Ubitquity, an enterprise-ready blockchain-secured platform for real estate and title recordkeeping, has announced that it has launched SmartEscrow, a blockchain-powered software module that allows for reduced overhead costs and mitigated risks. Once data is placed on the blockchain via the Ubitquity unanimity platform, it can be easily retrieved and reused without a need for further verification.
The Ubitquity BaaS Platform and API, which compliments its existing platform launched in March 2016, utilizes blockchain and off-blockchain data storage. This enables users to ensure the authenticity of information related to the land or property in question, in particular, its current ownership and all the historical transactions.
In addition, the non-encrypted metadata regarding transactions, among others contents of all formulas, are stored in a centralized database, with encrypted decentralized storage (via StorJ, IPFS) and Amazon AWS for clients who require it.
“Between our campaign on SeedInvest, and announcing new products, these are exciting times for Ubitquity. The SmartEscrow software modules are available to integrate into title company’s existing workflow immediately. With TRID integration and fraud mitigation tools for wiring instructions, Ubitquity’s software acts as an autonomous intermediary; automatically executing based on the instructions given it from the parties to the transaction. It’s worth mentioning that our team of professionals are comprised of experts in title insurance and escrow along with blockchain technology. This is all happening ”
