HashCash announced its partnership with the UAE based Global Bank with the help of its permissioned Blockchain-based commercial lending solution.
The entire mortgage value chain is highly divided among the financial intermediaries, government organizations, and other participants in the entire mortgage ecosystem.
The lending process is paper-based, involves costs and also prone to manipulations and errors. Blockchain technology aims to increase overall process efficiency, reduce the cost of operations with suppliers, customers, and agents, notes the announcement.
The partnerships help the UAE based Global Bank to leverage the power of blockchain technology to its commercial lending network.
The distributed ledger ecosystem speeds up the transactions and incorporates efficiency in a given process, paperless environment, and transparent network. The validation and traceability of transactions will be also possible due to transparency brought in by blockchain technology.
Smart contract based process interlinks loans, other payments, and approvals. This helps in improving the overall customer experience for the bank, notes the announcement.