Blockchain Technology has made it big in recent times, with it becoming one of the hottest topics when it comes to technology. As per recently published reports, UK based blockchain firm, Acre, has been successful in raising about six and a half million dollars ($6.5 m) for being able to apply blockchain technology to the application process for insurance and mortgage for advisers. According to the press release, which was published on the 4th of April, almost seventy-five percent of the mortgages in the United Kingdom are conducted through advisers.
The report says the Acre is making steady progress in making use of blockchain in order to store data regarding well-established mortgage advice. A financial advising firm in the UK, which goes by the name Sesame Bankhall Group, which apparently has eleven thousand advisers across the country is reported to have made this huge contribution.
It has been estimated by Owler that the per annum revenue generated by the advisers is around four and a half million dollars. Moreover, the press release claims that Sesame Bankhall Group has signed a collaborative deal with the Acre startup, However, the details of this deal have not been revealed.
As reported by media in October 2018, mortgages act as a tool for decentralization and development by making use of blockchain technology. PWC, one of the Big Four firm for financial services and auditing made claims that the blockchain technology has the ability to reduce the rates and difficulty in the application process, generating reliable and incorruptible records of the transactions, facilitating almost instant agreements. It was reported last month, that the Swiss mortgage bank, Hypothekarbank Lenzburg formed an alliance with the Swiss cryptocurrency manager by the name TokenSuisse, in an effort to expand the services that the bank offers in blockchain and crypto firms.