Ubitquity, developer of a blockchain-secured platform for real estate and title recordkeeping, has declared a new collaboration with Rainier Title. As part of the alliance, Ubitquity will develop a platform for creating a tokenized property title and parallel records of conveyances for Washington-based Rainier.
Blockchain is a technology developed originally as the recordkeeping technology after the bitcoin network, but over time, its usage has increased. According to Investopedia, blockchain aims to provide digital information to be recorded and distributed but not issued.
Ubitquity’s patent-pending BaaS (Blockchain-as-a-Service) blockchain platform named “unanimity” enables clients to input their data and save it on the blockchain. It also intends to provide an accurate audit of all the records.
Ubitquity Founder & CEO Nathan Wosnack considers blockchain technology to disrupt, not substitute, the title industry. He says, “it makes sense for a company as innovative as Rainier to approach this with full force.” Another exciting aspect of the association is that Rainier is moving to Qualia, a closing room and conveyance suite. Ubitquity will operate to build software that “seamlessly” combines into Qualia, the company stated.
Rainier Title CEO Bill Bergschneider said in a statement that his company sees blockchain technology “as the next step for the industry.” “We are proud to be the first in our region to initiate the blockchain process, which will create a more transparent, secure and consumer-facing trend of real property transfer,” he added. “With a host of modern-day distractions, we see this process as the most logical step forward. And Ubitquity’s approach is smart and pragmatic.”
According to a blog post by Ubitquity, Rainier Title will be giving its clients tokens that describe their property. This will provide the title owner way to generate new value with their property, such as building fractionalized ownership investment opportunities. The company added, “Having a token represent the property, and a blockchain record of the conveyance would also create huge efficiencies for the abstract process.”
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