KT State, a real estate company of KT Group, announced on the 13th that it has established a blockchain-based electronic contract service for the first time in Korea in office and shopping mall lease contracts. Blockchain-based electronic contract service is a service that signs real-time lease contracts through the tenant’s public certificate or mobile phone name authentication.

The existing building lease contract method was conducted face-to-face, and when signing the contract, there was an inconvenience of consuming time due to the moving time of the lessor and the tenant and the seal of the seal. Paper contract documents were also required to be kept, requiring additional management work.

However, KT State’s rental electronic contract service allows safe and convenient non-face-to-face contracts regardless of distance. Contracts signed are encrypted and automatically archived and have the same legal effect as existing face-to-face contracts.

This rental electronic contract service used the KT Document-DX paperless platform approved by the Ministry of Science and ICT. It manages the entire life cycle, such as the generation, certification, and disposal of electronic documents, and can technically prove the authenticity and forgery or falsification. In December 2020, the Ministry of Science and ICT revised the “Basic Act on Electronic Documents and Electronic Transactions” to give legal effect when electronic document contracts are stored in authorized electronic document centers.

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