Lloyds Bank is betting on a future where shopping at home could be as easy as pressing a button – Thanks to an unexpected mashup of Blockchain and Artificial Intelligence.
The CEO of the Bank, Charlie Nunn, told the guests at the global banking conference that the combination of “Tokenised Deposits” and AI can transform the entire chain of domestic purchases.
In this scenario, the customer's money will exist on the block – yet it is still a real, regulated deposit.
Money can be integrated into “smart contracts” to automate transactions such as document exchange, asset valuation, payments or legal transfers.
Nunn said, this could do a lot to cut down on speed – and speed up – the standard loan process.
Burners say, this is not some distant dream. The deposit-tokenised system was heard across the UK and the bank wants to make a fully functional version available by 2027.
Pairing blockchain with AI isn't just speed – for the bank, it's an opportunity to refinance.
By automating the repetitive parts of any given process (such as payment or document flow) through smart contracts, and previously relying on human error and AI models), AI models can play a role in these solutions.
It's an attempt to make financial services feel more like your smartphone, and less like filling out endless forms.
Now, there are a few “Ifs,” of course. This type of Tech Leap is highly dependent on regulatory approval, the infrastructure is being rolled out not only to the entire real estate industry but also to the legal and banking sectors – and, most importantly, to trust the system of loans supported by Blockchain.
Will the homebuiyers, real estate agents and lawyers wake up on time? That remains to be seen.
But if it works – and assuming Lloyds pulls it off, let's question all the rest of the repetition for the sake of Anecdote Take! – After that perhaps what we are witnessing is a whole new era: one where buying a house is no longer a climb up a mountain made of papers, but presses “purchase” within the application.
