CommLoan announced today that it has entered into an agreement with Sparkle Blockchain to integrate a blockchain-based solution that will enhance the overall security of the company’s commercial real estate lending platform.
CommLoan provides a technology platform called CUPID™ that matches borrowers with hundreds of commercial lenders and thousands of loan programs based on their specific lending needs. Since its founding in 2014, the company has processed more than $680,000,000 in commercial real estate transactions.
“Data security is critical to maintaining our clients’ trust,” said Mitch Ginsberg, CEO of CommLoan. “We are always fine-tuning our platform and looking for new ways to ensure we have the right protections in place. I believe the integration with Sparkle Blockchain will allow us to add an extra layer of protection and differentiate our platform in the market.”
Sparkle Blockchain’s versatile data security solution, SparkleLOCK, provides a tamper-proof method for securing documents at-rest and in-motion. Through a combination of time-stamping, encryption, hashing, and blockchain key-based access management, SparkleLOCK ensures documents are original and unaltered.
“We are looking forward to working with CommLoan to integrate SparkleLOCK with CUPID™ to advance the standards for data security in the commercial lending industry,” said Victor Wong, CEO of Sparkle Blockchain, “With security breaches on the rise – there have been at least 344 in the U.S. in 2018 alone - it’s more important than ever for companies with sensitive financial data on their platforms to be proactive and have a comprehensive security posture. Advanced technologies like blockchain can provide the extra layer of protection today’s business requires.”
Learn more about Sparkle Blockchain's data security solution SparkleLOCK here.