Lending Biz Gets Blockchain Proof System

Announcements, Blockchain, FinTech, Innovation, Regulation | July 5, 2017 By:

Global Debt Registry (GDR) has completed a secure permissioned blockchain proof of concept (PoC) that is designed specifically for the online lending industry.

GDR is a private equity backed FinTech company, based in Wilmington, Delaware, that is focused on assuring the certainty of assets for institutional investors and warehouse lenders in the online lending market. The company is backed by a $5 billion private equity firm with a team of senior executives from Bank of America, Barclays and Thomson Reuters.

The blockchain PoC aims to provide investors and senior lenders in the online lending space with a safe and secure way to confirm loan ownership and collateral interests across companies within the ecosystem. It will also provide investors with an immutable audit trail and a single, consistent source of core loan data, allowing them to manage underlying loan data more confidently and ensure proper validation of their loan portfolios.

GDR worked with three leading blockchain platforms – Hyperledger, Ethereum and Chain – to develop the blockchain PoC. The company has also been participating in strategy development with the Wall Street Blockchain Alliance and Structured Finance Industry Group (SFIG) Blockchain Task Force, two organizations committed to increasing industry adoption of distributed ledger technology across financial markets.

“We are excited to be driving the technological innovation of blockchain, bringing new value to the world of online lending,” said Global Debt Registry president Charlie Moore. “By harnessing blockchain capabilities and applying them to our collateral pledge management and asset validation tools, we are able to deliver new levels of confidence and certitude to our partners in the investor ecosystem.”

“We see the real value of blockchain, and it’s much more than a buzzword or an industry trend,” said Global Debt Registry CTO Robert Brown. “Blockchain technology is ideally suited to the set of solutions we offer clients – it enables our clients to have an immutable, consistent view of the state of a loan across its entire lifetime, thereby increasing trust and certainty around lending activity. As blockchain technology matures and standards are created, we look forward to playing a lead role to represent the investment community in this new asset class and enable future value creation through the use of smart contracts.”