NYC explores blockchain to scale back deed fraud – New Technology, Internet News

NYC explores blockchain to scale back deed fraud

New York Metropolis’s Division of Finance is working to develop a blockchain proof-of-concept that will make information in property paperwork clear and immutable and detect and scale back deed fraud.

Working with Medici Land Governance (MLG), the Finance Division will discover the feasibility of utilizing the know-how to document property paperwork, which is at the moment recorded and maintained within the metropolis’s Automated Metropolis Register Data System. For the proof of idea, MLG will use its Actum public information product to develop a parallel service that simulates the recording of 500,000 information on the blockchain. The blockchain information might be accessible by way of a Division of Finance-specific consumer interface the place they are going to be examined for accuracy.

The venture goals to reveal blockchain’s capacity to enhance safety by lowering probabilities of intentional and probably unnoticed fraud, limiting potential assault vectors and rising transparency, MLG officers stated in a press assertion. If profitable, they stated, the proof-of-concept “might result in a pilot venture which can present in-depth discovery, prototyping, and consumer testing of operational effectivity enhancements for present enterprise processes and options for the prevention of deed fraud.”

“Blockchain know-how has the potential to revamp how property paperwork are recorded in New York Metropolis and assist stop deed fraud,” DOF Commissioner Sherif Soliman stated.

This system additionally establishes a basis for broader blockchain use by town, MLG officers stated.

 Wyoming’s Teton and Carbon Counties have moved their land titles to MLG’s blockchain-based land document and data platform to make sure immutability of information and clear chains of title.

The corporate, which is a subsidiary of Medici Ventures, Overstock.com’s wholly-owned blockchain accelerator, has public-sector prospects in Africa, Mexico and the Caribbean.

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