Block66 introduces the first platform where lenders can access a marketplace of vetted borrowers looking for mortgage finance. This marketplace is public, transparent, and highly automated, so lending is streamlined, with lower costs, and lower risks. Each loan is represented as a pool of "proof of loan" (PoL) tokens that can be individually resold to investors, providing lenders with liquidity, and empowering a diverse pool of investors.
Block66 is an innovative blockchain mortgage platform that streamlines and organizes the facilitation of residential and commercial financing. The primary goal of the platform is to reduce the amount of time, persons involved and money that it takes to complete a full mortgage cycle. Previously, real estate transactions on the blockchain required 100% funding upfront, which is no more with block66. Block66 solves a problem that no other company in blockchain real estate does - they create responsible financing for potential real estate buyers.
Block66 is developing a new breed of mortgage lending platform that leverages blockchain technology to increase transparency and streamline the deployment of capital. Mortgages are now a rich person’s product, the technology in the market is archaic, and many creditworthy people have been left high and dry by risk - averse institutions. By harnessing the power of blockchain technology, Block66 lowers barriers to entry for small-flexible lenders, streamlines origination, and creates new opportunities for borrowers.
SOLUTIONS PROVIDED BY BLOCK66
Block66 streamlines the entire mortgage software and operations stack. For brokers, a one-stop-shop, including credit scoring, property appraisals and lender matching. For lenders of all sizes, a sustainable loan pipeline, auditing tool and mortgage securitization platform. For borrowers, a quick, hassle-free way to access the best credit opportunities.The decentralised Block66 platform leverages blockchain technology. The platform matches borrowers looking for mortgage with lenders, helps reduce mortgage fraud and allows for mortgages to be issued on the blockchain helping to cross borders and support blockchain only property purchases.
Block66 is to offer new opportunities for borrowers and end the time-consuming and paper-driven processes in the mortgage industry. Block66 platform will make it easier for everyone to find what they need, so mortgages can be approved and funded faster. By storing the history of each transaction on the blockchain, and provide a valuable audit trail for lenders, which will help mitigate mortgage fraud.
Block66 blockchain technology will play the role of a mortgage hub, functioning as a one-stop shop where borrowers’ pay stubs, financial information, tax documents, and personal identifiers can be accessed by parties who require them. By deriving these documents from their original sources and storing them on the blockchain, the platform will represent an immutable, trustworthy, and interoperable resource that is far less vulnerable to fraudulent actors.
Transparency is the key to Block66 blockchain-based mortgage platform and its transactional speed. Mortgage vetting and approval processes are bogged down by outdated systems that require the transmission of physical paperwork between parties, which are all tasked with doing their own homework to determine whether figures are accurate and information is truthful. These processes routinely take as many as 30 to 45 days, they have ultimately proven ineffective in vetting fraudulent applications to any acceptable degree. Block66 is proposing a bottom-up change to the system, eschewing seemingly endless paperwork for a simpler, more transparent system built upon blockchain technology.
Block66 is building a new blockchain-enabled marketplace for mortgages. Institutional and private lenders can use the service to offer loans to a wide range of borrowers, introduced by Block66 broker partners. Through the practical use of smart contracts, loans can be taken from origination to facilitation, quickly and efficiently. All loans are also represented as tradable tokenized securities, providing a liquidity mechanism as standard.
The ability to trade fractions of loans, and reduced order and issuing fees makes investing more inclusive, providing an attractive investment vehicle for all manner of investors. With use of cryptocurrency, Block66 eliminates the need for a bank account, overcomes geographical lending restrictions and reduces counterparty risk to mere minutes. For borrowers, the transparent and competitive nature of the marketplace will benefit the consumer and give them confidence that they’re getting.
BLOCK66 LOWER ENTRY BARRIER OF MORTGAGE INDUSTRY
Block66 helps increase and development of affordable mortgage services for lenders and borrowers, also makes the industry worth for every individual that show interest in mortgage services. Mortgages are now a rich persons' product, the technology in the market is archaic, and many creditworthy people have been left high and dry by risk-averse institutions. By harnessing the power of blockchain technology, Block66 lowers barriers to entry for small-flexible lenders, streamlines origination, and creates new opportunities for borrowers.
BLOCK66 TOKEN
Block66 will tokenize mortgages with an API-synced smart contract for each home loan. The Block66 platform uses two different tokens. The first one, Block66 Token (B66), is the main currency of the network. The second one, Block66 Network Tokens (BNET), is produced by B66 tokens, quite similar to NEO-GAS pair. BNET tokens shall be used for actions which take place in the network such as covering third-party KYC costs and modifying the proof of loan tokens. This currency generation mechanism brings another incentive to hold B66 tokens. Any BNET used for in-platform actions will be burned, thus decreasing the supply and increasing the demand per token.
How B66 and BNET tokens work within the platform?
B66 is the oil well. BNET is the oil (fuel). The BNET fuel is sold for access and the proceeds go to the B66 token holders who have activated their tokens with our special fountain smart contract. The BNET token price will be set such that their collective value to complete a mortgage will be competitive in the market. For example, if $1,000 is the competitive rate for the mortgage, Block66 will set BNET equal to $1.00 and a lender would need to buy 1,000 BNET to set up the mortgage.
Token Detail
Type: ERC20 – Utility
Symbol: B66
Platform: Ethereum
You can buy B66 tokens with Ethereum (ETH), Bitcoin (BTC), and Bitcoin Cash (BCH).
Kindly visit Block66 website to know more about this project and read more of this on their whitepaper.
Website: https://block66.io
Whitepaper: https://block66.io/themes/b66/assets/Block66_Whitepaper_English-update.pdf
Writer: Victor Bejide
Bounty0x Username: bejidevictor
