Wise County, VA shifts focus to blockchain technology to store real-estate and land titles
While the traditional title insurance processes still exist (where someone has to go to the local municipality, look for a paper title in a file, and then pay a third party - Ather Williams III, a senior EVP for digital innovation at Wells Fargo), blockchain in this industry is centered around driving efficiencies. The immutable information on the blockchain allows for every change to be captured in real-time, capture errors, and reduce overall inefficiencies. Wise County's project directly stores real estate titles on Amazon Web Services Quantum Ledger Database which lacks the decentralization of a true blockchain, yet satisfies clients' demand to retain more control over records than a publicly distributed blockchain would allow. That security paired with the economical aspect of it being through AWS has allowed for more than 1,200 titles to be written into the ledger system.
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