R3 CEV has partnered with Britain's financial watchdog and two large banks to develop a blockchain-based application to improve the regulatory reporting of mortgage transactions. The system, built using R3's Corda blockchain, enables banks to generate automated delivery receipts for the regulator each time a mortgage is booked. The organizations hope that it can reduce the cost of the process and the risk of error.
Up Next in Blockchain
Nasdaq proposed a Blockchain-based asset ownership data storage system. This system enables data to be stored on a public ledger while ensuring privacy through each block’s cryptographic hash value .
Nasdaq Files Patent for Blockchain-based Asset Ownership Data Storage System
Nasdaq seeks patent for storing ownership information of assets on a Blockchain, not yet ready to implement technology.
The prospect of blockchain technology remaking financial services just moved a step closer to reality, after banks including Goldman Sachs and JPMorgan completed a successful six-month test in the $2.8 trillion equity swaps market.
Blockchain Gets a Wall Street Win: ‘We Know the Thing Works Now’