Blockchain Cuts Home-Equity Loan Times From Weeks To Days

As blockchain technology steadily integrates into traditional finance, Provenance Blockchain Labs CEO Anthony Moro offered a preview of what lies ahead. As the crypto industry prepares for the Benzinga Future of Digital Assets event, Moro described the impact of blockchain on financial operations while addressing ongoing regulatory challenges.

Blockchain Adoption for Real-world Assets

Moro explained that Provenance Blockchain now holds approximately 70% of all real-world assets on a public Layer 1 blockchain, making it a central player in the shift to digital assets.

"Provenance Blockchain has approximately 70% of all of the real-world assets on a public Layer 1 blockchain, so we've been in the fortunate position to see the adoption of blockchain technology by financial institutions first-hand," he noted. Moro highlighted that this transformation has accelerated from early concepts to full-fledged digital assets now embedded in blockchain.

One example Moro shared is the adoption of blockchain for managing U.S. home-equity lines of credit (HELOCs). Today, nearly 10% of these HELOCs are ledgered on Provenance Blockchain, reducing issuance times from 30-45 days to just a few days and creating savings for borrowers and lenders. "Being digitally native, these HELOCs are creating more than 100 bps of savings for borrowers and lenders and reducing the issuance process from 30-45 days to 3-5 days, with instant approval," Moro explained.

Regulatory Support for Continued Progress

While Moro expressed enthusiasm for blockchain's impact on finance, he also pointed to regulatory clarity as essential for its continued expansion. "Like all new technologies, there are some challenges, one of which is the uncertain regulatory environment," he stated.

Moro called on policymakers to establish rules that ensure investor safety. "We encourage lawmakers and regulators to implement clear guidelines that protect investors and stimulate growth in the digital economy," he said.

As the Benzinga Future of Digital Assets event approaches, Moro is set to delve further into blockchain's role in finance. His perspective underscores blockchain's capacity to streamline and reduce costs in financial services, with regulatory clarity remaining essential for future advancements.

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As the digital asset market continues to mature, the convergence of regulatory shifts, M&A activities, and adoption trends will define the future of this dynamic field. Benzinga’s Future of Digital Assets event in New York City this November will provide industry leaders and investors with a platform to explore these developments further, offering insights into the evolving regulatory environment and the latest market dynamics.

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