As municipal pilot programs prove the efficacy of the blockchain as a tool for land registries and other applications, the title industry is exploring new ways to develop and utilize the evolving technology.
In a webinar recently hosted by October Research, leading consultants in blockchain shared their insights on the next steps for applying the technology to the title field. Taking part in the discussion were Zachary Kammerdeiner, vice president and chief of innovation & strategy with Connecticut Attorneys Title Insurance Company (CATIC) and John Dean Markunas, principal consultant with Power of Chain Global Consultancy LLC.
The discussion, titled “Blockchain & Title: Real-world Use, Legal Insights and Next Steps,” covered four main segments; a “blockchain 101” breakdown, the case for blockchain and what pain points it can solve, real-world use cases currently seen in government agencies and lastly, legal and regulatory issues impacting the blockchain sector.
“Blockchain is considered the new infrastructure for the real estate industry – for virtually every aspect of the industry,” Markunas said. “It’s the digitization of real estate and the digitization of documents, including the transaction process as a whole.”
“Seller impersonation fraud … there’s no end in sight to that activity. With the emergence of artificial intelligence, it does seem like that’s a problem that is trending worse,” Kammerdeiner said. “So, if blockchain technology has some benefit in the title world to mitigate the risk of seller impersonation fraud, I think that’s something we should be paying attention to.”
The webinar is free to subscribers of The Title Report. Catch up on the conversation at this link.