The blockchain technology, over the years, has found its use across various sectors and industries. One such sector is that of real estate and property related businesses. A group of auditors based out of Ohio are now researching blockchain tech for storing land records and property related transactions in the counties of Ohio.
This initiative has been undertaken by County Auditors’ Association of Ohio (CAAO). The organization is looking forward to making use of blockchain technology for the effective transfer of property related deeds among the parties involved. The CAAO comprises of a group of 13 county auditors from the state of Ohio. Commenting on this technology, CAAO president and Stark county auditor Alan Harold said:
“The goal of this working group is to consider how County Auditors can be forward thinking to improve the taxpayer experience in conveying and transferring real property.”
The CAAO has teamed up with SafeChain for this project.SafeChain is a startup which has been working towards getting land acquisition deeds and property related transactions on blockchain platforms. SafeChain will be reviewing and demonstrating the technology that powers the study which CAAO is working upon.
SafeChain believes that land deeds and property-related transactions are often quite time-consuming. However, with the use of blockchain tech, the process would not only become faster but also safer.
Interestingly, getting land records on a blockchain platform has been an idea that has been explored several times in the past. In the recent past, Wyoming’s Teton County also came up with a similar idea. Last year, there was a buzz about such an idea in India as well - even the United Nations Development Program (UNDP) had backed this idea.
The blockchain technology has found use across multiple sectors - and land records are just one of the aspects. Talking of blockchains, Ohio has been quite a blockchain-friendly state in the past. Last year, it became the first state in the US to allow businesses to pay tax in the form of cryptocurrencies. Ohio is also the first US state to consider data stored on blockchain records as legal evidence (the same happened in China a few months later). The state is pitching itself as a major hub for blockchain developments. It would be interesting to see if this strategy attracts investors towards the state!
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