MICRONATIONS — A CASE FOR A BLOCKCHAIN-POWERED PROPERTY RECORDING SYSTEM

  • According to the American Title Association¹ 30% of property titles are found to be defective at a time of a real estate transaction. The annual cost to cure these errors is an estimated $2-$4 Billion in unnecessary expenses. In emerging markets, traditional land registration systems carry large transaction and financing cost burdens.²
  • Defective claims are a consequence of manual paper recording wherein deeds, mortgages, leases, easements, court orders, and encumbrances associated with a property are recorded in a “chain of title”, exposing the integrity of the record system to human error within centralized record systems.
  • Security weaknesses continue to exist and they are growing significantly. Not only is there simply more information siloed in databases, but the possibility for human error has increased.
  • As decentralized digital identity systems become more widely used, cryptographic signatures of verified users and relevant parties (insurance / mortgage companies and respective lawyers) allow for transfers of ownership of digital assets to be as straightforward as bitcoin transactions.

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Ubitquity LLC

Ubitquity LLC

Ubitquity, LLC was founded on September 15, 2015. We are based out of Wilmington, Delaware, USA, with staff, an advisory board, and partners located worldwide.