Web 3: Loans, Credit and Mortgage Markets to Transform

Updated: 6 days ago

The world is globalizing rapidly; most of our day-to-day life has evolved to something different compared to what it was a decade ago. Money and wealth are being diversified in a clear trend towards cryptocurrency. Bolstered by major investors around the world, investors like Elon Musk. CEO of electric car maker Tesla. That company, ahead of the curve has started accepting payments in the form of Bitcoin, making Tesla the first US car company to accept the Bitcoin cryptocurrency as a payment method.

Security of Transaction

Whether it’s sharing information between financial institutions or applying for a mortgage, the possibility of fraud is an evergreen threat to the lending industry. Online, people often become a victim of fraud as they put their information on insecure sites, which leads to disclosure of their personal information. This can of course lead to loss of privacy as well as financial losses. Web 3 and decentralized cryptocurrencies stores information on decentralized blocks, making it easier and safer to share information between financial institutions while making the transaction safer for the end-user.

Faster and More Efficient Loan Processing

Cryptocurrencies and Web 3 technology make the process of acquiring loans faster than the traditional ways. Blockchain technology is, by it's nature a more elegant and egalitarian system that is more transparent than centralized lending. Blockchain-enabled mortgage lending companies, for example, offer a secure way of providing personal loans to the borrower. Traditionally, when an applicant applies for a loan through a bank, the bank checks out your credit score, debt-to-income ratio, and other factors, then decided whether to approve or deny your loan. However, Blockchain technology opens up the possibility of peer-to-peer (P2P) loans that makes the entire loan acquiring process cheaper, efficient, faster, and secure. But most importantly of all, less prone to bias in lending.

Giving Access to Global Market

The cryptocurrencies that run on the blockchain are the underpinning of Web 3. This decentralized model removes the middleman in transferring asset rights, resulting in lower asset exchange fees and giving access to broader global markets to the borrowers and the lenders.

Brego Projects More Fair Lending and More Global Development

While nobody can truly predict the futer, but if past is prologue, the development of Web 2 allowed us to bring producers and consumers together and allowed us peer to peer (P2P) data connection on a global scale, similarly the emergence of Web 3, backed by blockchain technologies will be a revolutionary driving force in every sector of society, especially in Decentralized financing. (Defi)

Web 3 promises to remove the middlemen from the lending equation and reinvent the way lending is done. The safety protocols of Bitcoin can be taken as a good example of what we could expect from other cryptocurrency protocols over the internet. Bitcoin has several layered security systems; each layer has its gateway that needs to be unlocked before going on to the next one and can’t be broken without prompting an alarm.

Final takeaway

Web 3 would, for the first time, enable us to have a value settlement layer over the internet, allowing us to send peer to peer copies without involving any intermediaries and give the immediacy of the token economy. But Brego sees the biggest benefit being the increased efficiencies in the lending market and an overall system that is both egalitarian and fair to borrowers. Let’s hope for the best!

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