Crypto First - US Real Estate Transfer Executed On Ethereum Blockchain

Phew, finally some good news!

Officially becoming the first US municipality to record a real estate deed transaction on a blockchain, the city of South Burlington, Vermont has indelibly etched their name onto the blockchain (if not, perhaps, our undying memory.)

Truly, Blockchain is the perfect technology for recording immutable, low-volume-but-high-value transfers such as real estate (or even, automobile transfers.) The relatively low rate of transfers on a daily basis makes the scaling issues preventing most blockchains from worldwide adoption a (relatively) moot issue.

Chittenden County not previously known for technological progressivism.

This is not good news for the title insurance business.

For those who have not purchased a home, title insurance is something foisted on the vast majority of home-buyers (either via sales pressure or contingency). It is, quite literally, insurance against the possibility that you are being scammed by being sold a property that the "owner" doesn't actually own, or in other words, hold title to. It's paying to insure yourself against government document recording incompetence.

The only time you can cash in on title insurance is when the government has literally allowed your house to be given away illegally. If you go to close on your house contract, and find that the "seller" doesn't actually own (the title) to the house, you are screwed. You lose your money and deposits and have to try to sue this person (who, presumably, doesn't own assets they claim to, rendering recovery chances minimal) for your money, time, and legal expenses back.

Yes, apparently American title registries are, in fact, SO INCOMPETENT that they force on you paying for insurance to protect you from their own gross negligence and startling incompetence.

Well, guess what's going to happen when we can check the title history of any property with a quick Etherscan of an Ethereum address? These title insurance bloodsuckers will be out of a job, that's what.

Good riddance, I say. Buying a house on credit is already only one step up from root canal surgery. Anything that can streamline the process should be welcomed by (the vast majority) of the market.

Try SteemFollower today and get rewarded for every vote! See my explanation of SteemFollower here.

Try SteemEngine and get rewarded for every follow or vote!

Join us at the Minnow Support Project! (click me)
We also have a Radio Station! (click me)
...and a 10,000+ active user Discord Chat Server! (click me)

Almost 75% of Steemians do not vote for witnesses, who secure the Steem blockchain! If you wish to make me your witness voting proxy, I will attempt to vote in Steem's best interest based on the information in my witness reports. You may set me as your proxy by clicking here and scrolling to the bottom of the Witness Voting page. Proxies are instantly revokable at any time, and witness voting does not use your voting power.

Join the Steemit Poker League! (@spl)World's Largest Cyptocurrency Freeroll Poker Site, open only to Steemians!

Sources: Google, MishTalk, Propy
Copyright: AssistMYRealEstateBiz.com