One of the most promising applications for blockchain technology in real estate is to accelerate transactions. SafeChain is a startup whose main priority is to work with – instead of eliminating – local government officials who manage most of the registries behind the scenes
Blockchain is the technology behind bitcoins and other cryptocurrencies. The distributed and safe ledger follows every financial transaction, recording and timestamping every change. It also takes place without the intermediary of an intermediary, such as a bank, reducing both time and costs.
Tuesday, in a collaboration with the auditor's office in Franklin County, Ohio, SafeChain is set to register, through blockchain, sale of 37 properties sold through a confiscation auction. To make an offer, potential buyers will register through the auditor system. After the transaction has been awarded, SafeChain will help transfer ownership by adding a barcode to the paper document. The buyer can then retrieve the rest of the relevant documents on blockchain.
The pilot program is a way to test how the implementation of these changes will affect local government offices before being tested with traditional transactions.
the first step before moving on to standard rights and mining rights.
SafeChain is based in Columbus, Ohio. In Washington County, Ohio, they are working on a project to eliminate duplication of records. In Perry County, the start is helping to develop a digital version of the auditor's signature. The company has a four-year roadmap to obtain all Ohio real estate transactions registered via blockchain. This goal was partly adopted thanks to the encouragement of state legislators who approved legislation that explicitly supports blockchain as a legitimate form of transaction and record keeping.
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"The role of our office is to oversee the transfer of ownership between buyers and sellers, we recognize that in the immediate future blockchain will provide a safe way to accomplish this, "said Franklin County Auditor Clarence Mingo. "It's a huge step forward for real estate, and the local government must be part of it."
As a result, SafeChain is working with a format – an authorized public network – that guarantees special accounts that allow officials to maintain their authority. The reviewer and a recorder will be authorized to make changes that could not be made through a regular blockchain.
SafeChain also offers SafeWire, a fraud prevention software for title agents. The company was launched at the end of 2016 and raised $ 3 million in initial funding.
Email Emma Hinchliffe