Barclays and Royal Bank of Scotland join R3 blockchain consortium and 40 other group members to test a system to optimize real estate transactions.
Participants tested a tool developed by Instant Property Network (IPN) based on the Corda blockchain platform. The proposed system allows to reduce the process of buying and selling real estate from three months to three weeks. This is achieved by streamlining the communication process and increasing the overall efficiency of the approval procedures..
Since many other parties, including lawyers and government agencies, are involved in transactions in addition to the seller and the buyer, a lot of paper and electronic documentation is usually required. This leads to delays, errors and increased costs. IPN estimates that global use of blockchain technology in the real estate market will allow participants to save about $ 160 billion annually..
IPN solution provides full control over private data, and also allows you to perform direct operations. After the successful completion of the tests, the company is engaged in attracting new participants for conducting the next stage of testing and plans to release a new version of the system in the fall of 2019.
Since in modern economy too little time to build trust and personal meetings, then The European Commission initiated the creation of the International Blockchain Trust Association (INATBA), whose task is to unite developers, businesses and government agencies to implement and promote distributed ledger technologies in various fields of activity.
Real Estate For Beginners
text: Ivan Malichenko, photo: bfm74