HashCash has partnered with UAE Based Global Bank with its blockchain based commercial lending solution. The introduction of blockchain to the Commercial Lending domain is expected to bring about tangible results for the financial ecosystem. The blockchain accelerator for the commercial lending industry aims to reduce costs and enhance the entire mortgage execution experience. UNLOCK reached out to Raj Chowdhury, Founder of Hashcash who stated that due to a signed confidentiality agreement they are unable to name the bank.
The entire mortgage value chain is highly portioned into government organizations, financial intermediaries and other participants in the entire mortgage ecosystem. The process is highly paper-based and is thus prone to errors and manipulations. Blockchain technology promises to revolutionize the entire commercial lending industry by reducing cost of operations, increasing the efficiency of transactions with suppliers, agents and customers.
The partnership with the UAE Based Global Bank also gives them an opportunity to harness the power of blockchain in adding value to the commercial lending network that includes, increase speed of transactions and incorporates efficiency in a given process, paperless environment and transparent network
With a decentralized contract based transaction process in place, loans, other payments, and approvals are interlinked. Blockchain leverages the entire mortgage origination, initiation and disbursement process. A permission mortgage lending blockchain working on Smart Contracts helps in the rapid reduction of costs, transaction fees and financial frauds.
Last week Hascash also announced a partnership with a Global Bank.