AERGO strategic technology partner Blocko to build real estate alliance for South Korea's Ministry of Land, Infrastructure and Transport
: Blocko, AERGO's strategic technology partner, announced that it will provide a blockchain-based distributed storage platform for the Ministry of Land, Infrastructure, Transport and Tourism of the Republic of Korea to connect real estate registries with network data through a blockchain ledger.
Blocko has developed this solution in collaboration with Kolon Benit and Wavus. The project will address the vulnerability of paper certificates that are easy to forge, and lay the foundation for real-time consulting and real-time sharing of information by connecting all agencies that need real estate information (such as local and financial institutions in South Korea) on a distributed network. Blocko will build a Coinstack-based blockchain platform that connects real estate with data on existing local networks on an immutable shared private ledger.
The project will manage all real estate registries of many registration agencies in Jeju Island. It will be operated by 11 financial institutions on the island, including Shinhan Financial Group, Korea Exchange Bank, Korea Development Bank, and others. Its ultimate goal is to expand the use of the platform to more participating entities, including lawyers, registered real estate agents, etc., to build comprehensive and reliable transaction services from financial transactions, contracts, property registration, etc.
This is the first time in Korean history to connect a large amount of data to an existing network through blockchain technology. Blocko continues to use its cloud deployment and IT integration technologies to become a leader in the Korean commercial blockchain market.
Blocko is the world's leading supplier of blockchain products, providing multinational organizations with the ability to design, deploy and manage digital services on a secure distributed network. Enterprise IT integration and cloud deployment technologies are at the core of its value proposition. The company provides a stable and secure blockchain operating system and an easy-to-use development platform with a stable API.
Blocko builds and supports AERGO, which takes Blocko's field-proven technology to a new level and transforms it into a complete end-to-end open source platform based on a hybrid blockchain design. AERGO allows companies to share data in a trustless and serverless IT ecosystem to build innovative applications and services. AERGO is not just an idea or, it is currently a powerful open source network.
The Ministry of Land, Infrastructure, Transport and Tourism (MOLIT) is a cabinet-level department in South Korea. The main tasks are to establish and coordinate national territorial policies and basic laws related to national territories, and to develop national territories and water resources, build cities, roads and housing, and build coastal, river, and land reclamation. Back to Sohu, see more
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