MBE Leeds: Blockchain will revolutionise the mortgage market – eventually
The impact of blockchain may not have been felt by the mortgage sector but it will revolutionise the market in the future, Mark Dryden business development director at 360DotNet has claimed.
Blockchain provides a digital ledger in which transactions made are recorded chronologically and publicly.
“Whilst we have yet to see an impact from blockchain yet it is coming,” said Dryden, “Blockchain is a foundational technology. As a technology you will not see anything for 2-3 years but will see it in 3-5 years.
“It will provides an incorruptible chain of transactions. It will help with smart contracts, proving provenance, fact finds and has the ability to revolutionise the market.”
But unlike the public blockchain that underpins crypto currencies like bitcoin Dyden said the blockchain that will function in the future market will be in the form of a gated ledger controlled by the sector itself.
He said: “It’s now about creating a single version of the truth. Incorruptible, secure and fast. Who owns that chain going forward needs to be decided by the industry.
“Blockchain has the ability to cut the mortgage process down from months to days.”
Dryden was speaking at the Mortgage Business Expo which is taking place at the Royal Armouries in Leeds today.