Chinese State Bank Successfully Issued $1.3-Billion Digital Mortgage by Applying Blockchain

December 3, 2018

According to a report by China Securities Times on Wednesday, September 27th, with the adoption of blockchain technology, $1.3 billion of residential mortgage-backed securities (RMBS) have been successfully issued by The Chinese state-owned Bank of Communications (BoCom).

Ranked as the 5th largest bank in China, BoCom has been working on an initiative – an independently developed platform named Juicai Chain to release 9.3 billion yuan worth of RMBS, approximately $1.3 billion.

Blockchain allows all parties taking part in the loan to perform asset tracking, cash flow management, and other business operations. China Securities Times points out that the application of blockchain will reduce the risks, shorten the RMBS issuance time together by providing assets’ authority.

Xinhua – major local newspaper announced that the launch of Juicai Chain was executed back in June by BoCom. In July, the first phase of releasing digital RMBS started to carry out, with the first due diligence conducted in August. It has been demonstrated that the BoCom digital mortgage base will be available for financial intermediaries such as PricewaterhouseCoopers, multinational law firm Zhonglun, amongst several others.

According to a report in June of Cointelegraph, the Agricultural Bank of China – which is known as the 4th largest bank in the country, issued its very first loan worth $300,000 based on the quality of the blockchain platform. Furthermore, the fact that China took a step closer in blockchain technology has been considered as evidence for legal disputes.

Real estate is one of the industries actively experimenting with decentralized solutions. For instance, the Russian branch of Raiffeisen Bank issued its initial electronic mortgage, and the Netherlands plans to transfer all of its records to blockchain within the span of 1-3 years.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Facebook: https://www.facebook.com/asiablockchainreview/

Twitter: @abr_blockchain


Related Article
Quadrant Protocol Brings Data Subscriptions to the Blockchain through its Data Smart Contract
Data Smart Contracts officially launches after a two-month pilot period that saw over 27 million eQU...

July 17, 2019

TOMOB Trading Competition on Binance DEX
To celebrate the event of the BEP-2 TOMO token (TOMOB) listing on Binance DEX, TomoChain is rolling ...

July 16, 2019

Lumi Wallet Adds EOS Exchange
Lumi Wallet App now supports the exchange of EOS tokens directly within the app

July 14, 2019

Suntec Gears up for Blockchain Summit 2019
Blockchain Summit is the largest, dedicated Blockchain Event Series in the world. Taking place on Au...

July 11, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us