Financial services and mortgage company TMS announced it has received provisional approval for three blockchain-related servicing patents.
The company explained that through its subservicing platform SIME, or Servicing Intelligence Made Easy, the three patents will introduce servicing data and records to the blockchain for the first time.
In May last year, TMS filed the patent applications with The U.S. Patent and Trademark Office over the use of blockchain for servicing. The patents capitalize on the advances of SIME and increase the platform’s infrastructure.
“This is a giant and exciting step forward for servicing technology,” said TMS President Ali Vafai. “We’re proud to be pioneering these ground-breaking advancements that enhance how servicing data is being used across the country, tapping into the wealth of data that is out there to better benefit consumers and equip lenders.”