NYC explores blockchain to cut back deed fraud
New York Metropolis’s Division of Finance is working to develop a blockchain proof-of-concept that might make information in property paperwork clear and immutable and detect and cut back deed fraud.
Working with Medici Land Governance (MLG), the Finance Division will discover the feasibility of utilizing the expertise to file property paperwork, which is at the moment recorded and maintained within the metropolis’s Automated Metropolis Register Data System. For the proof of idea, MLG will use its Actum public information product to develop a parallel service that simulates the recording of 500,000 information on the blockchain. The blockchain information might be accessible by means of a Division of Finance-specific person interface the place they are going to be examined for accuracy.
The venture goals to display blockchain’s capability to enhance safety by lowering probabilities of intentional and probably unnoticed fraud, limiting potential assault vectors and growing transparency, MLG officers stated in a press assertion. If profitable, they stated, the proof-of-concept “might result in a pilot venture which can present in-depth discovery, prototyping, and person testing of operational effectivity enhancements for present enterprise processes and options for the prevention of deed fraud.”
“Blockchain expertise has the potential to revamp how property paperwork are recorded in New York Metropolis and assist forestall deed fraud,” DOF Commissioner Sherif Soliman stated.
This system additionally establishes a basis for broader blockchain use by town, MLG officers stated.
Wyoming’s Teton and Carbon Counties have moved their land titles to MLG’s blockchain-based land file and data platform to make sure immutability of information and clear chains of title.
The corporate, which is a subsidiary of Medici Ventures, Overstock.com’s wholly-owned blockchain accelerator, has public-sector clients in Africa, Mexico and the Caribbean.
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