An augmented reality based property valuation further enhanced by blockchain and data science to provide an end-to-end mortgage application processing platform✨📱
Mortgage industry has been around for a long time but has not improved the processing times for end to end mortgage application processing. This is due to the archaic technology and processes still followed by the parties involved in the mortgage food-chain. Currently it takes on an average of 40+ days from submitting home loan application to closing the loan or settlement of funds.
Given the advancement in Augmented Reality technology, it is imperative for this very pen and paper process to catch up with the emerging technologies. Blockchain mortgages has a potential to disrupt the existing processes and could eliminate costs and inefficiencies thus improving closing time line and saving a lot of fees that are currently charged in each step of application processing.
Combining Augmented Reality, Data Science and Blockchain, Spark aims to provide a new end-to-end mortgage application processing which ensures efficient, effective and timely reslution of application in a transparent manner.
- Xcode 10.1
- ARKit 2
- Swift 4.2.1
- OpenCV 3.4.2
- R.swift 4.0.0
- Ethereum
- Ganache CLI (Choice of Ethereum Client) (EthereumJS)
- Solidity 0.5.1
- Truffle Framework
The end-to-end solution is made possible by Swift and React Native which allows us to make a mobile application and a web application for the mortgage applicants and the banks respectively. In order to ensure that the powerful tehcnologies being used in the backend are only used to serve the user and not scare them, we are expecting to neatly package the entire backend suit into a final iOS application which handles all the necessary key views provided to the user.
Let's delve into the three key technologies which power Spark.