Barclays, RBS and R3 optimized real estate transactions using the blockcha

Banks Barclays and Royal Bank of Scotland joined the R3 Consortium Blockchain and 40 other group members for testing a system that allows you to optimize real estate transactions.

Participants tested the tool developed by Instant Property Network (IPN) based on the CORDA Blockchain Basic Platform. Participants argue that the system reduces the process of selling real estate from three months to three weeks. This is achieved by optimizing the data exchange process and increasing the overall effectiveness of coordination procedures.

Since in addition to the seller and the buyer, many other parties are involved in transactions, including lawyers and government organizations, it is usually required to design a variety of paper and electronic documentation. This leads to delays, errors and increase in costs. According to IPN estimates, the global use of blockchain technology in the real estate market will allow the participants annually save about $ 160 billion.

The IPN solution also allows you to fully control the privacy data, as well as make direct operations. After the successful completion of the test, the company attracts new participants to organize the next stage of testing and plans to release a new version of the system in the fall of 2019.

Since in the modern economy there is no time to establish trust relationships and the parties should trust each other without a personal meeting, the European Commission initiated the creation of an international association of confidential use of the blockchain (