Zventus Blockchain Lab completes its first blockchain based lending proof of concept to help drive industry innovation and service.
Since its founding in August 2021, the Zventus Blockchain Lab (“Lab”) has aimed to develop new products, services, and solutions to improve the lending process. The lab's efforts have focused on educating the industry on blockchain technology, one of the starting points being to clarify, for those unfamiliar with it, the misconception that crypto and blockchain are one in the same.
"When we started our industry webinars and training sessions, we always led our conversation with “Blockchain is not crypto” to help educate the industry that ‘Crypto’ is an application of the blockchain technology. This helped to reassure the industry and to get more comfortable from a risk perspective. Once we got over this hurdle, we started the learning journey of what blockchain is, what blockchain can do, and how it's being used by other industries,” says Marvin Bantugan, CTO of Zventus.
The lab incorporates the Hyperledger platform and is a collaborative project between several mortgage domain experts, technology partners, and universities working side-by-side on blockchain R&D and delivery. The team has been actively testing several use cases from origination to servicing that use integration with third parties and relies on decentralized networks and system stacks.
Marvin asserts that starting to unify efforts to attack the pain points that mortgage companies have, such as utilizing a third-party cloud, technology integration, and process improvement, will yield more significant results than continuing to work individually.
"By employing all of those capabilities in one solution, we can drive the significant transformation to any size lender, not just an incremental IT improvement, we are talking revolution as opposed to evolution," said Marvin Bantugan, who also leads the Mortgage Blockchain Lab.
The Lab continues to drive technological and process innovation that will benefit the industry. To learn more contact Marvin Bantugan, CTO, at mbantugan@zventus.com or visit our various communication channels.