Bermuda-based blockchain startup Viva Network is planning to create a comprehensive borderless mortgage products platform powered by blockchain technology. The company said the decentralized platform will connect mortgage borrowers with global investors.

It will run on an elastic cloud platform that will provide big data processing capabilities, resilience, and scalability. The platform will use ethereum smart contracts to underwrite and securitize private home loans into Fractionalized Mortgage Shares (FMS), which can be bought and sold on the Viva FMS Exchange, a secondary market exchange application.

The goal of the platform is to free millions of borrowers located in regions with high interest rates from their reliance on local financial systems. By using Fractionalized Mortgage Shares, the platform will allow investors to crowdfund mortgages of home buyers from anywhere in the world

The crowd-lending transactions will be conducted utilizing the company’s VIVA token, a blockchain-powered transfer vehicle, while the ultimate delivery of loans and mortgage repayments will be made in each party’s local fiat currency.

In addition to the proprietary mortgage financing system, the platform will include applications that will provide artificially intelligent capabilities like the Real Value 2.0 Home Valuation App and other applications that improve upon fundamental aspects of the borrowing/lending process.

These range from decentralized property appraisal software, credit risk assessment systems, and macro-data analytical tools. Wilson Carter, Chief Marketing Officer of the Viva Network, said mortgage rates have almost entirely been controlled by central banks, whose policy is influenced by the local currency and economic landscape.

Viva aims to leverage decentralization technology to cut out the middleman, leaving the inefficiencies of the banking system behind, and thereby providing better rates for borrowers and better returns for investors.

“With the advent of borderless blockchain based cryptocurrencies, we believe that mortgage rates should be dictated by the real factors relevant to the risk profile of a particular investment,” said Carter. “Viva creates a free market to do what free markets do best: disrupt, improve, and evolve.”