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.