International banking giants, Barclays, Royal Bank of Scotland (RBS) completed a blockchain trial in collaboration with Instant Property Network (IPN), a property transaction network. The transaction was facilitated by enterprise blockchain software firm R3, ran end to end transactions using test data through a new distributed ledger to simulate property sales over a five day period.
The transaction showed that cumbersome issues such as duplications and reconciliations could be completely removed from buy and sell process, and the first transaction took place in less than an hour’s time.
Commenting on the transaction, Dan Salmons, Director for Mortgage Innovation at RBS, said, “We are committed to making home buying as effortless as possible for our customers, and are at the forefront of innovations that enable us to do that. We see real potential for Blockchain to transform the process, and so have been delighted to take part in the innovative IPN trial. What has made a real difference here is that R3 has brought representatives of all the key parties involved in the process together, so as a result we can see the potential for a network of this kind to improve transparency and speed for customers, and reduce cost and complexity for all involved. IPN has given us our best view yet of what a future end-to-end journey could look like.”
Seconding those sentiments, Hannah Bernard, Head of Barclays Mortgages, said, “We are always looking for innovative ways that help to make our customer lives easier. We have been actively participating with the Instant Property Network and are excited with the possibility of significantly reducing the home buying process and removing much of the stress that comes with buying new home.”
The man behind the technology that made it happen, David E. Rutter, Chief Executive Officer (CEO) of R3, said: “There has been plenty of talk about how distributed ledger technology could revolutionise the property industry, but little in the way of tangible results. This trial changes that. Not only has it shown that distributed applications work and the benefits are real and substantial, it has also shown that there is huge appetite in the market to evaluate it.”
In December last year, a news report published by local news outlet Nikkei said that SBI Group was planning to expand its partnership with R3 and create a joint venture that would promote the use of Corda blockchain in Asia. Speaking about the joint venture R3 CEO David Rutter had told Nikkei, “The new joint venture will strengthen the Japanese language service, and promote adoption.”
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