Real Estate and E-contract
Dear community members of Firmachain!
Today, we are going to talk about the real estate market and e-contract.
#Economic Status and the Real Estate
Due to the severe trade war occurred by Japan’s exclusion of South Korea from its whitelist, the KOSPI and KOSDAQ indices have shown a sharp decline.
The stock market, which reflects the performances of the corporate along with the overall economy, is closely correlated with the real estate market and their simultaneous declines have been already observed throughout previous years.
However, despite of the instability of the Korean stock market, the real estate market isn’t showing any parallel movement to it since the real estate is a tangible asset, thus, considered by the investors safe asset such as US dollars and gold.
#Real Estate and Technology
Proptech, is a compound word of property and technology which encompasses new form of industry and services which arose from their combination.
More specifically, it refers to an industry that combines data driven services, shared economy businesses and fin-tech services which are all relevant to real estate and property.
Recently, real estate brokerage platforms such as Jikbang and Dabang are making a lot of progress, due to the fact that the consumers are gradually shifting from on-foot to on-line when it comes to gathering information regarding properties. Along with this transition, the e-contract systems on real estate businesses has also been simultaneously rising for the past few years.
E-contract is a system which employs digital technologies to store e-contracts and documents in an authorized storage, which are made through digital signatures in conjunction with ICT technologies. In Korea, it is accessible through Ministry of Land, Infrastructure, and Transport’s real estate e-contract system for signing contracts and managing documents regarding real estate related contracts.
#Firmachain, a Blockchain-based Electronic Contracts
As the government has adopted the electronic contracts for preventing frequent fraudulent contracts in the real estate market, people are expecting more diverse industries to adopt the e-contract system. The government’s one step of digitizing contract processes to solve a social problem, is also the final goal which Firmachain is trying to pursue.
Firmachain, by perceiving the problem of intellectual property rights in our society, has set it as the first social issue to solve through the e-contract platform. Furthermore, is planning to expand their services to be able to embrace numerous issues which are occurring in newly arising industries too.
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