The Korean government has decided to incorporate blockchain technology into real estate transactions …to prevent the forgery of property documents.<br />The new system is expected to boost both security and efficiency.<br />Park Se-young has more. <br />By changing names and faking documents, it's possible to get secured loans using someone else's land as collateral.<br />Because paper documents are easily altered and forged, the Korean government has decided to incorporate blockchain technology into real estate databases.<br />Blockchain is difficult to hack or forge because network participants work together to share and verify data. <br />Until now, people doing real estate business or seeking mortgage loans were asked to provide real estate certificates to financial institutions.<br />In the last year alone, 190 million documents were issued at a combined cost of around 115 million U.S. dollars. <br />Instead of customers having to submit physical certification, the newly proposed system will allow bank employees to check real estate ownership through the blockchain system's database. <br />The government says the system will not only provide security, but increase efficiency.<br /><br />"We can prevent forgery and alteration because it provides security to the raw data, not the internet. It's been introduced in Sweden and some states in the U.S."<br /><br />A trial service of the blockchain-based system will begin next January at 11 financial institutions on Jeju Island.<br />An independent system that tracks real estate transactions is also in the works.<br />Park Se-young, Arirang News. <br />
