Baltimore Launches A Blockchain Solution to Vacant Homes Problem

    Published on:

    The Baltimore Sun reports that foreclosures on vacant homes in Baltimore can take two to three years. It's a legally difficult process in Maryland.

    foreclosure need City officials will have to wait for a title search to confirm the home's entire ownership history.

    Each step of the process of acquiring, renovating, and selling a home requires multiple title searches, so you'll be lucky to be able to complete it all in 4 to 5 months. On the other hand, vacant homes can attract critters, crime, and dangerous situations.

    Baltimore orders residential real estate blockchain

    But the city hopes to solve this problem with a $225,000 blockchain project. The company's spending committee agreed to the deal in December. The Baltimore Sun reports:

    “During a three-year pilot, Medici Land Governance will input records of the city’s approximately 13,600 vacant properties onto the blockchain, creating a more secure and efficient database than the system the city currently uses. .”

    Blockchain technology allows us to reliably verify ownership of metaverse real estate in Decentraland (MANA). As it turns out, the technology can also store North American real estate records.

    Baltimore attorney Ebony Thompson said the city will maintain a constant chain of custody to avoid having to conduct multiple title searches in the future. The city can now certify homes more quickly as they move to new developers and residents.

    On-chain real estate $9.3 trillion opportunity

    Former US President Bill Clinton once praised Peruvian economist Hernando de Soto as the greatest living economist. In his best-selling book, The Mystery of Capital, Mr. de Soto argues that the cost and time it takes for governments to keep accurate real estate records is one of the biggest factors in economic development, especially in the Third World. It is written that this is one of the obstacles.

    In his book, De Soto argued that a well-developed system for maintaining property rights was the key to the world's first wealth explosion.Thompson Reuters Foundation reported in 2016:

    “For the 5.3 billion people who do not have such rights, the impact is profound. People cannot leverage their resources to generate wealth, and their assets cannot be used to generate income or growth.” It becomes “dead capital.” ”

    Baltimore shows how blockchain can address this persistent problem. It could help third world nationals utilize their wealth. Smart contracts could help the world's poor get credit lines for their homes by recording ownership and unlocking liquidity. This is one of the most common ways for new companies to obtain the startup capital they need to scale.

    In 2016, De Soto announced that providing land, housing, and real estate deeds for unregistered businesses to the poor would free up $9.3 trillion worth of frozen assets and turn them into capital for the world's poor. I calculated it.

    Special offer (sponsored)

    Binance Free $100 (Special): Get your first month of Binance Futures $100 free and 10% off fees when you sign up using this link. (Clause).


    Leave a Reply

    Please enter your comment!
    Please enter your name here