Blockchain real estate technology company Property now records property sales and records title and escrow documents in NFTs as well as standard blockchain transactions.
With its recently launched Title & Escrow Service, the company – which sold its first token property, an apartment in Ukraine (apparently a few years ago) – has added the non-fungible tokens (NFTs) best known for holding Bored Ape. avatar, and an NBA slam dunk clip, to the toolbox.
Which is twofold: First, the tokenization of real estate deeds and other documents that have been talked about for years as one of the low-hanging fruits of blockchain document preservation is finally starting to be used.
But secondly, NFTs offer one advantage over title tokenization and the like. While transactions where documents are uploaded to the blockchain are as permanent and viewable, placing them on NFTs – which display different types of media – is a much more user-friendly experience.
Take the first known example of a title deed transfer, the sale of a condominium in South Burlington, Vermont, recorded in Ethereum blockchain more than three and a half years ago, in February 2018 – a year after the law make the document workable.
That is also handled by Propertythe CEO, Natalia Karayaneva, told TechCrunch earlier this year it has “all the necessary smart contracts and a compatible legal framework that allows the signing of real estate properties in the United States.”
Simplicity is important
As proof technology supported by crypto-tech, it’s a bit loose: It’s just a scan of paper-based and hand-signed documents which has, right behind, the news that has been recorded in a smart contractfollowed by a a long string of letters and numbers and a QR code that allows anyone to search for the block via the public Ethereum blockchain explorer website.
But more than following the code or the alphanumeric code to the public Ethereum blockchain explorer website takes you to a rather technical site that clearly shows the transaction record but requires some knowledge of scraping the actual title transfer document.
When it is easy to say that it does not really matter for a document that is usually of interest to buyers and sellers, lawyers and perhaps tax collectors. And the real purpose of the technology is to ensure that documents – which still have to be filed on paper as well – are searchable, won’t be lost in statehouse fires or require lawyers to spend billable hours looking for them. paper files that still record land sales around the country and the world. In addition, it is recorded securely and immutably on Ethereum, which means that it is recorded on everything more than 2,000 Ethereum nodes spread around the world.
However, when it comes to technology adoption, the truth is APIs and simplicity.
That said, there is a reason that real estate has been the target of blockchain developers interested in bringing the technology to industry: Not only is the chain of ownership almost everywhere a mess of documents that span decades and even centuries or more – there is a reason. A bank mortgage requires a title search that can cost thousands of dollars – the law is incredibly complex.
In 2013, a mentally ill man walked into the San Diego County Recorder’s Office and, with a properly filled out form, transferred control of the Padres baseball team’s stadium, Petco Park, to himself.
Does he have one? Of course not. But two years later, the team is still in court trying to fix the mess, The San Diego Union-Tribune reported reported. Imagine that it’s not a half-billion dollar stadium but a small house owned by someone without a lawyer on staff, and you see why some local and state governments are turning to blockchain-based land and title registries.
“Pain points for buying and selling property include a lack of transparency during and after the transaction, a lot of paperwork, the possibility of fraud, and errors in public records,” he said. “Blockchain offers a way to reduce the need for paper-based record keeping and speed up transactions – helping stakeholders increase efficiency and reduce transaction costs on all sides of the transaction.”
Therefore, it has received a lot of attention in developing countries with poor land records like India, Pakistan and Bangladesh, encouraged by organizations like the UN and the World Bank.
Another using newer blockchain technology to keep records is New York State’s Excelsior Pass, vaccine passport application built by IBM Blockchain in the Digital Health Pass application that allows entry to public places during the COVID lockdown. The Food and Drug Administration has
Singapore, which has embraced blockchain technology, has also created a Digital Health Passport, which “stores medical certificates such as COVID-19 tests and vaccination status, which can be independently verified,” PwC wrote in August article about how governments around the world are experimenting with blockchain.
In general, health care is one area that has gained most attention from blockchain supporters as the ability to store information immutably but only give selective access to real records makes them ideal for information that can be needed very quickly and accurately, but also contains very personal data.
Canada is already using blockchain and digital ledger technology built into a variety of digital ID and record-keeping pilot projects, including a biometrically supported Traveler Digital Identity System and a digital credential management system that PwC said to be issued “floating ‘project’ employees … a digital credential that gives a permanent, self-contained and secure record of skills and experience. The credential is recognized and accepted in the Government job market.
There are many other areas where blockchain is being tested, from defense contracts to police records to records and machines.
“No country, no government is trying to pilot blockchain,” PwC wrote. “Decentralized ledger technology is used in all areas of government, from defense to health.”
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