Real estate blockchain platform developer Ubitquity will build a platform for creating tokenized property titles with Rainier Title, a news report said.
The platform will also log records of conveyance for the Washington-based Rainier Title. It will integrate with the conveyance suite Qualia. Rainier Title is currently in the process of migrating to Qualia.
Tokens created through the platform represent a client’s property so title owners have more opportunities to develop new value like a fractionalized ownership investment in the real estate. Ubitquity said in a statement that having tokens represent a property, along with records of conveyance stored on a blockchain, creates “huge efficiencies for the abstract process.”
Ubitquity’s blockchain-as-a-service platform Unanimity lets clients add data to the blockchain for an accurate store of all records.
Along with the partnership with Rainier Title, Ubiquity is also addressing the rise of cybercrime. It built a smart contract module for escrow contracts called SmartEscrow. Its aim is to allow easy retrieval or reuse of data without the need for further verification. The company said with the technology closing agents can better avoid fraud since there is only a single source of truth and reconciliation is no longer needed.
Tokenized real estate was once one of the most talked-about projects in years past. But delays in getting it off the ground have caused some to question its viability. However, using blockchain technology for title tokens are still seen as good for the real estate industry.
