How the mortgage industry might benefit from the burgeoning blockchain technology is the focus of a new group formed by the industry’s standards organization
How the mortgage industry might benefit from the burgeoning blockchain technology is the focus of a new group formed by the industry’s standards organization.
MISMO’s Blockchain Community of Practice, will foster conversation between mortgage industry participants and blockchain experts, into how the technology might be used and how best to implement it.
Financial institutions are among those considering how blockchain might speed up transactions while maintaining high levels of security. By using blockchain’s digitized ledgers, all parties to a transaction can access documents and complete information which is immediately available to the others.
"As the development and use of digital mortgage tools continues to accelerate, there is a real potential for our industry to leverage blockchain technology to improve transparency and reduce costs, which are the key goals of any mortgage banking operation," said Laurie Pyle, Chief Operating Officer, Factom. "By joining the new Blockchain Community of Practice, mortgage industry participants have the opportunity to be on the ground floor of this exciting new technology and to provide input on new standards and best practices that may soon revolutionize the world of mortgage finance."
If you would like to participate in this collaborative, industry-wide effort, you should send an email titled "Join MISMO's Blockchain Community" to [email protected] by Friday, April 20, 2018.