Arizona-based RealBlock brings blockchain to real estate
RealBlock, an Arizona-based real estate blockchain company, announced that Title Security of Arizona has agreed to incorporate RealBlock’s blockchain enterprise into its day-to-day operation. RealBlock expects to unleash the key attributes of blockchain on to the transaction-heavy real estate industry. Blockchain will allow for faster, safer and cheaper transactions…while
RealBlock expects to unleash the key attributes of blockchain onto the transaction-heavy real estate industry. Blockchain will allow for faster, safer and cheaper transactions, while
reducing the number of intermediaries and middlemen. And RealBlock will be leading the change. RealBlock is a wholly owned subsidiary of Greenbriar Capital Corporation (GRB-Toronto Stock Exchange), a leading developer of renewable energy and sustainable real estate projects.
By using blockchain’s distributed ledger technology, RealBlock will increase the safety and surety of real estate closings…while creating a robust database for customers to mine.
Besides partnering with Title Security, RealBlock’s technical effort will be headed up by Professor Todd Taylor, the founder of the Blockchain Lab at Arizona State University. Proprietary software under development will streamline and decrease the costs associated with the escrow and title insurance industry — a paper and rubber stamp process that has seen little change in decades.
Mike Boyd, the former chairman of the Pima County Board of Supervisors and former County Recorder, will be president of the company. “The archaic and byzantine systems of processing real estate transactions waste time and money. RealBlock will change that. It will provide escrow and title companies with a new
“The archaic and byzantine systems of processing real estate transactions waste time and money. RealBlock will change that,” Boyd said. “It will provide escrow and title companies with a new tool that will limit the time and add security to a real estate closing.”
According to Title Security’s CEO Tom Sullivan, “We expect the benefits of RealBlock
to revolutionize the escrow and title busine, and we want to be out front.”
Arizona is at the legal forefront when it comes to blockchain. A newly enacted law allows for digital signatures on “smart contracts”, a prominent feature of blockchain. Arizona is the first state to validate electronic signatures. Experts agree that most real estate transactions will be done with “smart contracts” in the near future.
A recent Forbes magazine article had this, “Blockchain technology makes information in real estate more accessible, cuts out middlemen and reduces the risk of fraud. A more secure, speedier, trusted process for buying and selling property is good for everyone involved.”