As part of due diligence, title companies have to research properties in order to ensure the chain of title is clear. US real estate firm Ubitquity has recently launched a platform prototype for the title insurance industry that uses Colu’s implementation of Colored Coins to manage digital assets on the Bitcoin blockchain. The company is currently working with several major banks and financial institutions in North America as well as Europe to test out its new product which will be available later this year. Using a blockchain ledger is expected to dramatically minimise the risks at every stage of the documentation process by encouraging greater collaboration between industry players, enhancing security and authentication, and making the due diligence process more efficient and cost-effective.
US real estate firm Ubitquity has recently launched a platform prototype for the title insurance industry that uses Colu’s implementation of Colored Coins to manage digital assets on the Bitcoin blockchain. The company is currently working with several major banks and financial institutions in North America as well as Europe to test out its new product which will be available later this year. Using a blockchain ledger is expected to dramatically minimise the risks at every stage of the documentation process by encouraging greater collaboration between industry players, enhancing security and authentication, and making the due diligence process more efficient and cost-effective.