Meet Block66, mortgages on the blockchain
These days it is almost as if when you here of projects on the blockchain for those who are now conversant with it your first thought may be
well, it is just another project.
Maybe you have earned your right to think so but let me initiate you that looking at the unique feature of every project, you can tell where it is headed.
Block66 is not just another project on the blockchain here is why I know so...
Help me answer these questions;
Is mortgage still an issue in the world?
Do lenders have legitimate fears when borrowing?
Does the system frustrate the average borrower?
If your answer to any of these question is yes, then that is surely reason enough for the project to succeed, as they say;
Find yourself a need in the society and you probably found yourself a business for life.
From the whitepaper are some interesting facts about the flow of mortgages lately, like in the united states alone going historically, it shows that about 50% of the total mortgage loans were provided by the top three banks in the country and in 2016, there was a drastic drop to about 21% issued by these banks this shows that Without the practical use of technology, it’s near impossible for a broker to cover this vastly segmented landscape and provide the best loan options to borrowers. In other words, there used to be a concentration of this loans but lately, it is gradually being spread and if nothing is put in place to check the trend the borrower and lender stand a risk of missing each other in a crowded market.
Another stat that got my eye was that that says about 21% of the population in high income earning countries only have access to mortgages while a meager 2.1% is found in countries like India, what got me thinking is what then is the state of really poor countries?
I give you an instance, I live in Nigeria and although there are mortgage banks and all, the best and only place we hear of mortgages are on TV and social media, the system is so cumbersome and corrupt that it is hard for me as an individual to be eligible to get one, even those working for the government are not considered and of a population of over 180 million, I believe below 2% of that population have access to mortgages.
Block66 is aimed at correcting those mortgage ills listed above and much more highlighted on the whitepaper.
From the website, it goes that, 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.
There is a market for both parties, the borrower, and the lender and the market is automated, transparent and of course streamlined as all loans are presented at the PoL "proof of Loan" which can be resold to investors and provide liquidity for investors.
The smart contract technology makes it possible for us to tokenize this process of lending. Each loan comes with its smart contract which helps to track ownership of the token as well as the selling and minting of it.
When talking loans and mortgages another important factor to note is the security of the asset in the token in the case of bankruptcy, that too is covered with the DTF, the digital trust fund, it serves as a custodian and saves the agreement in the form of PoL as well as hold the mortgage with strict laws so as no one can claim it in bankruptcy, not the broker or any else.
The Block66 infrastructure is decentralized as we all know and built on the decentralized application dApp and runs with the Ethereum network, it is pretty easy for the Block66 platform to keep track of parties involved in the transaction as there will all be registered on the platform including criminal records and proof of residence amongst other things. Based on a personal risk/reward ratio, lenders can then select an investment from the offered mortgages to add to their portfolio. At this point, Block66 will present the broker with explicit, comparable fees, and interest rates with which to advise the borrower.
The token
BNET is an ERC-20 standard token. In the future, Block66 [company] will explore giving network participants the ability to withdraw BNET from the network so that participants can trade it on the open market; doing so would enable other B66 token holders to act as competitors to Block66 giving them influence over the pricing of BNET. The paid BNET will be burned and therefore removed from circulation.
From the meet B66 on the website
B66 is a limited supply token that when stored in a special smart contract generates the network’s native token - BNET, that is then sold via the platform to network users (i.e mortgage brokers). The revenues generated by the sale are distributed to BNET holders.
A detailed study of the whitepaperwill reveal a lot of details of the platform to show a real detailed analysis, one thing I consider eminent is that this project should and can do better if themon the places where this infrastructure is really needed. UniSStatestes for instance already has a level of mortgages and loan structure in place but in countritypicallyhblockchainre is relatively none existent, the project may do well too operating rate them into the plans, what the third world is really after is a system that will override the existing failed government structure and provide an independent solution typically blockchain structure, where there is a person to person interaction. They say, therefore, fore can be bypassed and persons who really need this kind of projects can benefit from it.
Block66 takes mortgages from where it is to where it should be, getting those who have the ability to finance mortgages to see those who need the mortgages keeping the situation-win-win for all parties.
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