Blockchain solutions for mortgages in Sweden by ChromaWay

So thank you for having me today My name is Or

I'm one of the co-founders of ChromaWay We are three co-founders, 10 people, offices in Sweden and in Israel Now, this is the problem in the mortgage transaction and this is why it's taking so long and so hostile, and can be manipulated to afford for you to get a mortgage Usually up to one month All of those different actors that usually aren't syncing in with each other which are still using manual papers to move them back and forth

Now, this is our solution We built a Smart [? contract ?] product based on the BlockChain which is automating business, processes, workflows So not only we are automating the business process itself, we are giving a new customer experience to the consumers so we can get a mortgage within a few days instead of one month plus in a safe and decentralized and secured way Now, this is our solution Basically we split it into three layers

So basically, we created our Smart [? contract ?] language, which is specifically designed for business processes and mortgage transactions, and the new business logic Now in the second layer, we are allowing companies to pick where they want to host that out of the contract, which means they can host it on a cloud IPVS or whatever And the third layer is the consensus level, which we are allowing as well to pick as well between a private BlockChain and any public BlockChain Now, market size is huge

$55 billion market in real estate technology and $40 billion in relational database market, which is an emerging market And $11 billion is invested in BlockChain tech Now, this is all the institutions that have invested in BlockChain technology up to this date, which is a lot

And this is our complexion We built a consortium in the Nordics with two of the largest mortgages banks in Sweden and the Swedish lender just to itself, a consulting company and telecom company We've released an initial pilot a few months ago on the whole real estate sale We managed to reduce the whole real estate sale from three months plus in Sweden with a complex process and loaned to only a few days in BlockChain technology And since then we have evolved and built that consortium

In March, we are supposed to launch a sandbox specifically for our banking partners to model their own workflows in mortgage transaction And in the end of 2018, and we are supposed to go live in production This is our team Alex Mizrahi is our CTO He was the first in the space to actually implement a BlockChain solution called colored coins

In 2012, he actually led the open source project for two years until he formalized the official company Henrik, our CEO, is coming from an economic and finance experience It's the second company We used to work for big companies in Europe, such as NASDAQ And me myself, I'm coming from a marketing and IT background

I worked in my family's own company, in a couple of fields in the marketing division And then I finished LLB law and I co-founded an early bitcoin wallet called SafeBit, which had a few thousand users Our team is coming from companies like Google, Ripple, Technion in Israel, company called Safello, which is one of the biggest exchanges in Europe Colu, Bitpay, and also advisors that are coming from Stanford University, Safello, R, Gyft, UBS, and LHV Now, our business model is hybrid open-source, proprietary, cloud enterprise business model, which means that we make money out of licensing official face support phase

And also a transaction fee in the future Now, real estate is our initial market, but once on that market, we want to also build the infrastructure and the standard of any kind of BlockChain use cases in the space That's it thank you

Source: Youtube

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