Blockchain is information that is stored on a universal, non-third party hosted online database that allows virtual transparency to all parties involved in a transaction to allow for the transfer of funds using digital currency such as cryptocurrency or bitcoin in order to make a sale.
From the beginning of a transaction documents that pertain to the specific item (or property) being sold are saved as a chain link, creating a “chain” of information that is stored virtually forever. If you think of a real estate transaction and how Title companies currently record documents with the county, it is very similar, and the record is accessible forever via the Blockchain. In this case, Blockchain transactions allow the consumer access to review the chain of documents and parties involved in a Sale/Transaction permitting access to the entire history of the item being sold.
Rainier Title is happy to be at the forefront of Blockchain as the ability to purchase property becomes a reality using crypto currencies and the frequency increases. We see the value and the need for complete transparency in transactions and we all agree that technology is the way of the future.
Currently, in the beginning stages of Blockchain Real Estate becoming an increasing need to the public, Rainier Title is beginning to not only record documents at the county for each transaction but, also create the first Blockchains on these documents for these properties as well. This not only allows Rainier Title a base of information stored through Blockchain but, also allows our clients access to Blockchain information long before many other companies will be capable of doing so.