Debbie Hoffman in HousingWire talking about various aspects of Blockchain for Mortgage Industry

Debbie Hoffman in HousingWire talking about various aspects of Blockchain for Mortgage Industry

HousingWire

Debbie Hoffman, Chief Legal Officer at Digital Risk was recently published in HousingWire Magazine for her article titled “From bitcoin to blockchain: How the new ledger tech can morph the mortgage industry” co-authored with Matt Oguz.

Blockchain has morphed into an incredible technology tool that can be utilized across industries in a variety of capacities, including in mortgage lending.

Blockchain promises many advantages; two of the most important ones are cyber breach protection and document security, both critical to the mortgage process. For mortgage lending, this could mean saving millions of dollars. Another benefit to using blockchain is the characteristic of document authentication which confirms that data being placed upon the network belongs there. Blockchain technology is highly versatile and can be applied to many industries, including those that utilize payment and money transfers, stock trading, voting capabilities and reliance on secure storage of data.

While blockchain offers many advantages, there are a few factors that need to be considered, including the “51% attack,” energy consumption of the networks and regulatory oversight. Given that blockchain is an emerging technology, there are not yet formal regulations pertaining to it, however there is guidance that addresses its characteristics, such as privacy and security, as well as governance of its use and implementation.

To read the full article and know about the benefits and consequences of blockchain please click here.

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