Inroduction
Block66 is the first of it kind as it brings totally another different dimension as to how mortgage finance are handled through it decentralized platform. Block66 is a decentralized system that uses blockchain technology for mortgages. It provides a marketplace where institutional and private lenders are connected with active borrowers on the Block66 platform via a broker using a token. it runs on Etherium network. As a decentralized system and the existence of cryptocurrencies which makes it not a necessity for bank intervention in the processes of mortgage on Block66, Block66 can connect lenders with borrowers from different part of the world.
Loan activities on Block66 are carried out using a smart-contract that allows token to be use as means of transactions. Smart contract on Block66 enable quick access to loan funds from lenders [investors] to borrowers. And with the marketplace on the Block66 platform providing a competitive ground, it gives room for transparency and allows borrowers get the best offer on the platform as there are many brokers willing to get a borrower for their clients.
How does Block66 Works?
Block66 is a decentralized application that uses blockchain technology in handling mortgage finance on it decentralized platform. An investor [Lender], can be a private lender or an institutional lender, applies to give out loan on the block66 application through a broker who helps find a borrower on the platform. A lender is allowed to trade on Block66 after being properly and thoroughly screened by Block66 with respect to criminal records, license verification, proof of residence, credit reports. With the help of it API technology, Block66 is able to screen both lender and borrow and also help to detect any form of fraud.
Smart Contract
Smart contract on the block66 allows an investor [lender] and a consumer [borrower] initiate an agreement to a loan by the use of token for such transaction. When a lender gives out loan on Block66 the loan is represented with ‘PoL token’ as a form of recovery option for investor in case a borrower defaults payment,which can be traded on the platform thereby providing liquidity to lenders and also attracting more investors with it low risk aided by the tradeable token.
Characteristics of Block66
●Low cost
●Low risk
●Decentralized platform
●Geographical lending
Block66 Tokens
●B66: The main token for the Block66 platform and it is used to generate the Block66 Network Token(BNET)
●BNET: An ERC-20 standard token used to power all forms of transactions on Block66 platform.
●PoL: Are token given to lenders at the end of a loan transaction as a recovery plan, which are tradeable on the Block66 platform to new investors in case a borrower defaults payment.
Conclusion
Block66 is a major breakthrough in the loan market system. it is a more comfortable way of handling mortgage finance because öf it decentralized efficiency and risk free thanks to it API technology. With Block66 the future of mortgage on a decentralized system is bright.
För more Information and Resources please visit:
Block66 website
whitepaper
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Bounty0x username: tonyryce
This is indeed a good work
Thanks for making me understand well
thanks @uraniumdavid..you can read more on Block66 by visiting their website
Nice job. @tonyryce95
Thanks dude..do well to visit Block66 website for more information and resources
A solid initiative for the mortgage finance industry . B66 will help promote transactions by eliminating expenses incurred by a third party broker since borrower to lender are simply connected on the p2p network !
Couldn't be written any better . Great job on this ,@tonyryce95
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