ABN AMRO, the Dutch state-owned bank that serves retail, private and corporate banking clients, has unveiled a pilot project in order to explore the applications of blockchain in real estate transactions record and exchange information.
The project ‘Torch’ is a blockchain application that provides involving parties in real estate transactions like buyers, sellers, tenants, landlords, appraisers, notaries and banks, a reliable and efficient method to record, consult and exchange information. ABN AMRO launched the pilot along with its technology partner IBM.
“Blockchain can offer efficient, reliable and tailor-made support to multiparty processes, like commercial real estate transactions - or like logistic processes, an area where ABN AMRO has also launched several blockchain pilots. This latest pilot is part of the bank’s strategy to offer innovative solutions for commercial real estate financing,” the release stated.
In the pilot, the commercial real estate clients are offered the opportunity to enter their lease contracts for properties financed by ABN AMRO in the Torch app. In case the property needs to be valued, the bank employee uses Torch to send the necessary details directly to an appraiser and after the valuation, the appraiser shares it with the bank and clients. The Torch also unlocks additional information from the Land Registry Office and the Chamber of Commerce.
Earlier in October, ABN AMRO collaborated with Netherland-based Delft University of Technology to develop more complex blockchain applications. The Dutch bank also joined R3 blockchain consortium last month, to develop blockchain-based ground-breaking commercial applications for the financial services industry.
