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