Properties in Cook County, Illinois, will be the first to be conveyed in the blockchain by a government agency, according to cre.tech , a news source for commercial real estate technology. Velox, a blockchain technology provider, will provide the technology that will furnish better information on vacant Chicago buildings to prevent fraudulent conveyance. A pilot program will test compatibility among distributed ledgers and the client-server database model. Office Cites Blockchain Benefits John Mirkovic, deputy recorder of deeds for communication and IT for the county’s recorder of deeds office, said the office sees blockchain technology as the next generation land records system. The office is anxious to partner with a group interested in applying the technology to “real world” situations. A blockchain-based public record will be a starting point for someone creating a public land record from scratch, Mirkovic said. Blockchain Aids Operations Velox software will help the county test how blockchain can improve its mission to simplify recording, reduce fraud and minimize costs to residents, said Ragnar Lifthrasir, company CEO and the founder of the International Blockchain Real Estate Association (IBREA). The recorder of deeds office maintains its own land records management system and has its own IT staff. The office is elected and operates separately from the Cook County Government. The office, having its own IT operation and enjoying support of Karen A. Yarbrough, recorder of deeds, has explored the next generation of land record databases and ways taxpayers can securely store any data they seek in an unhackable internal records structure. The office has determined three features that make distributed ledgers and blockchain viable options: 1) the record is immutable, permanent and immune to nation state attacks; 2) it offers a path to paperless land transfers, and 3) it reduces costs for counties nationwide to move to […]
