Ubitquity Announces First US Blockchain Property Pilot
Blockchain real estate company Ubitquity has announced its first ever US pilot scheme through a partnership with Virginia-based Priority Title & Escrow.
Also read: Here’s Why Your House is ‘Much More Valuable’ on the Blockchain
Partnership To ‘Help Legitimize’ Blockchain Deeds Transfer
Ubitquity’s first venture since its limited release in September sees it provide immutable original records through its software-as-a-service platform. Priority Title & Escrow already handles deed ownership on a national level, as part of its work as a full service title company.
In a press release issued Monday, Ubitquity founder and CEO Nathan Wosnack said, “Having trusted partners to secure verifiable title information to Ubitquity continues the transition of a centuries-old paper title system to a new information age system”.
The company had announced the prototype of its real estate platform in March, with a limited release “for select real estate and title companies” appearing last month.
Its debut with Priority Title & Escrow marks a US market integration for its full-service Blockchain title register, with Wosnack confident that Blockchain’s potential could quickly reshape how business is conducted in the sector.
“Ubitquity will simplify the process of tracking and recording to enable a long-term chain of custody of title,” he continued. “By recording this and all future documents/events in that property’s future, a publicly accessible, immutable record on the blockchain is created, making future transfer easier and less costly to research.”
He added that Priority Title & Escrow “will help to legitimize this important process.”
Future Of Deed Transfer ‘Depends On Trust’
Blockchain real estate is itself in a nascent phase. Other initial implementations are occurring outside the US, for example in Dutch startup Biccur’s Blandlord, which will allow ‘shareholding’ in international property using Blockchain as proof-of-ownership.
LaMontagne’s enthusiasm could easily prove infectious. Real estate deeds are an area still marred by legacy system inefficiency, leading to poor value for money in countries like the US and even large-scale fraud elsewhere.
“The future of Settlements will be determined by our ability to create a trusted and secure way to sign, notarized and record our closing documents. The blockchain has immense untapped value as it relates to all three aspects,” LaMontagne said.
Ubitquity meanwhile has had a busy few months since its March prototype release. Following its partnership with European venture Bithouse, the company recorded its first real property ownership transaction in July.
What do you think about Blockchain real estate ownership? Does it have potential in developed markets? Let us know in the comments section below!
Images courtesy of Shutterstock
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