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   761

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.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   86

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.