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South Korean blockchain startup Blocko is going to implement a blockchain-based solution for processing real estate data, Block Tribune reported.
Founded in 2014, Blocko is an enterprise blockchain platform provider and has successfully established blockchain-based services with a number of organizations including the Korea Exchange, Credit Suisse, Hyundai Motors, Lotte Card and many more. The startup raised $8.9 million in a Series B round last year and is backed by Samsung Venture Investment, POSCO, SparkLabs Ventures, and others.
ZDNet Korea first reported the blockchain-based land registry project in November 2018. The report stated that Blocko would develop a “real estate consortium chain” for Korean Ministry of Land, Infrastructure, and Transport, that would connect real estate registries to government network data.
Using the blockchain-based land registry system, financial entities would be able to use government data by sharing it on a ledger across Jeju Province.
Since last October, the initiative has seen participation from a number of Korean banks including Shinhan Financial Group, Korea Exchange Bank, and Korea Development Bank, who conducted all real estate transactions using the blockchain.
Speaking with Block Tribune, CEO Phil Zamani said that the biggest beneficiaries of Blocko’s solution are those companies that want to share data with third-parties and currently face the ‘silo effect’ when trying to do so, securely.
“Our blockchain solution lets companies leverage a hybrid 2-layer architecture that uses a public chain for secure settlement, allowing companies to share data with each other securely. This will create new revenue streams, business models, and cost reductions for all kinds of organizations,” he said.
Zamani said that Blocko plans to launch its network by Q2 of 2019 and intends to have its full product (the AERGO Hub, Horde, and Marketplace) out by the end of the year.
