Blockchain Lien Alert System Introduced by Real Estate Startup Ubitquity
The blockbuster real estate startup Ubitquity is introducing a blockchain monitoring solution that allows lenders to be notified of a privilege placed against them.
Headquartered in Delaware, Ubitquity builds a software-as-a-service (SaaS) platform using blockchain technology. Its platform allows users to ensure the authenticity of information related to the land or property in question, in particular the current property and all historical transactions.
Called Lien Alert, the new blockchain solution offers lenders a tool to protect their credit and prevent fraud. It is designed to help lenders and owners learn about potential foreclosure filings on real estate, including deposits of legitimate privileges that a lender would like to know. Whenever an important property document is presented, the lender and the owner receive a notice via text message and e-mail. Alert hashes are encrypted and stored on the blockchain via the SaaS platform and the Ubitquity API.
"The placement of illicit, invalid or fraudulent privileges is a growing concern in the United States and Canada," the company said. "While some illicit or invalid privileges against individuals or companies are due to administrative controls, privilege fraud is a new favorite with thieves and identity cheaters." An undiscriminated fraudulent privilege can cost thousands of dollars a person to solve it. and, in the worst case, it could lead to confiscation of property ".
Nathan Wosnack, founder and CEO of Ubitquity, believes the strength of Blockchain's immutable ledger, along with a rapid database scan, as well as industry-government cooperation, is key to preventing fraud involving indulgences and identity theft in the future.
The Lien Alert service is currently accepting pre-registration in anticipation of its release in 2019.