Zventus will create a "Mortgage Blockchain Laboratory" – Bits Media

Global management company Zventus initiated the creation of the "Blockchain Mortgage Laboratory" to develop new mortgage financial products and services.

California company Zventus, whose products and services cover a wide range of activities, including business consulting, HR strategy and technical support, started the creation of the "Mortgage Blockchain Laboratory". In the project's boundaries, the company and its partners will develop new mortgage financial products and services.

Deployed on Ethereum platforms, Hyperledger and Corda Mortgage Blockchain Laboratories is a joint project of experts in the field of mortgage lending, technology partners and universities, working on research and development in the field of blockchain.

“We have created a world class team, who understands financial services, has extensive experience in mortgage lending and can use the power of blockchain to transform the industry ", - said Angel Alban (Angel Alban), President Zventus.

The cycle of creating a mortgage application is highly fragmented, it involves various government organizations, real estate agency, financial and legal intermediaries. At the same time, the workflow is mainly paper, handled and error prone.

Using blockchain for mortgage lending can significantly reduce overhead costs, prevent fraud and increase the transparency of the transaction for its participants. Financial institutions will benefit from lower costs throughout the mortgage value chain and better relationships with suppliers, agents and clients.

Besides, credit institutions will be able to improve the quality of service, and also get additional income by attracting customers, open to new, high-tech products. They will be provided with a fast and transparent financial service at all stages..

Firms, who will use the new technology, gain access to efficient networks for the execution of financial transactions and shared ecosystems with their clients, partners, suppliers and regulators. Expected, that the mortgage blockchain and the creation of a register of real estate titles based on it will significantly reduce the total time of transactions along the entire chain.

Interest in blockchain-based mortgages is also shown in Russia. At the beginning 2018 of the year Russian Association of Cryptocurrencies and Blockchain (RAKIB) created a working group for the development of digital mortgages. Among the tasks of the group is to simplify the workflow when processing documents for a mortgage.

In May 2020 The Central Bank of Russia announced the launch of a digital mortgage using the state-certified Masterchain platform. As of August 2021 this project is still undergoing testing.