This photo taken in 2017 and provided by Choi Jong-eon shows an apartment complex in the southeastern city of Busan.
BUSAN, Dec. 16 (Korea Bizwire) — The city of Busan is turning to blockchain technology to open a new era for retail investors looking to make small purchases of real estate funds.
The Busan Blockchain Real-estate Investment Currency (BBRIC), a demonstration project for the Busan metropolitan city government’s blockchain regulation-free special zone, was launched on Wednesday.
A simple subscription to the service and the management of investor deposits will begin first, followed by the sale of digital beneficiary certificates for real estate funds and trading among individuals in mid-January.
Thus far, access to real estate funds has been limited to a handful of deep-pocketed investors.
However, the BBRIC will use blockchain technology to enable anybody to participate in the creation of trust-type real estate funds in Busan simply with a small amount of money.
For the subscribers of this fund product, digital beneficiary certificates that are safe from forgery and counterfeiting thanks to the use of blockchain technology will be issued, with their property possession rights being acknowledged in line with the investment made.
Investors will be limited, however, to properties located in Busan.
Any investor across the country can invest in a real estate fund by downloading the BBRIC app and opening an account at Busan Bank online without the need to visit a securities firm or bank branch in person.
Lina Jang (linajang@koreabizwire.com)
