China’s Xinyuan Real Estate exploring blockchain with Ruizhuoxitou

Xinyuan Real Estate (NYSE: XIN), an NYSE-listed real estate developer and property manager operating primarily in China but also in other countries, today announced an update on its technology initiative with blockchain platform developer Ruizhuoxitou.

“Since 2016, we have invested in advanced technologies to explore their value-added applications in real estate,” Xinyuan chairman Yong Zhang said. “This includes the application of blockchain technology through a company called Ruizhuoxitou, which focuses on the R&D of blockchain technology and provides blockchain-based technological services, such as asset digitization, rights verification, and information authentication. Ruizhuoxitou is also able to build consortium blockchain, based on its own intellectual property rights.”

The Ruizhuoxitou blockchain platform has already been applied by the Shenzhen Municipal Government’s Financial Service Development Office Off-Site Supervision Alert System and the Shenzhen Qianhai Insurance Exchange Center’s Insurance Policy Authentication System. As one of the first five Chinese blockchain companies to receive the National High-Tech Enterprise certification and pass the functionality test from the Ministry of Industry and Information Technology, Ruizhuoxitou has applied for 46 invention patents related to blockchain technology with China’s State Intellectual Property Office and one under the Patent Cooperation Treaty with the World Intellectual Property Organization.

“Together with Xinyuan’s existing smart community property management capabilities, this blockchain initiative will be another supportive technology with which we can capture the market opportunities in China’s huge real estate market, and we hope to further develop the platform so that it may be applied in multiple sectors and industries,” Mr. Zhang said.

Like this article? Take a second to support us on Patreon!