China property contracts to be timestamped in blockchain

One of the largest online real estate brokerages in China introduced a way for customers to sign and store digital contracts on a blockchain
22 June 2018   484

Lianjia.com has published a patent filed in November 2017 that reveals a project for a system that is able to connect an existing contract management database with a blockchain. The procedure is as follows:

  • digital contract is signed;
  • a transaction on a blockchain is initiated;
  • the digital signature is encoded into a timestamp;
  • hash of the transaction is stored in the contract system

While the existing centralized contract management system is well equipped to prevent alteration of contract content using multi-signature technology, a remaining challenge is to ensure the authenticity of the exact moment of the agreement being inked. Provide precision over when the contract is signed relative to when the actual money is paid is a factor that can make a notable difference should a dispute arise around a real-estate sale.

 

Excerpt from Lianjia.com statement

Lianjia was founded in 2001, got rebranded in 2010 with an implementation of 'online-to-offline' model. It provides property leasing and sales services in more than 20 Chinese cities.

Bitfinex to List BCH' Chain Split Tokens

Bitfinex warned that support for BAB and BSV could be temporary
14 November 2018   56

The Hong Kong cryptocurrency exchange Bitfinex has listed the so-called Chain Split tokens for the two implementations of the Bitcoin Cash protocol. Bitcoin Cash hardfork is planned on 15th of November.

BAB [Bitcoin ABC client] and BSV [Bitcoin SV client] tokens will be traded in pairs with Bitcoin and the US dollar. The Token Manager tool will allow users to convert their Bitcoin Cash into one of the tokens. This process is reversible, Bitfinex emphasized. At the same time, marginal trade in tokens will be unavailable.

After snapshot of the network, the corresponding coins will be automatically converted into BAB and BSV onchain tokens, and all current Bitcoin Cash holders will receive an equivalent number of coins. However, if the user has a short BCH position at the time of the snapshot, the margin will be canceled, and the borrower, if he does not have enough tokens, will have to cover the negative balance sheets until December 31.

Bitfinex also warned that support for BAB and BSV could be temporary, and that as soon as all negative balances were covered, the exchange could delist them, allowing limited time for withdrawal.