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Operating a third party usually takes about 20 days to be processed immediately on the blockchain

May 15, 2020

Blockchain Provenance completed the sale of real estate loans in seconds to a third party company, which would normally take 20 days to process.According to a review of the modern consensus on May 13th.

According to the notice, The transaction was carried out on the Blockchain Provenance network between lender Pacific Private Money and wealth management company Saluda Grade. As a result, middlemen were no longer required, which reduced the costs and the operating time of those involved.

Ryan Craft, CEO and founder of Saluda Grade, pointed this out The real estate bridging loan market is the “perfect” asset class to benefit from the provenance.

“Companies like Pacific Private Money can quickly take out digital loans and distribute loan production to institutional investors,” said Ryan.

“We hope to be able to integrate our entire portfolio of alternative loans into the platform.”

Operating a third party usually takes about 20 days to be processed immediately on the blockchainOperating a third party usually takes about 20 days to be processed immediately on the blockchain

The transaction would enable Provenance’s parent company, Figure, Make loans and sales transactions of $ 100 million on the blockchain network in the next twelve months, according to a company declaration.

“This is a huge advance for blockchain technology as we have again demonstrated the speed and cost savings that provenance can bring to the ecosystem of original assets and capital markets,” said Mike Cagney, CEO and co-founder of Figure.

“We were able to execute this transaction immediately, not the 20 days that would have passed before the provenance. This means that we can achieve significant cost savings and efficiency gains across the $ 400 billion real estate loan market.”

Blockchain technology is expected to be used in an annual market worth more than $ 400 billion. allow its massive application in provenance, by adding loans to Figure’s private network through the recently released Software Development Kit.

The transaction closed on May 1st, in which Saluda Grade, a non-profit real estate and private sector wealth management advisory firm, acquired Pacific Private Money loans from its Lake Summit Alternative Loan Trust on behalf of external investors.

Pacific Private Money has focused on tapping institutional capital markets to increase source volume and investor base. Regarding the milestone achieved with Provenance, Mark Hanf, CEO of the company, stated in the Figure press release that this was the case excited to be at that “Pioneer in promoting the future of asset creation and marketing.”

Provenance Blockchain has over $ 1 billion in assets procured, maintained and now securitized on the blockchain according to the company that Figure owns. According to the company, savings potential of more than USD 30 billion from USD 3 billion was achieved in the annual securities market.

However, Figure’s solution is not the only blockchain company that generates decentralized solutions in the real estate market. According to last year’s CB Insights report on blockchain and real estate By providing mortgage loans for such platforms, the industry can save up to 20% of their expenses.

In addition to loans, the tokenization of real estate and land registry offices is another feature of the blockchain that enables small investors to enter the real estate market.

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