Chicago’s Cook County to Test Bitcoin Blockchain-Based Property Title Transfer
Through an exclusive partnership with real estate tech startup Velox.re, Chicago’s Cook County will test the use of the Bitcoin blockchain for transferring and tracking property titles and other public records. The Cook County Recorder’s Office is the second largest such office in the United States, and it it will be the first in the country to experiment with blockchain technology.
Specifically, the office will be testing blockchain applications of property title transfer and a system for filing liens; compatibility between a blockchain and a traditional, server-based setup; fraudulent use prevention and conveyances of vacant property in Chicago.
In addition to Velox.re and the Cook County Recorder’s Office, the International Blockchain Real Estate Association (IBREA), Armour Settlement Services, and global law firm Hogan Lovells are involved with the closed pilot project.
The project was first announced by Velox.re Founder and CEO Ragnar Lifthrasir on Wednesday at the MIPIM PropTech Summit, which is part of New York City Real Estate Tech Week 2016.
This post was published at Bitcoin Magazine on Oct 06, 2016.