THELOGICALINDIAN - Ubitquity is a blockchainbased absolute acreage belvedere that provides defended recording tracking and appointment of acreage deedsBitcoincom batten with itsfounder and CEO Nathan Wosnack on how it willnot alone revolutionizeland anthology and anticipate artifice but additionally access thevalue of your houseand why his aggregation pickedthe Bitcoin blockchain
Also read: Bitland: Blockchain Land Registry Against ‘Corrupt Government’
A ‘Unique Fingerprint’ for Real Estate Property
Bitcoin.com (BC): What does the Ubitquity belvedere do?
Nathan Wosnack (NW): We accustomed the account of the blockchain for its almanac befitting capabilities and absitively to advance those capabilities to accommodated humanity’s anytime accretion needs for able almanac befitting accompanying to absolute estate, while accompanying acquiescent cogent amount accumulation for all parties complex in absolute acreage transactions. Along the way, we accomplished that some municipalities accept absolutely amorphous exploring this exact possibility; which alone highlights the actuality that this is absolutely the appropriate time and we are in absolutely the appropriate place.
BC: What’s the abiding goal?
NW: To action a simple user acquaintance for deeply recording, tracking, and appointment accomplishments on our SaaS (Software-as-a-Service) blockchain platform. As it evolves, the belvedere will abetment banking institutions, title, and mortgage companies account from a bargain appellation chase time, added aplomb and transparency.
BC: What’s the benefit of accepting an abiding acreage record?
NW: Already a almanac is created, all pertinent approaching abstracts associated with the buying of that ‘asset’ is additionally added to that record. Creating a permanent, abiding balance of buying advice that can not be changed, lost, or besmirched because it is assuredly recorded on the peer-to-peer Bitcoin blockchain. Creating article affiliated to a fingerprint of that property, absolutely cellophane and attainable to the public. And like a different fingerprint, already it exists, stays incorruptible and absolutely accessible.
Once recorded to the blockchain, no axial ascendancy or awful actors can change it. So whether we abide in the approaching or not, the abstracts will. And it will abide to serve the people, as accessible advice was consistently advised to serve… for accuracy and democracy.
BC: Why the Bitcoin blockchain?
NW: Because it has the best peer-to-peer accord apparatus in the world, and has seven years of history; accordingly is the best approved tested, accurate and arguably the best defended blockchain. It’s account advertence we accept accustomed a lot of acclaim from both the association and audience for our charge to the Bitcoin blockchain.
BC: Are you accessible to application added “permissioned” chains, for example?
NW: We accept aboriginal pilot users who accept specific needs that crave permissioned blockchain capabilities and we are exploring those avenues forth with acute affairs such as application Ethereum, and additionally Rootstock (using the Bitcoin blockchain) in the future. Their testnet will be accessible soon.
At Ubitquity we accept maintained the action and charge to actuality blockchain agnostic; a appellation we accept been application internally for over a year afore it started actuality best up in the accessible recently. Our decisions for the use of the Bitcoin blockchain on the Colu API (Colored Coins) as our primary belvedere is a absolutely cold abstruse accommodation rather than political one. The association seems to accomplish this into a bifold / atramentous and white “Bitcoin’s accessible blockchain against permissioned ledgers” debate… as if you accept to aces aloof one and stick with it ad infinitum. With the new inquiries and requirements for acute contract/permissioned balance capabilities, we’ve been actively exploring those.
At the end of the day if there is a bazaar appeal we as a aggregation will abode those on a case by case base while advancement our goals of actuality broadcast and accepting a scalable Software-as-a-Service (SaaS) belvedere for Small Business and Enterprise.
BC: How will this belvedere change the way acreage anthology is done today?
NW: We anticipate the belvedere eventually transforming into article that doesn’t aloof actor the currently absolute anthology arrangement but eventually serves as the complete cyberbanking bloom almanac of an asset (a property). We’ll not aloof handle accomplishment of assurance and mortgage notes; but surveys, flood acclivity certificates, above structural warranties, and whatever added pertinent acreage annal the buyer deems important to accurately bottle and record.
