UBITQUITY ANNOUNCES TITLETOKEN AND INDUSTRY COOPERATION
Blockchain-powered TitleToken ecosystem is a shift in the way the industry will do business
FOR IMMEDIATE RELEASE
Wilmington, Delaware, USA — July 1, 2019 — Ubitquity LLC, the enterprise-ready blockchain-secured platform for real estate and title recordkeeping, is pleased to announce TitleToken℠: a token and marketplace that allows title token holders to list and market their tokens to title companies.
“TitleToken and marketplace will drastically change the way title and sold and purchased. Blockchain and tokenization technology has created a means to truly transform the title insurance industry. Ubitquity will be leading the charge with the industry to make this a reality.” said Wes Williams, Esq., VP of Title at Ubitquity.
With TitleToken, title companies will compete for the opportunity to insure via an auction, and will decide, based on the title data contained on that token, whether to insure all or a portion of the value of property. Title insurers can allocate their risk by cooperating and agreeing with other insurers to co-insure title to a specific property based on the status of the title token.
Title tokens are intended to function similar to a certificate of title under a Torrens system. Title companies can shift their risk onto other insurance companies by allowing for the opportunity to co-insure with other insurance companies who are willing to take on a portion of the potential liability.
The Ubitquity BaaS Platform and API, which compliments its existing platform launched in March 2016, 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 others contents of all formulas, are stored in a centralized database, with encrypted decentralized storage (via StorJ, IPFS) and Amazon AWS for clients who require it.
The TitleToken whitepaper can be read here. Ubitquity is working with the title industry to make this a reality and is inviting the industry to join its ecosystem. All title companies interested in working with Ubitquity as part of the TitleToken ecosystem can email info@ubitquity.io.
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, municipalities, and title companies. 2.1 RC (Release Candidate) version of their platform, unanimity℠, is now available at www.ubitquity.io/products.html.
Ubitquity Media and Investor Contact:
Sam Tannian-Reynolds
info@ubitquity.io
Tel: 1+ (724) BITCØIN [248–2046]
