British multinational investment bank, Barclays, in cooperation with Royal Bank of Scotland (RBS) and other 40 companies test a new blockchain platform developed by Instant Property Network, Bloomberg reports.
Instant Property Network (IPN) is a fintech startup which is backed by R3, a blockchain-focused consortium.
According to IPN, the platform could cut the time it takes to buy a house "from months to weeks and, if applied globally, could result in an annual saving of about $160 billion."
Director for mortgage innovation at RBS, Dan Salmons, says the bank industry has not found a great consumer solution for distributed ledger technology until now.
"Property is an industry that is ripe for this, where a complex difficult process for customers could be made cheaper and more transparent," Salmons added.
Previously, Barclays Services Limited and over 100 organizations around the world announced their co-partnership as a new blockchain association called the International Association of Trusted Blockchain Applications (INATBA).
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