A branch of the Raiffeisen Bank International in Russia is said to have issued an electronic mortgage via local blockchain Masterchain according to a news report on September 24.
In the document where all the information about the parties in the transaction is contained, there’s also the type of property that was purchased and also the credit loan and the duration is published in a decentralized depositary system. This system is based on a Russian network named Masterchain that can transfer valuable data via blockchain. This project has been developing since 2016 by a group of local banks led by the Central Bank of Russia.
The director of the IT department for Raiffeisen said that the document that is verified with an electronic signature is sent to the Russian state agency that is in charge of collecting data about real estate. After this process is finished, the mortgage token is moved to the file storage which is basically the Raiffeisen Bank. This is the first kind of e-mortgage in Russia as the director notes.
He also believes that if the country is connected to the platform It might just accelerate the process of getting all the needed data on mortgage and making a deal without third parties. Further negotiations are being pushed so other banks can join in as well. The next step for this bank would be to use blockchain to purchase contracts and similar real estate transactions. There are two more Russian banks according to Kommersant that want to be involved in this process and are planning on issuing e-mortgages by the end of 2018.
The blockchain technology has already been tested for real estate business in the Netherlands. This is why other major Russian banks have expressed their interest in blockchain and for this reason, the Central Bank of Russia has already held a successful ICO test in order to create a draft of a possible crypto regulation.
JPMorgan Execs Seem Bullish On Crypto Following JPM Coin’s Release
“Ultimately behind the scenes, they [crypto companies] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space… When it comes to margins and capabilities, payments is never something that grows in margin, nobody wants to pay for a payment…so you need highly efficient and large players.”Karpovich also responded to a question regarding how far the eCommerce industry is from using crypto to facilitating payments. He explained that blockchain - the underlying technology of cryptocurrencies - will be used to facilitate payments behind the scenes. However, he also added that according to him, blockchain won't have a huge impact on consumers.
“I think ultimately you’ll find that the technology behind the scenes will be blockchain, I don’t know that you’ll notice anything as a consumer in that space. I think that you’ll still continue to use the payment type that you prefer, be that a wallet, a card, or a bank account,” he noted.When asked about his anti-crypto sentiment - which is somehow shared in the JPMorgan circles - Karpovich said that there is a difference between adopting blockchain and speculating on cryptocurrencies.
“There’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous, versus using the technology to enhance your payment infrastructure,” he concluded.
Dissident Revolutionary Group Use Crypto To Overthrow Kim Jong-Un In North Korea
Crypto Benchmark Indices Launched On Bloomberg, Reuters And Nasdaq By CoinMarketCap
Binance Enables Australian Users To Buy BTC At 1,300 Newsstands
‘’Binance Lite is a simple site for users to easily buy bitcoin with cash at physical store fronts. This model makes it really easy to bring new users into crypto, starting with Australia, where the government has taken proactive steps to support the blockchain industry. Users won’t have to open complicated online accounts to start using the service.’’The crypto market in Australia was a little behind than other markets in the world such as South Korea or Singapore because the banks didn’t support the crypto businesses in Australia. Back in 2017, during the strongest crypto rally, reports show that the larger Australian banks closed the accounts on multiple crypto investors. However, starting last year, the government of Australia began its proactive approach in regulating the crypto space and the blockchain industry so the investors are now hopeful that they could improve the market in the long run. Zhou also said that more than $5 billion in crypto was traded in crypto in 2018 in Australia and that since then the government is funding blockchain startups and companies by issuing bonds on the blockchain. The government has also started to accept crypto on airports such as the airport in Brisbane and even held a voting trial on the blockchain. He finished his interview by saying:
“Binance Lite also completes a comprehensive value chain for the Binance ecosystem in Australia. For example, users can show their friends how to buy bitcoin from Binance Lite stores, immediately load it up onto Trust Wallet on their phones, and go on to spend this bitcoin in shops accepting bitcoin payments through TravelbyBit, the payments startup Binance invested in last year.’’
Join us on Facebook
- Facebook Is Looking For Senior Lawyer With Blockchain (Payments) Experience
- JPMorgan Execs Seem Bullish On Crypto Following JPM Coin’s Release
- Bitcoin Is Close To $4,100 As Tokens Gain 20%
- Analyst: 90% Of Smaller Crypto Projects Will Result In Complete Loss
- Mayor Of Chicago: Cryptocurrency Will Save Countries From Financial Crises
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Block.one CEO: Bitcoin Will Replace Gold As The Leading Commodity
Bitcoin News5 days ago
BTC Lightning Network Surpasses 1,000 BTC Network Capacity On Its First Birthday
Bitcoin News4 days ago
Analysis: Could Institutional Adoption Bring The Financial Elite To Destroy Bitcoin?
Blockchain News3 days ago
Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
Blockchain News3 days ago
Winklevoss: Crypto Will Bring Something Better Than The Social Networking Era
Blockchain News3 days ago
Australia Unveils National Blockchain Strategy Roadmap With A $71,200 Funding Boost
Blockchain News4 days ago
Coinbase Pro Announces New Market Structure, Increases Fees In The Process
Blockchain News2 days ago
Binance Launched Completes Another Successful Token Sale Of Celer Network