On 4th April Bloomberg reported, Two major UK banks — Barclays and Royal Bank of Scotland (RBS) — have joined an effort using blockchain to contour realty buying when rethinking the technology’s potential.
The trial, that concerned a total of 40 participants, used a tool from Instant Property Network (IPN), a startup using enterprise blockchain group R3’s Corda platform.
Introducing blockchain into the important estate exchange arena worldwide may lead to savings of $160 billion, IPN told Bloomberg, with the previously skeptical banks showing to consider this specific use case for blockchain.
“We are near the end of the hype cycle and have not found a great consumer solution for distributed ledger technology until now,’’ Dan Salmons, director for mortgage innovation at RBS, told Bloomberg. He continued:
“Property is an industry that is ripe for this, where a complex difficult process for customers could be made cheaper and more transparent.’’
Salmons was referencing the fatigue that had perceived to set in at the banking system last year, once information began suggesting blockchain uptake was unlikely to hit its presumed levels.
Barclays also praised the flexibility of the new technology to modify realty for the top customers.
“When an individual desire to buy a house, the method encompasses a full host totally different|of various} interactions with different businesses and governmental entities which will be uncomfortable and drawn out,” John Stecher, head office at the bank’s New York outpost, added.
The real estate industry is no stranger to blockchain meanwhile, with various initiatives underway worldwide.
Late last month, United Arab Emirates real estate giant Elmaar reportedly revealed plans to launch its own cryptocurrency token and even undergo an initial coin offering.
Elsewhere, lawmakers in the state of Ohio are currently exploring a blockchain-based solution for real estate transfer.