Actual property blockchain platform developer Ubitquity will construct a platform for creating tokenized property titles with Rainier Title, a info
Actual property blockchain platform developer Ubitquity will construct a platform for creating tokenized property titles with Rainier Title, a information report stated.
The platform will even log data of conveyance for the Washington-based Rainier Title. It’ll combine with the conveyance suite Qualia. Rainier Title is presently within the technique of migrating to Qualia.
Tokens created via the platform characterize a shopper’s property so title house owners have extra alternatives to develop new worth like a fractionalized possession funding in the actual property. Ubitquity stated in an announcement that having tokens characterize a property, together with data of conveyance saved on a blockchain, creates “big efficiencies for the summary course of.”
Ubitquity’s blockchain-as-a-service platform Unanimity lets shoppers add knowledge to the blockchain for an correct retailer of all data.
Together with the partnership with Rainier Title, Ubiquity can be addressing the rise of cybercrime. It constructed a wise contract module for escrow contracts referred to as SmartEscrow. Its intention is to permit simple retrieval or reuse of information with out the necessity for additional verification. The corporate stated with the know-how closing brokers can higher keep away from fraud since there’s solely a single supply of reality and reconciliation is now not wanted.
Tokenized actual property was as soon as probably the most talked-about initiatives in years previous. However delays in getting it off the bottom have precipitated some to query its viability. Nonetheless, utilizing blockchain know-how for title tokens are nonetheless seen nearly as good for the actual property business.