Ubitquity, which specializes in developing blockchain-secured platform for real estate and title recordkeeping has signed an agreement with Rainier Title. The deal will see Ubitquity develop a platform for creating tokenized property title that will be used by Rainer clients to represent value of their property.. The platform will also be used as parallel records of conveyances for Rainier.
“Rainier Title has proven itself to be one of the most aggressive and innovative title companies in Washington State. Blockchain technology is going to disrupt, not replace, the title industry, and it makes sense for a company as innovative as Rainier to approach this with full force,” said Nathan Wosnack, Ubitquity Founder & CEO.
Storage and distribution of data
Blockchain was initially created for record-keeping and is the technology on which the bitcoin network is built. The technology allows storage and distribution of digital information.
The new platform will allow the Washington-based real estate company to log records of conveyance. It will be integrated with the conveyance suite Qualia where Rainier Title is migrating.
Ubitquity has created “unanimity”, patent-pending BaaS or Blockchain-as-a-Service platform which allows users to store their data on the blockchain. The platform allows users to accurately audit their data.
In a statement, Rainier Title Chief Executive Officer Bill Bergschneider they are happy to be the pioneers of blockchain technology in their region which he said will create a more transparent and secure trends for real estate transfer. In a blog post, Ubitquity noted that Rainier Title will offer clients with tokens that represent their property. This way, token holders will be able to create new value with their property. Ubitquity said that then tokens will represent the property as well as records of conveyance stored on a blockchain.
Addressing the raise in cybercrime
In addition to its partnership with Rainier Title, Ubiquity has announced that it is taking steps to address the increasing cases of cybercrime. The company has developed SmartEscrow , a smart contract module for escrow contracts, which allows use retrieval and reuse of data without the need for additional verifications. SmartEscrow creates one single source of truth and does not need additional verification hence allowing agents to better avoid fraud. The data in the blockchain can be trusted by all parties without the need for additional verification.