Blockchain solutions for mortgages in Sweden by ChromaWay

Blockchain solutions for mortgages in Sweden by ChromaWay


So thank you for
having me today. My name is Or. I’m one of the
co-founders of ChromaWay. We are three co-founders,
10 people, offices in Sweden and in Israel. Now, this is the problem
in the mortgage transaction and this is why it’s taking
so long and so hostile, and can be manipulated to afford
for you to get a mortgage. Usually up to one month. All of those different actors
that usually aren’t syncing in with each other which are
still using manual papers to move them back and forth. Now, this is our solution. We built a Smart
[? contract ?] product based on the BlockChain which
is automating business, processes, workflows. So not only we are automating
the business process itself, we are giving a new customer
experience to the consumers so we can get a mortgage within
a few days instead of one month plus in a safe and
decentralized and secured way. Now, this is our solution. Basically we split
it into three layers. So basically, we created our
Smart [? contract ?] language, which is specifically designed
for business processes and mortgage transactions,
and the new business logic. Now in the second layer,
we are allowing companies to pick where they
want to host that out of the contract, which means
they can host it on a cloud. IPVS or whatever. And the third layer is
the consensus level, which we are allowing
as well to pick as well between a private BlockChain
and any public BlockChain. Now, market size is huge.
$5.5 billion market in real estate technology
and $40 billion in relational database market,
which is an emerging market. And $1.1 billion is
invested in BlockChain tech. Now, this is all
the institutions that have invested in
BlockChain technology up to this date, which is a lot. And this is our complexion. We built a consortium
in the Nordics with two of the
largest mortgages banks in Sweden and
the Swedish lender just to itself, a consulting
company and telecom company. We’ve released an initial
pilot a few months ago on the whole real estate sale. We managed to reduce
the whole real estate sale from three months plus in
Sweden with a complex process and loaned to only a few days
in BlockChain technology. And since then we have evolved
and built that consortium. In March, we are supposed to
launch a sandbox specifically for our banking partners to
model their own workflows in mortgage transaction. And in the end of 2018,
and we are supposed to go live in production. This is our team. Alex Mizrahi is our CTO. He was the first in the
space to actually implement a BlockChain solution
called colored coins. In 2012, he actually led
the open source project for two years
until he formalized the official company. Henrik, our CEO, is coming
from an economic and finance experience. It’s the second company. We used to work for big
companies in Europe, such as NASDAQ. And me myself, I’m coming from
a marketing and IT background. I worked in my
family’s own company, in a couple of fields in
the marketing division. And then I finished
LLB law and I co-founded an early bitcoin
wallet called SafeBit, which had a few thousand users. Our team is coming from
companies like Google, Ripple, Technion in Israel,
company called Safello, which is one of the
biggest exchanges in Europe. Colu, Bitpay, and
also advisors that are coming from Stanford
University, Safello, R, Gyft, UBS, and LHV. Now, our business model
is hybrid open-source, proprietary, cloud
enterprise business model, which means that we
make money out of licensing official face support phase. And also a transaction
fee in the future. Now, real estate is
our initial market, but once on that market,
we want to also build the infrastructure
and the standard of any kind of BlockChain
use cases in the space. That’s it thank you.

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