Raiffeisen Bank Issues Digital Mortgage Through Blockchain
A Russian subsidiary of Raiffeisen Bank International has issued an electronic mortgage with the use of local blockchain platform Masterchain.
This was reported on by local business newspaper Kommersant.
The document that held the data on the parties in the transaction, the credit loan and its duration, and the property bought was published in a decentralized depositary system (DDS). The DDS is founded on Masterchain — a Russian network for transferring valuable data via blockchain — which a collection of major local banks bannered by the Central Bank of Russia has been working on since 2016.
According to Andrey Popov, the director of the IT department for Raiffeisen Russia, the document authenticated with an electronic signature is forwrded to Rosreestr — the Russian state agency gathering data on real estate — where it is verified. After the verification, a “mortgage token” goes into file storage, which in this case is Raiffeisen Bank.
Raiffeisen's e-mortgage is said to be the first in the Russian market.
Rosreestr itself has not been linked to the Masterchain platform, but talks to bring the state regulator into blockchain are ongoing. Linking the state regulator to the platform might hasten the process of getting data on mortgage repayment and sealing the deal without third parties.
For Raiffeisen, the next step in implementing blockchain to real estate is to use blockchain to purchase and sell contracts and other real estate transactions. However, the fact that Rosreestr remains outside Masterchain restricts its advancement.
Two major yet-to-be-named Russian banks are said to be involved in the DDS system and are looking to issue e-mortgages by the end of 2018.
Posted from my blog with SteemPress : http://www.cryptalnews.com/raiffeisen-digital-mortgage-blockchain/