Cook County to test blockchain for property title transfer

Blockchain | October 10, 2016 By:

Velox.re, a blockchain technology provider, announced its partnership with Chicago’s Cook County Recorder to test blockchain uses for transferring and tracking property titles and other public records.

Velox will provide the technology that will furnish better information on vacant Chicago buildings to prevent fraudulent conveyance. A pilot program will test compatibility among distributed ledgers and the client-server database model.

“Real estate blockchain initiatives in other countries have used a private blockchain as an improved database of some existing land records. This was a great first step. Our pilot program takes things further. Velox.re is using blockchain to actually convey property and register liens. We’re performing high-value transactions on the blockchain. Cook County will enter these into the government public record. This is the first time this has been done in the U.S. or [anywhere else in] the world,” said Ragnar Lifthrasir, founder and CEO of Velox.re.

According to Deputy Recorder of Deeds for Communication and IT, John Mirkovic, the Cook County Recorder of Deeds Office has been watching blockchain technology closely as a potential next-generation land records system. “We are excited to partner with a group that is actually interested in how this technology can work in real world situations,” said Mirkovic. “A blockchain-based public record is where you would start if you were to create a public land record from scratch, and that’s why I’m so interested in seeing this take a foothold in the United States.”