Prop Tech has completed a deal with Bank of China and New World Development blockchain. The deal will help Prop Tech provide a way for New World Development to ease creating paperwork and migrate their documents to digital licenses. Integration will also ease the Bank of China's operating costs between 15 percent and 60 percent.
Bitcoin Exchange reported about Prop Tech's deal, which will help the data users send over during negotiations and propositions become encrypted. The number of users on Prop Tech's platform is also expected to multiply in the future.
Hugh Chow, CEO of ASTRI or the Hong Kong Applied Science and Technology Research Institute, said that the blockchain would be instrumental in creating user information security and will change the way that information like this is transmitted. Furthermore, he added that security is guaranteed, given the nature of blockchain.
The Bank of China is only one of the four state-owned banks. The cooperation with China UnionPay (CUP) is to help with the analysis of blockchain technology to help with the payment systems. The China Banking Association is also adamant on launching a platform that is aimed towards making the banking industry better.
New World Development, meanwhile, posted a 29 percent hike in core profits over a six month period. During the last six months of 2018, this value was posted due to strong home sales as it managed to off-load unsold property. This was also done before a 'vacancy tax' affected the status of the books.
The developer's 'core profit' managed to rise 29 percent to USD4687.5 million during the first half of December, with gains on revaluation of investment properties excluded. Other sales soared up to 76 percent, good for HK$49.27 billion. It is better than the expectation of Bloomberg analysts that it would reach an amount of HK$34.91 billion.
Blockchain technology would certainly help New World in its transactions and processes. The distributed ledger technology (DLT) is a big boost towards creating value-added services as well as reduce operating costs. The added gain from saving money would enable the company--and others using the same technology--to be more competitive.
China--the country in which the company operates--has always been on the lookout for innovation. Perhaps New World's technology implementation could help it on its continuing research in the blockchain.
