R3’s Corda platform will be utilized to support digital real estate services in partnership with Radian.
According to a statement distributed by the firm, digital services will include title insurance, closing, and settlement services process.
Corda, R3’s permissioned blockchain, aims to help the real estate market by providing a ” simple, transparent, and secure way to order title and closing services online.”
Beyond improving the speed of completing the process, it is expected that customers may save an average of 25% on closing costs when compared to other providers.
Kate Karimson, Chief Commercial Officer at R3, said the partnership, dubbed Titlegenius, shows the advantages of migrating title information to a permissioned ledger.
“This integration on Corda brings better transparency, data control, and smart contract execution, offering time and cost savings to Radian customers. With the most live, in-production use cases of any DLT platform, Corda’s peer-to-peer structure continues to lead in privacy, security, and scalability for regulated markets.”
Steven Stipetich, Radian’s Senior Vice President of Title, said, the current title transfer process is notoriously slow and complex. This is the issue they aim to address.
Corda transfers information and assets in a controlled environment that is designed to support privacy, security, and compliance.
The company claims that by putting the entire transaction management on blockchain, the time needed to complete the process will be dramatically reduced while improving security and the transparency of ownershipo.
