HashCash partners with a UAE Based Global Bank to incorporate a blockchain-based Commercial Lending Network to ensure better cost-effectiveness, security, transparency, and scalability.
PALO ALTO, Calif., Oct. 17, 2019 /PRNewswire-PRWeb/ — HashCash has partnered with UAE Based Global Bank with its blockchain-based commercial lending solution. The introduction of blockchain to the Commercial Lending domain is expected to bring about tangible results for the financial ecosystem. The blockchain accelerator for the commercial lending industry aims to reduce costs and enhance the entire mortgage execution experience. The entire mortgage value chain is highly portioned into government organizations, financial intermediaries and other participants in the entire mortgage ecosystem. The process is highly paper-based and is thus prone to errors and manipulations. Blockchain technology promises to revolutionize the entire commercial lending industry by
- reducing cost of operations
- increasing the efficiency of transactions with suppliers, agents and customers
The partnership with the UAE Based Global Bank also gives them an opportunity to harness the power of blockchain in adding value to the commercial lending network
- Quick – Blockchain increases the speed of transactions and incorporates efficiency in a given process
- Hassle Free – Blockchain replaces paperwork with a digital distributed ledger for future validation and traceability
- Transparent – Blockchain makes the entire lending network transparent
With a decentralized contract based transaction process in place, loans, other payments, and approvals are interlinked. Blockchain leverages the entire mortgage origination, initiation and disbursement process. A permission mortgage lending blockchain working on Smart Contracts helps in the rapid reduction of costs, transaction fees and financial frauds.
What are the end results which would be generated due to the partnership?
The intrinsic identity, security and audit trail features of blockchain imparts additional power to buyers and borrowers, giving full visibility of development and liaison activities. The customer experience of the bank would be improved through:
- Increased loan search and credit qualification checks and approvals
- Speedy asset appraisal, insurance, and loan security
- Easier document exchange, disclosure and due diligence
- Reduced fees along the mortgage value chain
- Increased assurance and fraud mitigation during loan funding approval
- cash transactions with sellers and intermediaries
- and completion of asset and title exchange
HashCash is a global software company. HashCash Blockchain products enable enterprises to move assets and settle payments across borders in real-time for Remittances, Trade Finance, Payment Processing and more. HashCash runs US-based digital asset exchange, PayBito & digital asset payment processor, BillBitcoins.
HashCash offers exchange and payment processor software solutions, ICO Services and customized use cases. HashCash propels advancement in technology through Blockchain1o1 programs and its investment arm, Satoshi Angels. HashCash offers solutions in AI, Big Data and IoT through its platforms, products & services. HashCash solves the toughest challenges by executing innovative digital transformation strategies for clients around the world.