UBITQUITY ANNOUNCES BLOCKCHAIN-POWERED CLOSINGBLOCK SOFTWARE TO COMBAT WIRE FRAUD
The innovative leader in blockchain solutions for aviation, land title, and the real estate closing space provides a safe place for escrow closings with ClosingBlock™.
Wilmington, Delaware, USA — September 3, 2020 — Ubitquity LLC, the enterprise-ready blockchain-secured platform for real estate and title recordkeeping, has announced that in the fourth quarter (Q4) of 2020 it is launching ClosingBlock™, a software module value-add to the unanimity Blockchain-as-a-Service (BaaS) platform.
“We are excited to announce the launch of such an innovative product that will help improve efficiencies in the escrow closing process. Wire fraud is a major pain point for the real estate closing industry, Ubitquity’s Blockchain-as-a-Service offering provides the remedy to cure this ailment,” said Nathan Wosnack, Ubitquity Founder & CEO.
“Cybercrime and wire fraud is running rampant lately. Our team at Ubitquity takes this threat very seriously, we believe that ClosingBlock™ will pave the way for the highest level of secured digital and hybrid eClose transactions,” stated Ian T. Staley, MSM, Ubitquity Chief Business Development Officer (CBDO).
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. ClosingBlock™ 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 unanimity platform and API. The turnaround time for blockchain integration is quick, and in most cases it can only take days to go live.
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. Learn about ClosingBlock™ and how it can help your firm by visiting www.ubitquity.io/closingblock/.
Sahar Hariri, Sr. Client Account Manager
t: 1+ (724) BITCØIN [248–2046]