This unprecedented use-case study was completed in 2017. It addressed several issues including:
- Can you legally transfer ownership of real estate on the bitcoin blockchain?
- Can a blockchain real estate title transfer be recorded in the government public records?
- Can you do both without needing special permission or partnership with the county government?
The pilot program was a consensus, volunteer effort with talented individuals and organizations who represented public and private stakeholders. These participants included; velox.RE, Hogan Lovells Law Firm, leaders from the International Blockchain Real Estate Association, the Cook County Recorder of Deeds, law firm Goldberg Kohn and others from title insurance, the public notary sector and technology sector who lent their expertise for specific issues.
This report also addresses the fragmentation and centralization of land registry systems that produce many pain points stemming from inefficiencies and bureaucracies that blockchain adoption can eliminate.
If you are researching blockchain use in real estate this report will be helpful in your overall understanding of the various issues.
Here is the link to the entire report:
John Dean Markunas is a real estate industry Blockchain Adviser and Front-End Business Development Consultant with a global outlook. He is the Principal Consultant with Power of Chain Consultancy.
John is an active member of the International Real Estate Blockchain Association (IBREA) with both the New York City and São Paulo, Brazil IBREA Chapters. He is also a member of the Government Blockchain Association (GBA) and the Leader of GBA’s Land Titling Working Group, which is dedicated to developing best practices and communication tools for educational outreach to land registry offices on a global basis.
For more information on blockchain use in the real estate industry contact John at firstname.lastname@example.org