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Global business provider Zventus announced a new blockchain initiative on Monday called the “Mortgage Blockchain Lab.” The lab is meant to collate the resources of several mortgage experts, technology firms and academic institutions to collaborate on blockchain research and development focused on the mortgage sector.
The California-based firm, whose product and service offerings span a broad business spectrum including business consultancy, human resource strategy and tech support, will work with its partners in this blockchain sandbox to develop and test new products and services.
Early reports from the firm suggest that the costs of loans for financial organizations will be reduced by over 50% once the services are launched.
Zventus president Angel Alban believes in the vast potential of blockchain to support the sector's development:
“There's no doubt in blockchain’s ability to disrupt the mortgage industry. The capabilities of a secure, transparent ledger without a central intermediary is taking off in Europe and Asia and gaining significant traction in the Americas. We’re thrilled to be at the forefront of a technological revolution that will transform mortgage processing forever.”
Since its inception in 2016, Zventus has expanded across 180 countries and provided services in 220 languages.
Related: Second largest US mortgage lender will accept crypto payments this year
The lab, which utilizes Ethereum (ETH) and Hyperledger along with the knowledge of its technology and academic partners, has outlined its ambitions to create 1,000 new blockchain technology jobs by 2024.
Alban went on to note:
“We are excited for the future of blockchain in the mortgage sector, and we look forward to collaborating with our clients and partners to reinvent this important element of financial services.”