On November 11, Blocko, AERGO’s strategic technology partner that builds the AERGO platform, announced that it would provide a blockchain-based distributed storage platform to connect real estate registries to government network data with a blockchain ledger for the Korean Ministry of Land, Infrastructure, and Transport.
Blocko develops the solution in collaboration with Kolon Benit and Wavus. The project will solve the vulnerabilities of paper certificates that can easily be forged and will provide the foundation for real-time sharing of real estate inquiries and information by connecting all agencies that need to use real estate information such as local governments and financial institutions in Korea together on a distributed network. Blocko will build a blockchain platform based on Coinstack, to link real estate with data on existing local government networks on an immutable shared private ledger.
The project will be conducted for all real estate books across many registry bodies in the Jeju province; and it will be operated by 11 financial institutions on the island including Shinhan Financial Group, Korea Exchange Bank, Korea Development Bank, and many more. The final target is to expand the scope of utilization of the platform to more participating entities including lawyers, certified real estate brokers to build integrated and reliable transaction services from financial deals, contracts, and property registrations.
Additionally, Blocko has begun facilitating micropayments for the Bank of Korea while the bank is exploring blockchain-based micropayment settlement infrastructure. The bank is looking to find out how effective microtransaction settlements on distributed networks could be with regards to making transaction outputs happen faster and saving costs.
Blocko will provide a blockchain system that allows for transaction validation, participant authentication, wallet management as well as create transaction processes and mobile implementations centered around the micropayment solution.