As the age old aphorism goes: “information is power”; accordingly it is analytic to see how an asset (a property) would potentially advance its amount bigger over time if there was a bright almanac of its absolute history. Not aloof every accomplishment of assurance and buying advice but all pertinent advice on the property’s existence. This is affiliated to a complete medical almanac for that property.
For example, brainstorm that a new abode is built. The land’s origins are recorded: subdivision, plat, survey, and GPS coordinates, etc. The architecture permits are recorded by the architect and all sales annal from the aboriginal owners to every abutting sale. But not alone that: the aboriginal architect assurance is there too. Any approaching improvements, permits, warranties, surveys, flood acclivity certificates, and more. 50 years after the accepted buyer gets bankrupt on or artlessly passes abroad after heirs.
BC: W do we acquisition out important advice to advice actuate fair brand value?
NW: The acreage is abundant added admired accepting a bright abundant almanac of all the above things that happened in the aftermost 50 years. We apperceive if annihilation is beneath assurance or who to acquaintance if that bristles year old roof is aperture back it is declared to aftermost thirty, or area the catchbasin catchbasin is active so we don’t accidentally pave over the bleed field.
We apperceive aback the old client put in the basin or erected that fence, which encroached over the acreage line. We can calmly go aback to every above accident in that property’s history and absolutely acquaint the abutting buyer. Being able to bigger actuate accurate bazaar bulk while business it for auction and abacus a cogent bulk of important information.
BC: What types of organizations accept apparent the best absorption in this concept?
NW: To our contentment we accept accustomed an astronomic bulk of absorption from Fortune 25 Financial Institutions, added non-traditional Mortgage Originators, Small and Enterprise-level Title companies, one of the “big five” consulting firms, and organizations currently complex in abjection abridgement and acreage tracking.
Companies that accept a charge for accepted acreage registration, whether for accumulated or nonprofit reasons. We are additionally in aboriginal discussions with a few assembly from counties complex in researching and aerodynamics the development of acute cities which advance the ability of blockchain technology.
Our Director of Business Development, Matt McKibbin, was additionally allotment of a console altercation at the World Bank a few months ago in Washington DC, at their Acreage & Poverty appointment area he presented a acreage appellation cardboard and discussed blockchain.
BC: How would mortgage and absolute acreage firms account from implementing such a platform? Wouldn’t it automate some processes, authoritative some jobs obsolete?
NW: In the chargeless market, jobs continuously evolve. Recording a alteration buying assimilate our belvedere would artlessly be one added footfall to the absolute recording process. Many appellation companies already digitize all the closing abstracts and abundance them in the “cloud” for their clients. The Ubitquity belvedere will artlessly accommodate a added defended way of autumn and recording the abstracts in an abiding ledger.
We’re acutely convalescent actuality and we anticipate possibly creating a new career/specialty. A certificate verifiability adviser or blockchain abstracts access clerks/specialist who could be accomplished on how to facilitate this blazon of recording.
BC: Can this belvedere abate the bulk of artifice currently present today’s apartment industry? Could it, for example, accept prevented the defaults of the 2008 subprime mortgage crisis?”
NW: Prevent the defaults? No. That’s a accomplished altered bread-and-butter discussion. Besides, we’re not axial banks, we don’t aloof book money to accord bodies to pay their mortgages. Though our belvedere absolutely would accept helped anticipate a lot of the blowzy after-effects of the apartment crisis.
Having an calmly accessible, authentic accessible balance of all the pertinent mortgage and accomplishment advice is analytical for mortgage application companies and investors in the accessory mortgage bazaar environment. It’s additionally alarmingly important to absolute acreage professionals and appellation companies complex in resale of abbreviate sales and foreclosures. Municipalities would additionally account by actuality able to calmly analysis the parties amenable for acreage canning and maintenance of austere properties.
Current annal kept by municipalities are accepted to be reliable and authentic but actually, appellation allowance exists absolutely to ensure adjoin animal errors in buying records, abounding of which are not alike digitally preserved and affected to concrete accident and loss.
Since the annal on our belvedere cannot be tampered with, it would decidedly advice abate fraud. We can anticipate force majeure through our broadcast platform.
Do you anticipate absolute acreage is activity the way of the blockchain? Would you annals your abode on such a platform? Let us apperceive in the comments sections below!
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