How blockchain can transform the mortgage industry
Authored by – Blockchain Team, Synechron
The mortgage industry has heard a lot about blockchain and the huge benefits to be gained from distributed ledgers, smart contracts and digital payments. But in reality, how easy is it for firms to put this into practice and begin transforming the entire industry?In this article we will explore what blockchain is; how blockchaincould improve the entire mortgage process; and what hurdles the industry needs to overcome.
What is blockchain?
The blockchain concept was originally developed as an efficient and secure way to manage and register transactions made with cryptocurrencies, for example Bitcoin, but now it is emerging as a truly transformative technology in finance. Blockchain creates transparency around transactions and provides safety and security for not only people’s money but also their data. By utilising a digital, decentralised ledger, blockchain optimises accuracy, accountability, speed and transparency.