Title and Escrow company Rainier Title has teamed up with blockchain start-up Ubitquity LLC to develop a blockchain-powered platform for creating tokenized property title as well as parallel records of conveyances.
Ubitquity is the enterprise-ready blockchain-secured platform for real estate and title recordkeeping. Rainier Title is a title company serving the Washington State.
Rainier Title is in the process of migrating to conveyance suite Qualia, which is a cloud-based title, escrow, and eClosing platform that meets the industry's most stringent security requirements.
Ubitquity is now looking to develop a software that seamlessly integrates into Qualia. This will enable Rainier Title to provide its clients tokens that represent the client's property. This will give the title owner opportunities to create new value with their property such as creating fractionalized ownership investment opportunities.
The tokenized property title and a blockchain record of the conveyance would also create huge efficiencies for the abstract process.
Ubitquity's smart contract module will also help prevent cybercrime in the property industry. The data on the blockchain can be easily retrieved and re-used without a need for further verification. The data also becomes a single source of truth all parties can trust without the need to reconcile.
The smart contract module is a blockchain-based smart escrow contracts product named SmartEscrow that allows for reduced overhead costs and mitigated risks.
SmartEscrow allows closing agents to avoid and mitigate fraud. It allows the parties involved in a transaction to have the assurance that verified parties are sending and receiving funds from the proper source with secure wire instruction tools.
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