International business provider Zventus reportedly revealed specifics of a new blockchain project, dubbed the “Mortgage Blockchain Lab.” 

Particularly, the lab was designed with a goal to collect and combine the resources of different mortgage professionals, tech companies and academic institutions, in an attempt to jointly work on blockchain research and development, revolving around the mortgage industry. 

The Cali-headquartered company – whose solution and offerings cover a vast area of the business sphere, nominally business consultancy, human resource strategy and tech support – will reportedly collaborate with its partners in this blockchain sandbox, to come up with and run trials for new products and services.

Initial reports from the company reportedly indicated that the costs of loans for financial organizations will decrease more than half as soons as the services are introduced. 

“There’s no doubt in blockchain’s ability to disrupt the mortgage industry. The capabilities of a secure, transparent ledger without a central intermediary is taking off in Europe and Asia and gaining significant traction in the Americas. We’re thrilled to be at the forefront of a technological revolution that will transform mortgage processing forever.” Zventus president Angel Alban shared the beliefs regarding the broad potential of blockchain to assist the growth of the industry. 

Since its inception five years ago, Zventus has reportedly managed to widen the scope of its business throughout 180 nations, and offer services in 220 languages.

The lab – which harnesses Ethereum (ETH) and Hyperledger, as well as  the knowledge of its tech and academic associates – has reportedly set a target of developing 1,000 new blockchain technology jobs by 2024.