks’ operating prices by 15 to 60 %, whereas the platform itself expects to work out a rise within the range of users.

ASTRI chief executive officer Hugh Chow reportedly said that DLT might reshape property market operations, leading to economical and versatile property buying procedures, whereas the HKMA argued that DLT "allows all [...] users within the scheme to share client data and transaction histories securely over a distributed data infrastructure, while not compromising client privacy or sensitive business data."

August 2018, one amongst the four largest state-owned banks in China, Bank of China  — partnered with monetary services corporation China UnionPay (CUP) to collectively explore blockchain technology applications for payment systems. at intervals the initiative, CUP was set to make a unified port for mobile integrated money services, wherever cardholders are going to be ready to use a QR code to pay, transfer and trade on a cloud flash payment app.

In January, China’s self-regulatory bank organization, the China Banking Association (CBA), proclaimed it'll launch a blockchain-based platform to enhance potency across the arena. The project, formally dubbed the “China Trade Finance Inter-bank trading Blockchain Platform,” aims to use blockchain to focus on trade finance, transactions and different money services.

China has been actively adopting blockchain technology in numerous sectors. Recently, the country’s government issued the “Guiding Opinions on Rural Service advance of economic Services.” The new framework aims to use rising technologies like blockchain to “improve the monitoring, identification, early warning, and disposal levels of agricultural credit risks.”

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