Possible Bank of America deal in the works.
http://www.figurefinance.com/NewDetail_5_3760Factom suggests that 10 billion pages of legal documents must be transferred when Bank of America acquires Countrywide, the largest US mortgage provider. It was an annoying record review that eventually allowed Bank of America to spend $ 17 billion on legal processes. Factom is developing a system to enable the bank to digitally enter each of the original mortgage documents, enter each record of the subsequent payment into the directory block, hash the reference data in the block chain, and establish a link with the business logic. Before the review, mark the missing credit assessment or title document. This can also audit the record, verify that the record was upside down and tamper with.
"The potential penalties that have led to the failure to comply with the regulations are so great. After the crisis, the bank's record-keeping regulatory requirements almost partially free the banking sector," said Kirby. "Prior to compliance with regulatory records, Collect data and mark it with time. "
We are not ready to announce any progress, but we are working on a very compelling partnership to bring the technology to the market, " said Kirby. " Now, the data layer is working on Bitcoin The block will run in the future and will run on the Ethereum and Ripple. "This is a huge reward: data collection, record keeping, and monitoring of each financial instrument used for bank loan guarantees. The bank decided to embrace this.
