WASHINGTON--(BUSINESS WIRE)--Advancing a major step in the City of Baltimore’s pilot program for recording 14,000 residential properties on a blockchain, Medici Land Governance will be working with Novare National Settlement Service - a Division of Fidelity National Title Group – to create an immutable database that will allow title insurance providers to extract data they need in order to expedite their services at a faster, more efficient pace. With its extensive knowledge and experience in Title and Closing, Novare is helping Medici Land and the City of Baltimore understand title search requirements to improve and streamline the title review process.
The pilot blockchain program has been focused on tax lien foreclosure and condemnation cases in Baltimore. Baltimore’s Board of Estimates has approved plans for selling some of these vacant properties for $1 each. The blockchain is augmenting efforts by Baltimore city officials to improve and streamline the processes of lien release and expungement as well as the issuing of permits.
Title reports currently require information covering 60 years. Searching just one takes a minimum of two hours, and often much longer as the data is not readily accessible. Including the average $250 cost for a judgment search report, the city’s title examination costs for a single property can run to $3,000.
“All of this can be eliminated, with each city department uploading the data to a blockchain,” Dr. Ali El Husseini, CEO, MLG, said. “It will make it easier to purchase city-owned properties, which also will have a positive impact on the cost of titling, as the permanent and immutable records allow for titling once for multiple transactions for a single property.” MLG has deployed a platform that integrates with Baltimore’s existing recording system with a secured end-to-end deployment where the API (Application Programming Interface) is exclusive to duplicating the data and publishing it on the blockchain.
Providing an immutable database ledger carries significant benefits for title insurance companies, Husseini added. Access to a complete proof-of-insurance ledger will facilitate timely and automatic access to other insurance data variable sets, including a shared claims ledger that would be available for purposes of inspection and real-time monitoring.
Cathy McIndoo, President of Novare, a Fidelity company said: “Novare is excited to work with the City of Baltimore and Medici Land Governance in their data optimization efforts. Access to real-time data increases quality, creates operational efficiency and improves turn-times”.
Baltimore Mayor Brandon Scott stated, “So many people think of municipal government as relying on slow and antiquated processes. Under my Administration, I have looked for every opportunity to see Baltimore not only catch up, but lead the way by leveraging technology to address our biggest challenges. Using blockchain to help reduce the number of vacant properties in the City is one of the most exciting ways we can do that.”
As immutable data and smart contract terms are stored on blockchain, transactions could be executed automatically. For example, data associated with impacted and insured assets can be instantly confirmed for first notice of loss. Likewise, when payment information is stored in an immutable database, insurance companies have assured access to the smart contract to determine liability as well as how payments should be disbursed.
Baltimore City Solicitor Ebony Thompson stated, “I am so proud of Baltimore’s willingness to stand at the cutting edge of the law and technology. From my very first day with the Baltimore City Government I have pushed to see the City embrace the power of blockchain to help reduce the long delays in transfer of title. With our partnership with Medici Land Governance, we are finally seeing those efforts pay off.”
Baltimore City Housing Commissioner Alice Kennedy added, “Utilizing blockchain technology to help improve the efficiency with which we dispose of city-owned property will significantly benefit our work in reducing the number of vacant properties in Baltimore. Establishing an immutable database will have a far-reaching impact on our operations, significantly reducing timelines, ensuring clear titles, and aiding in our effort to bring properties back into productive use.”
About Medici Land Governance
Medici Land Governance leverages blockchain and other technologies (such as cryptography, AI, blockchain and geodata collection) to support land governance, titling, and administration with a secure public record of land ownership. With land records stored on the blockchain, land ownership is standardized and can be recognized by local and global economies. Medici Land Governance supports agencies in the digitization of their current records, engendering trust and security in data by diminishing human error and accidental damage to records.
About Novare National Settlement Service
Novare National Settlement Service is a division of Fidelity National Financial,Inc. a Fortune 500® Company and a leading provider of title insurance and settlement services to the real estate and mortgage industries. Novare has nationwide coverage and extensive local knowledge in title and escrow closing for all transaction types, including but not limited to Residential, Commercial, Foreclosure Title Curative, Real Estate Owned (REO) and Claims Without Conveyance of Title (CWCOT) transactions.
Contacts
Medici Land Governance
Kgould@mediciland.com
City of Baltimore
press@baltimorecity.gov
Novare National Settlement Service
cathy.mcindoo@novarenss.com