SK Securities firm and stockbrocker firm announced that they had merged with blockchain startup Kasa Korea for the development of a platform for tokenizing real estate dealings. The partnership will develop what will be known as the ‘Digital Real Estate Beneficiary Distribution Platform’ service.
SK Securities, a subsidiary of the biggest telecom firm in South Korea, agreed to work together on the platform that will be utilized for the distribution of real estate beneficiary securities.
Using Kasa Korea’s digital asset shares will allow investors to trade real estate pieces using real estate scrutinize beneficiaries supplied by trust companies. In simple terms, this new platform will give investors the ability to buy or sell real estate by utilizing digital assets as their collateral.
Kasa Korea was given a special exemption by the Financial Services Commission in South Korea, which empowered them to sell real estate certificates using the platform. But, this was only provided on a trial basis.
Involvement in blockchain-related activities is nothing new at the SK Group, the parent organization of SK Securities. They have been active in many plans and ventures to create and develop applications using this technology, including a recently launched project to establish a donation site. SK Group has additionally invested around $10 million in the giant global blockchain company ConsenSys.
It comes as no surprise to see another situation where blockchain technology is being used in the real estate field. Since transactions are usually stored on different networks, the ability to design a secure platform that would grant access to all interested parties has been vital to use of blockchain technology.
In July, it was announced in Brazil that the country would be recording all real estate transactions using blockchain platforms.
And in late July, bitFlyer partnered with Sumitomo to create a real estate platform that will keep records of real estate rentals in Japan. This new platform was designed as a mobile application, allowing buyers and sellers to sign rental agreements through the app.
Propy, the blockchain startup firm, has become incredibly successful by establishing platforms directly geared towards the needs of the real estate sector. They have created a blockchain registry, which allow users to make property transactions over the platform’s marketplace. This was achieved while also ensuring that the tokenization of legal rights was maintained.