Mike Cagney, SoFi’s CEO backed Ethereum over bitcoin as it offers better infrastructure applications. He said that if the dollar did not exist then bitcoin would have been fine but since the value of bitcoin fluctuates so much, it makes it nearly impossible to be used as a currency. While bitcoin is the original blockchain and has the maximum share of attention, it is not a very practical one, Mike added.
SoFi is into real estate business and started offering mortgages in the fall of 2014. In its title insurance process, it made use of old fashion methods to check the property’s ownership records. Now, the paper records will be moved to blockchain where the entire transaction record would be securely stored. At the same time, it will be easily accessible.
In order to generate revenue to fund the development of such a system, he suggested, the information could be encrypted, and SoFi could sell the key to unlock it.
SoFi is currency valued at more than four billion dollars and is finding new ways to use blockchain to make the title insurance better which is standard requirement of its home buyers.
SoFi is expected to launch the blockchain system later this year.