ClosingBlock™ provides a secured, virtual solution to meet the need for enhanced digital escrow closings. One Block At A Time®.
PAIN POINT: WIRE FRAUD IS RUNNING RAMPANT IN THE REAL ESTATE CLOSING PROCESS, AND ITS LIKELIHOOD OF OCCURRING HAS INCREASED DURING THE COVID-19 PANDEMIC.
ClosingBlock™ integrates seamlessly into any real estate closing software stack — the secured virtual closing environment receives pushed data by way of Ubitquity’s RESTful API unanimity. The inventive product proceeds to validate trusted parties involved in the closing transaction, ensuring that only interested parties are allowed into the virtual closing room to verify and confirm wiring instructions.
It provides a secured, virtual solution to meet the need for enhanced digital escrow closings. If the closing is performed via a digital notary then the closing can push that data from the RON (Remote Online Notarization), RIN (Remote Ink-signed Notarization), and other eNotary ceremonies over to the ClosingBlock™ to confirm, validate, and verify that all things are in order and that the wire can indeed be released for transfer.
It leverages smart contracts via SmartEscrow to create the rule sets. The ClosingBlock™ product serves as that third-party verifier of data, providing a secured virtual environment for wiring instruction processing, and it is a validator of trusted parties in an eClose digital and hybrid transaction. The blockchain-based platform allows companies to create any digital asset and certify its existence at a specific moment of time, as well as the traceability of the changes of states or values of its attributes. The data is stored in an immutable and permanent way, with highly reliable cryptographic mechanisms via our robust unanimity platform and API.
The ClosingBlock™ software modules will be available to integrate into your existing workflow immediately.
BAAS AND API FEATURES WITH SECURE STORAGE
The Ubitquity Baas Platform and API, called unanimity, is the platform that powers the ClosingBlock™ product. It utilizes blockchain and off-chain data storage. This enables users to ensure the authenticity of information related to the land or property in question, in particular, its current ownership and all the historical transactions. In addition, the non-encrypted metadata regarding transactions, among other contents of all formulas, are stored in a centralized database, with encrypted decentralized storage (via StorJ, IPFS) & Amazon AWS for clients who require it.
FEATURE-RICH SOFTWARE (SMART & RICARDIAN) FROM UBITQUITY® THAT IS READY FOR THE TITLE INDUSTRY AND ALL OTHER INDUSTRIES…
Once the data is on the blockchain: It can be recycled for future closings. The cryptographic hash of the data is the equivalent of an immutable time-stamp.
Open Standards are used: This allows for real time collaboration in a secure environment that’s open to all for a future starter exchange/consortium among industry players if necessary.
Ricardian Contracts are used: These are natural language contracts that store pertinent data as machine readable information for future data ingest.
Read more about what is included, by visiting the unanimity (Baas + API) platform page.
About Ubitquity, LLC
UBITQUITY, the enterprise ready blockchain-secured platform for real estate recordkeeping, offers a simple user experience for securely recording and tracking property deeds and land records. The company is partnered with academia, aviation companies, municipalities, and real estate companies. Version 1.1 release of the platform is now available at www.ubitquity.io.