Blocko to build real estate consortium chain for Korean Ministry of Land, Infrastructure, and Transport
ZDNet Korea — 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.
This marks the first time in Korea’s history where a massive amount of data is connected with existing government networks through blockchain technology. Blocko continues to leverage its cloud deployment and IT integration know-how to be a leader the commercial Korean blockchain market.
About Blocko and AERGO
Blocko is a well-funded, Samsung-backed commercial blockchain startup offering multinational organizations the ability to design, deploy, and manage digital services on a secure distributed network. Enterprise-IT integration and cloud deployment know-how 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 stable APIs.
Blocko builds and supports AERGO which takes Blocko’s battle-tested technology to the next level by morphing it into an entire end-to-end open-source platform based around a hybrid blockchain design. AERGO allows businesses to build innovative applications and services by sharing data on a trustless and serverless IT ecosystem.
About the Ministry of Land, Infrastructure, and Transport
The Ministry of Land, Infrastructure, and Transport is a cabinet-level division of the government of South Korea. Its headquarters is in the Sejong Government Office in Sejong City. The main tasks are establishing and coordinating national territory policy and fundamental laws related to national territory, preserving and developing national territory and water resources, construction of urban, road and housing, construction of coastal, river, and land reclamation, and land reclamation.
