Officially becoming the first US municipality to record a real estate deed transaction on a blockchain, the city of South Burlington, Vermont has indelibly etched their name onto the blockchain (if not, perhaps, our undying memory.)
Truly, Blockchain is the perfect technology for recording immutable, low-volume-but-high-value transfers such as real estate (or even, automobile transfers.) The relatively low rate of transfers on a daily basis makes the scaling issues preventing most blockchains from worldwide adoption a (relatively) moot issue.
This is not good news for the title insurance business.
For those who have not purchased a home, title insurance is something foisted on the vast majority of home-buyers (either via sales pressure or contingency). It is, quite literally, insurance against the possibility that you are being scammed by being sold a property that the "owner" doesn't actually own, or in other words, hold title to. It's paying to insure yourself against government document recording incompetence.
The only time you can cash in on title insurance is when the government has literally allowed your house to be given away illegally. If you go to close on your house contract, and find that the "seller" doesn't actually own (the title) to the house, you are screwed. You lose your money and deposits and have to try to sue this person (who, presumably, doesn't own assets they claim to, rendering recovery chances minimal) for your money, time, and legal expenses back.
Yes, apparently American title registries are, in fact, SO INCOMPETENT that they force on you paying for insurance to protect you from their own gross negligence and startling incompetence.
Well, guess what's going to happen when we can check the title history of any property with a quick Etherscan of an Ethereum address? These title insurance bloodsuckers will be out of a job, that's what.
Good riddance, I say. Buying a house on credit is already only one step up from root canal surgery. Anything that can streamline the process should be welcomed by (the vast majority) of the market.
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thanks for the post
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I hope we will be hearing more news like that in the near future. This is a great use of blockchain technology, validating the property titles. Just another way that blockchain is going to change the current economy!
Very nice post i like this info thanks
good post .. I like..
Don't pay the property taxes and they will take your blockchain deeded house away.
And if you don't have clear title going all the way back, patented, then it is as useless as current methods used to record transfers.
Blockchain works best for things created new with no prior claims or history. Like crypto coins.
Independent banking is the future.
thank you for the information...
Wow! That's great news. Thanks! 😊
A lot of the skepticism toward blockchain stems from people thinking it had only imaginary value. It was ethereum that made me finally understand it's potential. It's great to hear about things like this and steemit, showing how blockchain is not just a tad.
This is a welcome development, crypto is the future and I am willing to see what the future holds with crypto than maitain the status quo. Please keep us informed on this.
Wow, i must say this is really a great news to humanity. This fraudsters must be thrown out of job, because they have done so much harm to humanity. People have lost lives properties and means of lively hood just because of their wickedness. Am very much in support of this great invention. God bless the creators of this blockchain. Nice post sir.
This is a very peculiar time we're living in. I actually bought some land last year. It was such an unofficial transaction that sometimes I'm not sure if it was a good idea..
thanks for sharing ;)
Very amazing post I like this
Wow! We're now stepping forward into the future. Don't forget your seat belts everyone!
This is significant. The housing price game is probably the biggest instrument of debt enslavery & pretend wealth. People won’t learn, the system has to be non predatory, hopefully crypto will help
That's cool. When my Ethereum is worth a whole bunch of money, I'll buy some properties and rent them out on HomeAway or something. Someday I'm going to have to much passive income it'll almost seem aggressive! ha.
Hope we will got more good news like that from you
good information, thanks for sharing.
Good news indeed. I was waiting for the first application to show itself. What a scam the whole title insurance and title search. You pay for both but they essentially mean nothing.
We need to chip away at the completely ridiculous process of getting a mortgage on a house. 8 wks to do what should be done in 2 weeks tops. I have never really figured out what takes so darn long in the process. Sure, there has be an appraisal done on the house/property, but this is one week tops. Then 2 days before the scheduled closing, they wake up and ask for all the information they said they didn't need that you took with you for your initial start of the loan process. The process is ready to be blown up and recreated on a blockchain. Too bad for all the people who currently run this ridiculous process, because there will be a lot of people without their jobs.
Agree with you 100% it's ridiculous that title searches and scams are still a thing. It's a protectionlist industry and blockchain tech will cost a lot of realestate lawyers, legal and government clerks and ultimately RE agents thier jobs. What irks me is that commissions in many places have stayed the same in percentage terms but house prices have skyrocketed. Hope blockchain ends this racket someday. Rather trust it than some lawyer anyday of the week. But cats don't trust anyone 😹 who doesn't feed them.