Two UK Banks, Barclays and RBS to Leverage R3’s Real Estate Blockchain Trial
FXSTREET, Photo Credit to FXSTREET
clock 04-05-2019
hit 248

Barclays Bank and Royal Bank of Scotland (RBS), two of the leading commercial banks in the United Kingdom are reported to be joining hands in R3 for a blockchain trial aimed at streamlining real estate purchases. A total of 40 participants have signed up for the trial that was made possible using a tool developed by Instant Property Network (IPN). IPN is a startup company that utilizes the blockchain platform provided by R3’s Corda.


According to a report published on Bloomberg, leveraging the blockchain technology for real estate exchange around the world could culminate in savings of about $160 billion. However, some banks, which were sceptical at first are currently warming up to the idea.

The director for mortgage innovation at RBS Dan Salmons speaking to Bloomberg said:

“We are near the end of the hype cycle and have not found a great consumer solution for distributed ledger technology until now. Furthermore, Property is an industry that is ripe for this, where a complex difficult process for customers could be made cheaper and more transparent.’’

The head of the group innovation office at Barclay’s New York outpost expressed his positive opinion saying:

“When a person wants to purchase a house, the process encompasses a whole host of different interactions with different businesses and governmental entities that can be uncomfortable and drawn out.”




WHAT DO YOU FEEL ABOUT THIS?

0
LOVE
0
HAPPY
0
SURPRISED
0
SAD
0
ANGRY


COMMENTS
Use a Facebook account to add a comment, subject to Facebook's Terms of Service and Privacy Policy. Your Facebook name, photo & other personal information you make public on Facebook will appear with your comment.

SIGN UP NEWSLETTER

logo
Monthly Column
The staple of your property-related materials. It's all about being ahead of the game and with The Column, you get carefully selected information that will keep you informed and running with the pack. The best news, articles and properties on the market from the Property Hunter portal, conveniently wrapped and ready, just for you.

logo
Weekly Window
Your weekly dose of what's hot and what's not in property. The window is your view into the realm of real estate in Malaysia, curated from our portal based on the most popular pieces over the week. For those who just can't get enough, this is for you. Ain't nobody got time for dailies anymore, weekly is the new daily.