Raiffeisenbank held the first transaction on the «Masteroral»

Raiffeisenbank became the first bank that released the electronic mortgage mortgage on the basis of «Mascare» reports

The process begins with the application by the client in electronic form. The application is assured by reinforced EDS and complement other necessary documents (as signed). After that, the package is sent to Rosreestr in XML format, where it is recorded and returned to the bank. The information is then transferred to the blockchain, where it is based on a mortgage token, containing basic data and a description of the powers of depositaries. However, it will be possible to use a federal scale technology only after a complete transition

According to the leadership of Raiffeisenbank, the use of a decentralized depository system for E-mortgages will reduce operational costs by 80%. With the further spread of technology, banks will be able to create a unified documentation format, which will significantly simplify the process of its transfer. It is expected that by the end of the year, similar systems will launch two more Russian banks.

More and more large financial organizations launch their own products on the blockchain. So last week the fourth largest financial company in the world Fidelity Investments,