AERGO

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K Agency & K Ministry

  • Blockchain-based comprehensive learning system on real estates
  • Testing on blockchain-based land cadastre registration and inquiries service

Delivery Type :

System Integration

System Type :

On Premise

BACKGROUND

  • A comprehensive learning system on real estates, which has many institutions and financial companies linked together, took a long time in processing paper documents
  • Increasing damages caused to the public and to K Ministry’s reputation due to the forgeries on paper documents
  • An aim to provide more convenient service to the public by improving data security through blockchain technology

CHALLENGE

  • Due to separate system developments for each unit of work, continuous tasks became often disconnected which caused inconvenience for the public
  • The extensive
  • time required to apply policies and technologies between many companies participating in the project
  • To hold regular blockchain training sessions for developers participating in the project to promote effective cooperation
  • To save land cadastre data that are to be split based on the performance and OP_RETURN size
  • To perform pilot projects for over a year, including those for J District and K Financial Telecommunications and Clearings Institute
  • To resolve problems from making illicit use of differences in confirmation times

SOLUTION

  • Enabling contract inquiry, registration, real estate information inquiry, and loan information registration through blockchain-based real estate smart contract platform (blockchain-based information inquiry and registration of inquiry information on land cadastre, building site right book, common land book, and the banks managing the data)
  • Saving land cadastre(text-based data set) as Tx in blockchain by dividing into 7 divisions and securing space to save data in OP_RETURN: Transaction (AERGO Enterprise standard: set not to exceed a maximum of 1MB, considering performance)
  • Holding regular weekly meetings by agreeing upon distinct R&R after comprising a consortium with companies with a clear field of expertise
  • Providing regular blockchain training sessions to companies participating in the project

BENEFIT

  • 11 Commercial banks were enabled to use the information on changes in J District’s land cadastre through K Financial Telecommunications and Clearings Institute
  • Ability to make real-time inquiries to the land cadastre
  • Minimized needs to make visits to institutions(banks)
  • Reduced costs to issue certifications
  • Non-stop service provision throughout the year
  • Prevention of document and data forgery
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