REGULATORY COMPLIANCE AND BLOCKCHAIN IN MORTGAGES: LEVERAGING TRANSPARENCY AND EFFICIENCY FOR A SECURE FUTURE

Abstract

The mortgage industry, a cornerstone of the global economy, grapples with intricate regulatory compliance challenges that demand innovative solutions. This research explores the transformative potential of blockchain technology in addressin regulatory compliance issues within the mortgage sector. The literature review delves into key regulatory requirements, historical challenges, and the foundational aspects of blockchain technology. The methodology involves a dual approach of reviewing existing blockchain implementations and analyzing current regulatory compliance measures. The paper examines blockchain's capacity to ensure transparent and auditable transactions, automate compliance processes through smart contracts, and mitigate risks associated with non-compliance. Successful case studies underscore the practical benefits of blockchain in achieving regulatory compliance objectives. The challenges and considerations are scrutinized, encompassing resistance from traditional systems, technological hurdles, and legal and ethical concerns. Despite these challenges, the research underscores the efficiency gains and risk mitigation benefits offered by blockchain, including streamlined processes, reduced administrative overhead, and enhanced data security. The future outlook anticipates potential developments in blockchain technology and the expected evolution of regulatory frameworks. The conclusion summarizes key findings, highlights implications for the mortgage industry, and offers recommendations for future research. The findings of this research emphasize the promising role of blockchain in reshaping regulatory compliance, paving the way for a more efficient, transparent, and secure mortgage ecosystem.