Ubitquity LLC launched its prototype platform for the championship insurance manufacture too county clerks inside the U.S.A. of America using the blockchain for recordings.
The platform uses Colu's implementation of Colored Coins to create produce digital assets on the Bitcoin blockchain. According to IBTimes, CEO Nathan Wosnack of Ubitquity said that using the blockchain volition dramatically cut risks inwards every footstep of documentation.
"As purpose of due diligence, championship companies choose to interrogation properties inwards fellowship to ensure the chain of championship is clear", said Wosnack
He claims that banks volition every bit good produce goodness from a reduced championship search time, increased confidence inwards the deeds history, too procedure transparency over the blockchain too that lenders volition choose the powerfulness to divulge too rails their deeds of trusts (liens) to a detail belongings directly.
"Fraudulent conveyance costs the manufacture or too then $1bn (£700m) a yr inwards the US alone. Much of that comes from fiscal institutions issuing loans or mortgages to bad actors who are perceived to hold upward the rightful possessor to the land. Shared immutable ledgers allow for greater collaboration betwixt manufacture players too a potential reduction inwards fraud."..."Due diligence is inwards some cases a very-time consuming too arduous process. It tin terminate hold upward done quicker too easier alongside a shared world ledger platform similar Ubitquity; peculiarly for smaller championship companies too fiscal institutions. Title companies tin terminate resultant a 'certificate of clear title' on the blockchain past times signing a championship tape alongside their ain mortal key".
Good Idea Vs. Bad Idea
This is indeed a fantastic idea, but banks conception to ready their ain private-altchain-blockchain that has no trust other than themselves using the same governance that currently doesn't operate to principle their network too then although they may encounter benefit, but they may non similar it.
Between what the banks are edifice too what Ubitquity has seat together, you lot basically choose too nearly powerful world ledger on the planet verses something else that hasn't been built withal but might work i time the banks choose it delivered past times the 3rd political party they outsourced it to. This is assuming that this is something banks would hold upward interested inwards competing alongside inwards the get-go place. This may good hold upward something they only want to use.
Which is the better approach tin terminate only hold upward speculated, but using uncomplicated math for certain points to the to a greater extent than belike too secure solution existence that of Ubitquity's solution since it uses the actual blockchain that has underpinned bitcoin for over one-half a decade.
Ubitquity is currently working alongside a issue of organizations too conception to invite banks too other companies to cheque it out before long every bit well. We may instruct a experience for the banks temperature sooner than later.
Regardless of how this pans out, it's a winning idea. The offering is i of many novel applications currently existence built on direct house of the blockchain.
Story past times image past times staff
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