The project is called ‘Torch’ and it explores the applications of blockchain in real estate transactions record and exchange information. Furthermore, it 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. ABN AMRO launched the pilot along with its technology partner IBM.
In the testing phase, 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, according to EconoTimes.
In October 2016, ABN AMRO collaborated with Delft University of Technology, Netherland-based, to develop more complex blockchain applications. The Dutch bank also joined R3 blockchain consortium in November 2016, to develop blockchain-based ground-breaking commercial applications for the financial services industry.
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