Cryptocurrency
New Patent Eyes Blockchain Timestamping for Property Contracts via @coindesk
As reported by Coindesk, “Lianjia.com, one of the largest online real-estate brokerages in China, is exploring a way to let consumers sign and store digital contracts on a blockchain to reduce the risk of disputes at a later stage. “According to a patent application filed by Lianjia’s technology development subsidiary in November 2017 and released […]
As reported by Coindesk, “Lianjia.com, one of the largest online real-estate brokerages in China, is exploring a way to let consumers sign and store digital contracts on a blockchain to reduce the risk of disputes at a later stage.
“According to a patent application filed by Lianjia’s technology development subsidiary in November 2017 and released on Friday, the company is developing a system that can connect an existing contract management database with a blockchain.
“When a customer signs a digital contract for property leasing or sales, the system will initiate a transaction on the blockchain that encodes the user’s digital signature to obtain a timestamp. The hash of that blockchain transaction will be further stored in the contract system for future proof of the event.”