Barclays, RBS and R3 Cut Property Transaction Times in Blockchain Trial

A blockchain trial has been completed with leading UK banks Barclays and RBS along with R3-affiliated Instant Property Network (IPN); the trial used test data to carry out simulated property transactions over a distributed ledger system over a five day period; the trial demonstrated that the real estate transaction process could be reduced from more than three months to less than three weeks; IPN suggested that, “using blockchain technology for the process could save the global property market about $160 billion annually.” Source.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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