ABN Amro's journey to explore the full potential of blockchain-based transactions in financial services has moved into the commercial real estate sector.
The Dutch bank's latest blockchain pilot connects all parties to a real-estate transaction - buyers, sellers, tenants, landlords, appraisers, notaries, banks, the Land Registry Office, the Chamber of Commerce and regulators - to a shared permissioned ledger for recording and exchanging data.
The bank has worked with IBM on the project, which it says confirms the ability of the technology to offer efficient, reliable and tailormade support to multiparty processes.
The latest application builds on an expanding portfolio of proof-of-concept trails conduced by ABN Amro over the past year, spanning multiple scenarios across the full spectrum of financial services, including regulatory reporting, clearing and settlement, payments and logistics.