Well now we know what the Russians are up to when they are not trying to disrupt US elections. They are working on innovative fintech projects and are well ahead of many global institutions. Raiffeisen Bank has issued a digital mortgage relying on blockchain technology and is looking to expand into other real estate transactions. The technology for streamlining financial transactions is certainly here, but the will to actually adapt that technology seems to be stuck in the slow lane………at least in the US. Take a read of what’s happening overseas.
Bill Taylor/ Fintek Capital
“A Russian subsidiary of Raiffeisen Bank International has issued an electronic mortgage using local blockchain platform Masterchain, local business newspaper Kommersant reports Monday, September 24.
The document containing data on the parties in the transaction, the credit loan and its duration, and the property purchased was published in a decentralized depositary system (DDS). The DDS is based on Masterchain — a Russian network for transferring valuable data via blockchain — which a group of major local banks led by the Central Bank of Russia has been developing since 2016.
According to Andrey Popov, director of the IT department for Raiffeisen Russia, the document verified with an electronic signature is sent to Rosreestr — the Russian state agency collecting data on real estate — where it is checked. After the verification, a ‘mortgage token’ goes into file storage, which in this case is Raiffeisen Bank…”