Landmark Title Assurance Agency, an affiliate of Title Security of Arizona, is part of an agreement signed with RealBlock, to incorporate blockchain technology into its day to day operations. Title Security of Arizona, a Tucson based company, announced it had signed with RealBlock, last week.
According to Title Security’s CEO, Tommy Sullivan, “RealBlock will take much of the risk out of the whole real estate transaction, from offer acceptance to closing. In addition, it will cost less and is easy to use.”
RealBlock is the first of its kind real estate blockchain enterprise, and it is partnering with top title insurance and escrow companies in Arizona along with the Blockchain Lab at Arizona State University. The technical effort is being led by Professor Todd Taylor, the founder of the Arizona State University Blockchain Lab.
The addition of Landmark means that RealBlock will be used in over 25 escrow and title offices in three Arizona counties: Maricopa, Pima and Pinal.
Landmark Title President, Vicki Etherton says, “This will be a game-changer. Blockchain allows for a safer more efficient transaction via real time collaboration.”
RealBlock President, Mike Boyd explains, “The company’s proprietary software will streamline and decrease the costs of the escrow and title insurance process, not to mention offer impenetrable security for transactions. Arizona leads the way in the move to incorporate blockchain technology. It was the first state in the country to pass a law making digital signatures on smart contracts valid and legally enforceable: a prominent feature of blockchain technology.