An experiment on data exchange when registering a mortgage using the Russian technology of the Masterchain distributed registry will be held from December 1, 2021 to November 1, 2022, according to the decree signed by Prime Minister Mikhail Mishustin.
The implementation of the project is entrusted to the Bank of Russia jointly with Rosreestr (The Federal Service for State Registration, Cadastre and Cartography), the Ministry of Digital Development and Dom.RF, an integrated housing development institution.
During the experiment, the departments will have to test the technology and analyze the risks, as well as create conditions for the emergence of the state information system Goschain based on the components of Masterchain.
Electronic mortgage certificate, which indicates the owner's right to property encumbered with a mortgage, is necessary to the process of converting mortgage transactions into digital format, the document says. In addition, the total time of data exchange between participants in mortgage transactions based on blockchain technology will decrease from several days to several hours.
The Masterchain platform has been developed since 2016 by banks within the FinTech association under the auspices of the Central Bank. At the end of 2019, Masterchain passed the FSB certification and was put into commercial operation. VTB and MTS were the first in Russia to carry out a transaction to issue a bank guarantee using the Masterchain blockchain platform.
The Central Bank of the Russian Federation
Ministry of Digital Development, Communications and Mass Media of the Russian Federation