The Mortgage Lending Industry, like many others, realizes the need to embrace technology to do more with data. Industry organizations are trying new technology solutions to improve transparency and leverage data intelligence across multiple data sources. One technology gathering buzz is blockchain buzz. What does blockchain do and how could it be applied to mortgage lending?
As described by IBM and others, blockchain is a shared, unchangeable ledger for recording the history of transactions. Blockchain, also known as DLT, Distributed-Ledger-Technology, provides each member in the network with access rights to the confidential information when requested. By keeping a record of trusted information, blockchain can make it easier for an organization to securely access confidential information when needed.
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