Ubitquity, the developer of a blockchain-enabled platform for real estate and title recordkeeping, has teamed up with Washington-based Rainier Title, which aims to offer the “highest levels” of real property title and escrow services.
As mentioned on its official website, Ubitquity offers a simple user experience for securely recording, and tracking deeds with its software-as-a-service blockchain platform.
Through the partnership, Ubitquity will create a platform for issuing tokenized property titles and parallel records of conveyances for Rainier. The platform will integrate with the conveyance suite Qualia. At present, Rainier Title is migrating to Qualia.
Tokens issued via the platform represent a customer’s property so title owners are able to also take advantage of fractionalized ownership investment opportunities in the real estate sector. Ubitquity’s management noted that using digital tokens to represent a property creates “huge efficiencies for the abstract process.” Records of conveyance may also be stored on the blockchain, in order to make it more convenient to access and manage data.
Ubitquity’s blockchain-as-a-service (BaaS) platform, Unanimity, allows users to record data to the blockchain so that they’re able to maintain an accurate set of all records.
Ubiquity aims to address issues related to the rise of cybercrime or criminal activities online. It has developed a smart contract module (SmartEscrow) for managing escrow contracts.
Ubiquity’s goal is to enable easy retrieval or reuse of data without requiring verification at every step. The firm stated that the technology allows closing agents to avoid fraud, because there’s only a single source of truth or reliable information and reconciliation is not required.
Last month, real estate crowdfunding platform KlickOwn completed its first security token offering in partnership with Bitbond.
Earlier this year, the University of Oxford noted that tokenization offers exciting possibilities for real estate, but was cautious about single assets.
In May 2020, it was reported that the real estate token market continued to record gains, and was up 4.27% in April 2020.