Expanding the pilot capacity of blockchain real estate transactions: Hangzhou realizes "on-chain signing + fund supervision"

Expanding the pilot capacity of blockchain real estate transactions: Hangzhou realizes "on-chain signing + fund supervision"

Recently, Hangzhou City announced the application of blockchain technology in the field of real estate transactions, and launched a new model of "on-chain contract + fund supervision", becoming the first pilot city in the country to realize the full process of real estate transactions. This move marks a new stage in the application of my country's blockchain technology in the real estate registration and transaction fields, and also provides replicable experience for other cities.

1. Core data of Hangzhou blockchain real estate transaction pilot

2. Four major changes brought by the new model

1.Transaction transparency: All transaction information is put on the chain and stored evidence. The buyer and seller, intermediary institutions and regulatory departments can view the transaction progress in real time to eliminate information asymmetry.

2.Funding security upgrade: Fund supervision is realized through smart contracts, and funds will be released only after meeting the agreed conditions, effectively preventing transaction risks.

3.Improve efficiency: Traditional real estate transactions require multiple departments and submitting a large amount of paper materials. The new model realizes "one-time submission, full-network sharing", which greatly shortens the transaction cycle.

4.Cost reduction: Reduce the use of manual verification and paper materials, and it is expected that each transaction will save about 2,000 yuan.

3. Comparison of national blockchain real estate transaction pilot cities

4. Expert views and future prospects

Professor Chen, director of the Blockchain Research Center of Zhejiang University, said: "The biggest innovation in the Hangzhou model lies in the inclusion of capital flows into the blockchain regulatory system, which is the first time in China. It is expected that blockchain technology will be applied in more than 50% of urban real estate transactions in the country in the next 3-5 years."

Ms. Li, an analyst in the real estate industry, pointed out: "Blockchain technology solves the most core trust problem in real estate transactions, but comprehensive promotion still requires overcoming challenges such as inconsistent technical standards and high system docking costs."

According to the plan, Hangzhou City will expand the pilot scope to the entire city in 2024, and explore the inclusion of financial services such as provident fund loans and commercial loans into the blockchain system. A relevant person in charge of the Ministry of Housing and Urban-Rural Development revealed that based on summarizing Hangzhou's experience, a national unified blockchain real estate transaction technical standard will be formulated.

5. Suggestions for ordinary home buyers

1. Understand whether the city has launched a pilot program for blockchain real estate transactions

2. Select formal intermediary agencies participating in the pilot

3. Learn the basic operations of using blockchain trading platform

4. Pay attention to keeping personal digital identity information

5. If you encounter problems, you can protect your rights through on-chain evidence storage

The application of blockchain technology is profoundly changing the traditional real estate transaction model, and the success of Hangzhou's pilot will provide valuable experience for national promotion. With the continuous maturity of technology and the continuous support of policies, "buying a house on the chain" may become the new normal in the future.