I've been interested in blockchain technologies since Bitcoin was a a toddler although I guess it could still be considered a toddler since we don't know exactly where it is in its lifecycle yet. While it was originally the privacy and decentralized nature of cryptocurrency that interested me I quickly began to realize just how import the underlying technology was for the future.
Anyone that has ever purchased a house knows what a nightmare property title searches can be. Even after checking the title you have to pay title insurance in the event anyone comes and says that they had an interest in the house. Blockchain could make manual title searches a thing of the past.
According to an article in the National Law Review, Illinois is starting a number of blockchain projects and one of these is centered around property deed recording. This is exciting because I thought the biggest hurdle to implementing something like this would be the massive bureaucracy of governments unwilling to invest in the technology.
Even if governments don't move in this direction it would be possible for we the people to do it. While I am not a lawyer and certainly would not offer any law advice it would seem to me that if you were to take a property and put it into a trust with the trusts ownership dictated by smart contract it could streamline not only deed management but also lending, property taxes and even address verification for non real estate issues such as verifying residency for school or other purposes.
Whether this particular pilot program takes off it is encouraging to see movement in this direction.
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