TrailheaDX is the Salesforce developer conference where technology and the business applications of the technology come together. It is a one-stop shop to learn, see, touch and feel the emerging technologies in the enterprise landscape. Speaking of emerging technologies, with its promise and potential, Blockchain should get the spotlight it deserves. OFS along with Salesforce championed Blockchain as a promising emerging technology, through demonstrations and discussions. We showcased an interesting package of Blockchain in IoT and Financial services. Specifically, we demonstrated how Blockchain can enable novel business models. Our choice of use case for demonstration was a Blockchain-based Mortgage Marketplace.
We demonstrated a consumer-centric mortgage origination proof of concept. Instead of working with a traditional mortgage broker or bank, the philosophy here was to allow a borrower to register the intent to borrow and submit necessary documents in a Blockchain marketplace for mortgages. The lenders who have access to the Blockchain can review the application and respond with competing offers. This can later be expanded to include inter- and intra-organization workflows.
A PwC report has this to say:
“Having a third-party intermediary involved in a mortgage transaction can cost as much as 1% to 2% of a property’s value. Blockchain could reduce or eliminate the need for a third-party intermediary in the mortgage process and instead allow two parties to interact directly.”
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