Yesterday
Instant Property Network (IPN) announced the completion of a test for a blockchain property transaction system that connects all parties in a real estate transaction. The project has the lofty aim of making property transactions as simple as buying an item from Amazon. It claims that there’s potential for $160 billion in savings to be made globally through efficiencies.
The test involved connecting all the parties in simulated transactions with the first transaction taking less than an hour to complete. The group acknowledges that there are other processes which take place outside the ledger. Hence it estimates the average deal time could be reduced from three months to three weeks.
Currently, a property transaction involves significant back and forth of emails with numerous documents and is very inefficient. IPN aims to join up the business processes of all the different parties and transact directly. Each party retains control over its own data.
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