ABN Amro Bank is undertaking a pilot project on use of blockchain application in real estate transactions. The bank said it is taking up ‘Torch’, a blockchain application that provides involving parties in real estate transactions like buyers, sellers, tenants, landlords, appraisers, notaries and banks, a reliable and efficient method to record, consult and exchange information. The bank has launched the pilot along with its technology partner IBM. The bank said blockchain can offer efficient, reliable and tailor-made support to multiparty processes, like commercial real estate transactions – or like logistic processes, an area where the bank has also launched several blockchain pilots. This latest pilot is part of the bank’s strategy to offer innovative solutions for commercial real estate financing, the bank added. In the pilot, the commercial real estate clients are offered the opportunity to enter their lease contracts for properties financed by ABN Amro in the Torch app. In case the property needs to be valued, the bank employee uses Torch to send the necessary details directly to an appraiser and after the valuation, the appraiser shares it with the bank and clients. The Torch also unlocks additional information from the Land Registry Office and the Chamber of Commerce.
