Blockchain could render the US title insurance industry obsolete. The blockchain-based system is being developed by a team of researchers at MIT and Harvard University, who have been working on it for over two years. Blockchain-based land-title registry systems would greatly reduce the chance of a claim being challenged, and many states are considering them. As that could disrupt a multi-billion dollar insurance industry that's grown around land titles, many insurers are looking to develop the blockchain systems themselves.
Blockchain could render the US title insurance industry obsolete. Property titles are public documents recorded with local authorities and sometimes only available in writing, meaning a landowner's claim can be challenged if the document is lost or destroyed. Blockchain-based land-title registry systems would greatly reduce the chance of a claim being challenged, and many states are considering them. As that could disrupt a multi-billion dollar insurance industry that's grown around land titles, many insurers are looking to develop the blockchain systems themselves.