A platform developed by a blockchain company named the Instant Property Network (IPN), has enlisted 40 companies, including RBS and Barclays to trial property sales. Reported by Bloomberg, the technology has the potential to save $160 billion in costs by cutting out the middleman. John Stecher at Barclays in New York stated;
“The aim of this forum was to simplify the purchasing process for the customer.”
John Stecher, Barclays
Dan Salmons, director at RBS also stated;
“We are near the end of the hype cycle and have not found a great consumer solution for distributed ledger technology until now,’’
Dan Salmos, RBS
IPN plans to release an updated version of its platform in September 2019.
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