Delaware-based Ubitquity, a provider of blockchain, title, and real estate technology, launched TECTONIC, the testnet version of its non-fungible title platform for homeowners, title companies, and a variety of businesses worldwide.
The company said it plans to release the mainnet version of the platform, called Ethereal, on March 1.
The next generation blockchain/NFT/web3 cloud platform is backed by a Service Level Agreement (SLA) and a 99.99 percent uptime guarantee, according to the company.
“For over seven years we have developed a proven track record of successfully integrating our technology into U.S. and global title companies,” Ubitquity Founder and CEO Nathan Wosnack said in a release. “In fact, we’re currently exploring use cases and running our non-fungible title platform in cooperation with U.S. title firms, so we understand the U.S. title industry’s unique challenges and requirements.”
With the platform, companies can mint title policies, deeds, certificates of authenticity, receipts, maintenance records, and other important paperwork for its current and prospective customers.
Scalability allows for personalization for small to medium-sized businesses, enterprises, and customers while improving upon proof of ownership, future title search and retrieval, all while offering parallel, secure decentralized storage, according to the company.
Cryptocurrency wallets on the platform are self-custodial by default using the web3 service MetaMask. However, title companies and other business customers can opt to have their wallets fully managed by Ubitquity.
“Although the title industry is traditionally known to be slow moving and conservative with regards to technology innovation, we’re starting to see a major parabolic shift in its adoption of next generation PropTech web3 solutions such as those offered by our company,” said Wosnack. “Many homeowners and buyers are Generation Z and Millennials who increasingly demand transparency and enhanced online tools in order to make more informed real estate decisions. Our platform addresses these demands.”
Non-fungible title platform features include:
- Blockchain recording: All title “hashes” are recorded onto the Polygon Layer 2 Protocol, Ethereum scalability and cost effective blockchain utilization. Ubitquity plans to support blockchains like Protonchain, Pulsechain, VeChain, and the XY Oracle in 2023.
- Data security Increased security in data for title companies, real estate agents, insurance providers, construction companies, contractors, and all parties in their end-to-end value chain.
- Digital identity that is verifiable: Every title policy and other relevant documents have their own digital identity, creating trust and accountability as it travels to other parties within/outside of states and at times globally across borders.
- Documentation in one-click: Homeowners get instant multiple seat access to home repairs through title and maintenance records to their home’s assets.
- Emporium marketplace: Users can connect Emporium with customer resource management and enterprise resource planning systems, Ubitquity’s Metaverse called UbitquityVerse, and 3-D land selling marketplace.
Ubitquity highlighted additional features such as Google Cloud file storage, use of InterPlanetary File System and Filecoin, non-fungible token minting and revenue sharing for non-fungible title affiliates.
“We have also included a value add where we turned every cryptoListing into an NFT via non-fungible title’s testnet with the IPFS/Filecoin, and Blockchain hash recording on the listings,” Wosnack said.