Gazprombank to move mortgage-note issuances to the Masterchain blockchain platform

Gazprombank, as part of its project to digitise mortgage transactions, will move the issuance of mortgage notes to the Masterchain blockchain platform. ForkLog was told this by the FinTech Association, which developed the platform.

The use of Masterchain will enable a paperless workflow and reduce the time to issue a mortgage note for a home loan from nine days to one, the Association noted.

Currently around fifteen market participants are connected to the service for issuing electronic mortgage notes on the platform.

In 2019, Masterchain obtained a certificate from the Russian Federal Security Service confirming that it uses Russian cryptography standards and complies with information-security requirements.

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