Block66 is building a new blockchain-enabled marketplace for mortgages. Institutional and private lenders can use the service to offer loans to a wide range of borrowers, introduced by Block66 broker partners. Through the practical use of smart contracts, loans can be taken from origination to facilitation, quickly and efficiently. All loans are also represented as tradable tokenized securities, providing a liquidity mechanism as standard. The ability to trade fractions of loans, and reduced order and issuing fees makes investing more inclusive, providing an attractive investment vehicle for all manner of investors. Thanks to the use of cryptocurrency, Block66 eliminates the need for a bank account, overcomes geographical lending restrictions and reduces counterparty risk to mere minutes. For borrowers, the transparent and competitive nature of the marketplace will benefit the consumer and give them confidence that they’re getting near enough the best offer achievable.
Block66 introduces the first platform where lenders can access a marketplace of vetted borrowers looking for mortgage finance. This marketplace is public, transparent, and highly automated, so lending is streamlined, with lower costs, and lower risks. Each loan is represented as a pool of "proof of loan" (PoL) tokens that can be individually resold to investors, providing lenders with liquidity, and empowering a diverse pool of investors.
How Block66 works?
The team develops the multi-sided platform as a dApp on the Ethereum platform.
Borrowers
First clients are guided through the process by brokers where information is collected about their borrowing needs and aspirations. The platform then uses third party API’s to carry out KYC identity checks and cross-checking affordability through credit rating agency and bank feeds. Next accounts are created for all borrowers with an approved crypto exchange that can be used for repayment. In case the application cannot be built properly, it is referred to a virtual underwriter. Once signed off on borrower file, the application is published and made available to the matching engine. If a suitable match is found mortgage is ready to be funded and the funds are transferred by the ledger via the smart contract. The last step is the repayment of funds.
Lenders
Lenders and brokers register themselves with the dApp, make an account and choose the Ethereum public key of their choice. This is followed by the KYC checks to verify identity. Lenders then add their lending criteria making it available for matching. After approval, the lender receives notifications with every match which they are invited to approve or reject. Once accepted and funding is okayed a PoL contract is formed. Both parties now wait for any additional requirements or conditions to be placed by their lawyers. The lender then transfers the funds to the smart contract in ETH. The last step of the process is the repayment of loan amount by the borrower.
The Problem
The mortgage market in the USA is $9.9 trillion dollars, $32.9 trillion worldwide, and growing but risk averse institutions are reluctant to lend to many creditworthy consumers. Willing small lenders struggle to enter the space at scale. Existing processes and technology are cumbersome and siloed, compounding the problem for borrowers.
The Solution
Block66 streamlines the entire mortgage software and operations stack. For brokers, a one-stop-shop, including credit scoring, property appraisals and lender matching. For lenders of all sizes, a sustainable loan pipeline, auditing tool and mortgage securitization platform. For borrowers, a quick, hassle-free way to access the best credit opportunities.
Mission
Block66 is on a mission to shake up the mortgage lending landscape by building the world's first blockchain enabled mortgage lending network. The network will eventually seek to span borders, connecting private and institutional lenders with borrowers worldwide. All mortgages will be issued and managed on the blockchain.
Block66 B66 Token ICO Details
The main sale of this startup will begin in 15 days. The start date of the campaign is 20 September 2018 and the end date is 20 October 2018 with total amount of 135000000 tokens planned to be sold.
During the crowdfunding, the price for 1 token will be 1 B66 = 0.10 USD. Block66 ICO prediction algorithm is showing that the cost of 1 B66 could move up +1.56% once Block66 is listed on exchanges when compared to the issue cost during the token sale. This forecast is based on the same analysis obtained from “Platform” category and located in Singapore completed campaigns.
B66 is a ERC20 standard token, which is built on the Ethereum platform. As for the ICO targets, the team is trying to raise 3,000,000 USD for a Soft cap and 12,285,000 USD for a Hard cap. If you are interested in participating in this campaign, then ETH, BTC, BCH can be accepted to buy B66 tokens.
Block66 and aXpire Sign partnership
The Blockchain mortgage platform known as Block66, and aXpire, an ERP SaaS company that offers products to improve the efficiency of service spend, announced that they are partnering in order to work together on different fields.
The partnership will include a close relationship in marketing, legal and other important applicable topics and sectors. Moreover, aXpire’s team will be working side by side with Block66’s team to find new areas of overlap and collaboration.
It is important to mention that Block66 is a platform that lenders can access a marketplace of vetted borrowers that try to have access to mortgage finance. As most blockchain networks, the marketplace is public, transparent and with an important degree of autonomy. In this way, lending is streamlined, with lower costs, and reduced risks.
Moreover, the loans in the network will be represented as a ‘proof of loan’ (PoL) tokens that can be resold to investors or in the market. This provides liquidity and a possible future use of the token.
For more information, please visit the link below:
Bounty0x Username : Radentraffi
Website : https://block66.io/
Whitepaper : https://block66.io/themes/b66/assets/Block66_Whitepaper_English-update.pdf
Facebook : https://www.facebook.com/Block66Official
Twitter : https://twitter.com/Block66_io
Telegram: https://t.me/block66_Official