The new Blockchain Lab intends to modernise the mortgage market.

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Zventus, a business consulting firm, has announced the establishment of a blockchain lab aimed at revolutionising the mortgage industry.

On Monday, global business supplier Zventus launched the “Mortgage Blockchain Lab,” a new blockchain venture. The lab’s goal is to pool the expertise of many mortgage experts, technological corporations, and academic institutions to collaborate on blockchain research and development in the mortgage market.

The California-based company, whose product and service offerings include business consulting, human resource planning, and tech support, will collaborate with its partners in this blockchain sandbox to develop and test new goods and services.

Early indications from the firm indicate that once the services are implemented, the costs of loans for financial organisations will be lowered by more than 50%.

Angel Alban, president of Zventus, believes in the huge potential of blockchain to aid in the development of the sector:

“There’s no doubt in blockchain’s ability to disrupt the mortgage industry. The capabilities of a secure, transparent ledger without a central intermediary is taking off in Europe and Asia and gaining significant traction in the Americas. We’re thrilled to be at the forefront of a technological revolution that will transform mortgage processing forever.”

Zventus has extended to 180 countries and provides services in 220 languages since its beginning in 2016.

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The lab, which employs Ethereum (ETH) and Hyperledger, as well as the expertise of its technical and academic partners, has stated its goal of creating 1,000 new blockchain technology employment by 2024.

Alban continued, saying:

“We are excited for the future of blockchain in the mortgage sector, and we look forward to collaborating with our clients and partners to reinvent this important element of financial services.”

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