Global firm Zventus recently revealed that it would launch a blockchain lab for the financial services industry with a specific focus on "modernizing the mortgage sector." The firm said the initiative will develop new products, services, and solutions to enhance the loan process to make loan processes more secure and economical.

Zventus says its Mortgage Blockchain Lab, which brings together mortgage domain experts, tech partners, and universities focused on blockchain R&D and delivery, could reduce costs for financial services firms by up to 50% per loan. It is targeting the creation of 1,000 new blockchain tech jobs by 2024.

"There's no doubt in blockchain's ability to disrupt the mortgage industry," said Angel Alban, President at Zventus. "The capabilities of a secure, transparent ledger without a central intermediary is taking off in Europe and Asia and gaining significant traction in the Americas. We're thrilled to be at the forefront of a technological revolution that will transform mortgage processing forever."