Ubitquity, an enterprise-ready blockchain-secured platform for real estate and title recordkeeping, has announced that it is partnering with Rainier Title, a Title and Escrow company serving Washington State, to build out a platform for creating tokenized property title as well as parallel records of conveyances.
“Rainier Title has proven itself to be one of the most aggressive and innovative title companies in Washington state. Blockchain technology is going to disrupt, not replace, the title industry, and it makes sense for a company as innovative as Rainier to approach this with full force,” said Nathan Wosnack, Ubitquity Founder & CEO.
Rainier Title is in the process of migrating to Qualia, a Silicon Valley-backed closing room and conveyance suite, and Ubitquity will be working to produce software that seamlessly integrates into Qualia. Rainier Title will be providing tokens that represent the client’s property, giving the title owner opportunities to create new value with their property such as creating fractionalized ownership investment opportunities. Having a token representing the property, and a blockchain record of the conveyance would also create huge efficiencies for the abstract process.
Ubitquity is also addressing the rise of cybercrime in the industry. Ubitquity’s smart contract module, a blockchain-based smart escrow contracts product named SmartEscrow allows for reduced overhead costs and mitigated risks. Once data is placed on the blockchain it can be easily retrieved and re-used without a need for further verification.
The data becomes a single source of truth all parties to the transaction can trust without the need to reconcile. SmartEscrow allows closing agents to avoid and mitigate fraud – allowing them and their clients to have the assurance that verified parties are sending and receiving funds from the proper source with our secure wire instruction tools. This is just one of the many benefits of collaborating within a blockchain environment.
“We see Blockchain technology as the next step for the industry. Ubitquity’s approach is smart and pragmatic, and we are looking forward to the partnership,” said Bill Bergschneider, Rainier Title CEO.
Ubitquity is a member of the Washington Technology Industry Association, and participates in the Cascadia Blockchain Council. The WTIA Cascadia Blockchain Council is a collaborative group of companies, universities, and government agencies dedicated to making the Cascadia region a global hub for blockchain development. Ubitquity intends to make its stamp on the innovative Pacific Northwest, as well as the global community.