We’ve often heard blockchain will change every aspect of our lives—and it’s honestly not far from the truth—especially if we view it from a transactional or processing perspective.
Blockchain was first conceptualized in 1991 by Stuart Haber and Scott Stornetta. But for about two decades down the line, there was no significant growth until Satoshi Nakamoto brought in the idea of decentralization with cryptocurrencies featuring Bitcoin.
Like every other trendy technology, it can be quite challenging to get your head around blockchain and how it applies in the mortgage space. That’s especially true if you’re not tech-savvy or you’ve conditioned yourself to the conventional centralized system for most of your time.
For the longest time, the finance industry has been a conventionally analog domain, but not anymore—thanks to the ever-dynamic technology. From Traditional Finance (TradFi) decades ago through Centralized Finance (CeFi) to the current trend—Decentralized Finance (DeFi), the trajectory is potentially going to remain exponential.