A blockchain trial has been completed with leading UK banks Barclays and RBS along with R3-affiliated Instant Property Network (IPN); the trial used test data to carry out simulated property transactions over a distributed ledger system over a five day period; the trial demonstrated that the real estate transaction process could be reduced from more than three months to less than three weeks; IPN suggested that, “using blockchain technology for the process could save the global property market about $160 billion annually.” Source.
