Ant Financial’s New Blockchain APP Upgrades the Housing Accumulation Fund Service in China

October 17, Ant Financial’s Alipay, China’s top mobile payment APP, launches its brand new blockchain application for the housing accumulation fund management scenario.

After launching blockchain application in housing leases, medical electronic bills and electronic prescriptions areas, Ant Financial has joint hands with Yondervision, the leading housing accumulation fund management service producer in China, to develop a United Credit Disciplinary and Payment Certification Cloud Platform powered by blockchain technology.

This is the first blockchain application in housing accumulation fund industry. Hainan province will take the lead in adopting the cross-regional data sharing of the accumulation fund blacklist and the payment certificates.

This platform may benefit house purchasing in other cities. According to Alipay, instead of travelling between the two locations for several times along with the long processing period, users may only need to field their housing accumulation fund payment certificates and the application to the house located accumulation fund center through their Alipay.

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Blockchain technology enables the housing accumulation fund centers to inquire and verify user data through the electronic signaturecertify code and the QR code. These technologies may ensure authenticity of the sharing information.

Since data on the blockchain will never get lost, nodes on the blockchain network will never be affected by the service. These features enable blockchain technology to provide multi-node information sharing services while the high credibility and high reliability of shared information is guaranteed.

Thus, blockchain-based blacklisting and payment certification is a needed solution for the housing accumulation fund industry.

In addition, Quzhou city in Zhejiang province also plans to have access to this platform in order to solve the blacklist sharing problems and to apply the blockchain based data sharing in various business scenarios, according to Alipay.

“The blockchain commercial era is coming in 2018, which is far beyond our imagination” Jiang Guofei, vice president of Ant Financial said in the 2018 Ant Technology Exploration Conference (ATEC) on September 20.

*Edited based on an article from 8btc. 

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