Leveraging Blockchain Technology in Property Records: Establishing Trust in a Risk-Filled MarketJanuary 23, 2018
Blockchain technology has the potential to impact systems and processes across a broad spectrum of industries, including government functions. Several countries are currently exploring the application of blockchain technology to real property record management to take advantage of the security and ease that the platform can foster. Benefits may include lowered transaction costs, more secured parties to transactions, and less property title disputes. The United States has an opportunity to observe the successes and hurdles that these other countries encounter and to determine whether blockchain technology is an appropriate medium to overhaul the current title management system. Substantial time and costs would accompany such a transition, but the wide-reaching and long-term benefits may justify such a move.