Any time a home changes hands, a claim search is conducted to determine full ownership of the property, and whether ownership of the property is unencumbered so that the sale to a new owner can occur cleanly.
This due diligence is labor and technology-intensive and can be apt to human error as data changes hands. Once the process is complete and verified, there is obvious value in the resulting package of data, but unfortunately, that value cannot easily be transferred to the next transaction – until now.
In the age of blockchain, title companies have an immense opportunity to monetize the data they collect during due diligence, packaging it up for the next transaction on the property – essentially providing it to their competitors for a price.
Using Bitstone.Net Products as a secure & immutable blockchain repository for this research allows the next participants in the chain of title to work with a known-good package of information from the last transaction, and to prevent re-work and duplication of efforts associated with doing research that has already been done.
What’s more, Lirax blockchain integrates with your existing IT infrastructure and can handle any file size and any file type for multiple applications across business functions.