The new Blockchain Lab aims to modernize the mortgage industry

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The global enterprise provider Zventus announced a new blockchain initiative called “Mortgage Blockchain Lab” on Monday. The lab aims to bring together the resources of multiple mortgage professionals, technology companies and academic institutions to collaborate on blockchain research and development with a focus on the mortgage sector.

The California-based company, whose range of products and services spans a broad spectrum of businesses, including business consulting, human resources strategy and technical support, will work with its partners in this blockchain sandbox to develop and test new products and services.

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Initial reports from the company suggest that the cost of credit for financial institutions will be reduced by over 50% after the services are launched.

Zventus President Angel Alban believes in the enormous potential of the blockchain to support the development of the sector:

“There is no doubt about the ability of the blockchain to disrupt the mortgage industry. The capabilities of a secure, transparent ledger without a central intermediary are picking up speed in Europe and Asia and are gaining in importance in America. We are very excited to be at the forefront of a technological revolution that will change mortgage processing forever. “

Since its inception in 2016, Zventus has expanded in 180 countries and offered services in 220 languages.

Similarly, the second largest U.S. mortgage lender will accept crypto payments this year

Utilizing Ethereum (ETH) and Hyperledger along with the knowledge of its technology and academic partners, the lab has set out its ambitions to create 1,000 new jobs in blockchain technology by 2024.

Alban continued:

“We look forward to the future of blockchain in the mortgage sector and look forward to working with our customers and partners to reinvent this important element of financial services.”