Moody's recently released a report that Blockchain helps reduce costs and redundancy in the mortgage process. According to CoinDesk, the report pointed out that since the financial crisis, innovation has changed a series of industries, but the real estate industry is almost unaffected.
This provides a huge opportunity for blockchain applications to streamline critical mortgage processes, eliminate redundant staff and reduce costs. For example, blockchain can improve the monitoring of loan performance while increasing the transparency of the entire mortgage lifecycle, allowing mortgage insurers to transfer decentralized mortgage credit risk to reinsurers and other alternative capital providers.
According to the report, the biggest benefit will be in the TITLE transacTIon sector, where the blockchain platform can reduce the number of necessary employees and commissions. The report estimates that these costs will be reduced by 10-20%, saving 840-1.7 billion US dollars per year. The report also examines the use of blockchains for property registration testing in Cook County, Ill., and South Burlington, Vermont.
However, Moody's researchers have warned about the amount of data that can be processed by an existing network at a particular time. The researchers pointed out that based on the limited block size and the high cost of using the technology, the blockchain can only handle a small number of transactions for a period of time.
A public network block like Bitcoin will be big enough. But this is unlikely to be adopted in the short term, not only because of scalability, but also because of the regulatory issues highlighted in the Moody's report. Moody's said regulators want to ensure that these programs do not pose new risks for individual companies or the real estate industry.
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