What is Block 66?
As of now, the mortgage market has a few problems with its infrastructure. For example, the mortgage market has over $9.9 trillion in the US, but there are some risk-averse institutions that might not want to lend to even the most qualified and creditworthy customers. Block 66 offers a solution to this problem. First, it streamlines the entire operations and software stack. For lenders, Block 66 acts as a sustainable loan pipeline, mortgage securitization, and auditing tool in one single platform.
Block 66 eliminates geographical restrictions, a bank account, and reduces the number of counterparty risk. For borrowers, the competitive and transparent nature will give their customers the best mortgage deals available.
For borrowers with good credit scores (661-770), Block 66 will be focused on assisting them first. In their white paper, the project will use blockchain technology to issue the mortgages on the platform. These mortgages are also physically represented by a Digital Trust Fund.
Block 66 is aiming to disrupt the home and global mortgage industry. Even though the market is growing, it can be difficult for customers to receive their mortgages without a lengthy process. Block 66 speeds up this process and creates a decentralized system to help it scale for a high number of users.
Block66 is shaking up the mortgage industry by providing a fully transparent and comprehensive lending experience.
The upcoming network is a matchmaker connecting borrowers with lenders. No longer will prospective homeowners be solely reliant upon local banks and credit unions. Blockchain tech can break the bricks of walled gardens surrounding exclusionary industries. You may remember how high-risk loans — coupled with rising housing prices — were so instrumental in the last global financial collapse?
Aspects:
Identity Checks: Block 66 works by using third-party APIs to send out identity checks (KYC) to verify the borrower’s identity. This helps brokers detect fraud and meet regulatory requirements.
Virtual Underwriters: The system sends an application to a virtual underwriter if it’s unable to make a valid borrower file automatically. The broker or client will pay for the fees in ETH.
Block 66 Network Tokens: These tokens are used to pay for services conducted on the Block 66 Network. With them, you can have faster access to mortgages on its platform.
Positives:
Team Experience: Block 66’s team is known for their experience and developments within the FinTech industry. With over 20+ years experience and a strong vision, there is a high chance this team will bring the project to completion.
Mortgage Protection: Block 66 aims to give legal assistance through various geographies. It does this to protect the users from borrower defaults through multiple partnerships.
Lender Incentives: Apart from the U.S and Canada during the mid-term, Block 66 lenders will have exposure to modern markets, this includes emerging economies.
Blockchain Technology:
the potential for Blockchain Technology is so vast; it can find a place in nearly any business or industry, especially those with digital assets or where transactions occur digitally. Not only does Blockchain improve efficiency and scalability, it also improves security tremendously. In an age where transparency and accountability are essential for long-term success and growth, it’s safe to say that the power of Blockchain is exponential, with its potential only limited by the imagination.
For more information about the ICO, please visit the following links:
website: https://block66.io/
Twitter: https://twitter.com/Block66_io
Facebook: https://www.facebook.com/Block66Official
Telegram: https://t.me/block66_Official
Bounty0x username: hassan500