On May 6, Sheyang County in Jiangsu Province became the first in China to see the online signing of the contract for the circulation of the right to land contractual management.

Since the country adopted the household contract responsibility system in the early 1980s, the property rights of rural farmland have been divided into two layers: the ownership right that is collectively owned by a rural community, normally a village, and the use right, which is held by an individual household that contracts a piece of farmland from the village.

The rural committee for Zhongsha Village signed a deal to transfer the land use right to the transferee, Sheyang State-Owned Agricultural Technology Development Company, under the attestation of the county’s rural property trade centre.

According to the agreement, valid for five years, Zhongsha Village will join two neighboring villages of Hongcai and Liuhe, to build a 6000-mu high-quality rice during the period. Among three bidders, Sheyang State-Owned Agricultural Technology Development Company won the bidding with an offer of 27 million yuan.

It is the first time in China to introduce blockchain technology into digital contract signing in rural property deal. Blockchain proves to be an efficient solution to store and verify terms of agreement.

Contact us at english@jschina.com.cn