On Monday, global business supplier Zventus introduced a new blockchain venture called the ‘Mortgage Blockchain Lab.’ The plan aimed to pool the resources of multiple mortgage experts, technological corporations, and academic organizations in order to work on blockchain research and development in the mortgage sector.
The California-based company, whose product and service offerings include business consulting, human resource strategy, and technical support, will collaborate with the lab’s partners in this blockchain sandbox to trial and test new goods and services.
Early indications from the firm indicate that once the services are implemented, the potential to lower loan costs for financial organizations approaches 50%.
Angel Alban, President of Zventus, believes in blockchain’s huge potential to boost the sector’s development:
“There is no doubt that blockchain has the potential to disrupt the mortgage business. The potential of a secure, transparent ledger that does not require a central middleman are gaining acceptance in Europe and Asia, and are gaining major traction in the Americas. We are ecstatic to be at the forefront of a technology revolution that will permanently change mortgage processing.”
Since its beginning in 2016, Zventus has expanded to 180 countries and 220 languages.
The lab, which includes Ethereum (ETH) and Hyperledger as well as technical and academic partners, has stated its intention to create 1,000 new blockchain technology employment by 2024.
Alban went on to say, “It’s worth noting that:
“We are thrilled about the future of blockchain in the mortgage industry, and we look forward to working with our clients and partners to reimagine this critical component of financial services.”