SOME of the world's largest lenders, law firms and real estate companies are turning to the technology behind Bitcoin to streamline the process of buying and selling property.
Barclays, Royal Bank of Scotland Group and Clifford Chance were among 40 companies to test a new platform developed by Instant Property Network, a company backed by blockchain software firm R3.
IPN said it could cut the time it takes to buy a house from months to weeks and, if applied globally, could result in annual savings of about US$160 billion.
If the platform catches on, it would be a rare example of financial firms using blockchain - the distributed ledger designed to track Bitcoin transactions - for consumer products.
Adapted from The Business Times 6 April 2019