New Real Estate System In The Works For Ohio County, But With The Use Of Blockchain Technology
Blockchain technology has been finding use cases around the world and even in multiple states within the US. In a new proposal, multiple county auditors in Ohio have gotten together to research what kind of benefits that blockchain technology can bring to real estate. The group, which includes 13 county auditors, is chaired by Matt Nolan of Warren County. Other members of the group include George Kaitsa of Delaware County and Matthew Livengood of Washington County.
The announcement, which was made on Wednesday by The County Auditors’ Association of Ohio (CAAO), said that the working group will be examining the way that blockchain technology can be used at a county level. It will be tested for its efficacy in transferring the ownership of deeds between parties.
SafeChain, a startup that moves real estate and land titles onto the blockchain, will be working with the auditors to make ownership transitions possible. The firm must review the projects and show ongoing projects as the auditors make progress. In a statement from CAAO president and Stark county auditor Alan Harold, he said,
“The goal of this working group is to consider how County Auditors can be forward thinking to improve the taxpayer experience in conveying and transferring real property.”
The SafeChain website shows that property transactions are much faster on the blockchain, whether from the side of the buyer or seller. Since the blockchain ledger is immutable and transparent, users have more security when their bank accounts and identities are verified.
Nolan commented, “We have a committed group […] to enhance technology and improve government operations to the benefit of the taxpayer. CAAO has set an extremely high standard for getting involved in technology projects due to the need to recognize its members’ diverse needs; this makes the formation of this working group particularly noteworthy.”
Ohio has made multiple attempts to integrate cryptocurrency and blockchain into their mainstream economy in the last few months, becoming the first state in the US to accept Bitcoin as payments for taxes in November. With registration on OhioCrypto.com, the user could “pay everything from cigarette sales taxes to employee withholding taxes with bitcoin.” However, Republican Treasurer Robert Sprague has noted that there have only been two payments made through this system so far.
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