Busan opens blockchain-based real estate funds to retail investors

The city of Busan will use blockchain technology to enable many to participate in trust-type real estate funds in Busan with a small amount of money.

So far, access to real estate funds has been limited to a few deep-pocketed investors.

Now, any investor across South Korea can invest in a real estate fund by downloading the Busan Blockchain Real-estate Investment Currency (BBRIC) app and opening an account at Busan Bank online without the need to visit a securities firm or bank branch in person.

This would be followed by the sale of digital beneficiary certificates for real estate funds and trading among individuals in mid-January.

The BBRIC is a demonstration project for the Busan metropolitan city government’s blockchain regulation-free special zone.

Digital beneficiary certificates that are made forgery and counterfeiting proof by blockchain technology will be issued for the subscribers of this fund product.

However, investors will be limited to properties located in Busan.