Barclays, RBS Join Blockchain Trial to Speed Property Sales

Developer IPN says platform could save $160 billion globally
RBS’s Salmons says real estate industry is ripe for blockchain

Brick chimney stacks stand on the tiled rooftops of houses on a residential street in London, U.K., on Monday, March 17, 2014. U.K. Chancellor of the Exchequer George Osborne plans to spur construction in his budget by extending the Help-to-Buy program for new homes to 2020 and fostering the expansion of a commuter town southeast of London.Photographer: Simon Dawson

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April 4, 2019 at 4:00 AM EDT

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Some of the world’s largest lenders, law firms and real estate companies are turning to the technology behind Bitcoin to streamline the process of buying and selling property.

Barclays Plc, Royal Bank of Scotland Group Plc and Clifford Chance LLP were among 40 companies to test a new platform developed by Instant Property Network, a company backed by blockchain software firm R3. IPN said it could cut the time it takes to buy a house from months to weeks and, if applied globally, could result in an annual saving of about $160 billion.

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