County Auditors’ Association of Ohio (CAAO) has made an announcement that it has started a working group to study blockchain technology and its use cases at the county level in the niche of transfer property deeds.
CAAO was founded in 1867 with the aim to promote and protect taxpayers’ interests in the State of Ohio and improving the administration of county government through legal support of the Ohio General Assembly. CAAO offers legislative initiatives, just like this blockchain based project, to assist County Auditors. Led by Warren County Auditor Matt Nolan, CAAO comprises of thirteen Ohio county auditors, who oversee financial books and records of county officers as well as their administration of their respective counties’ budgets.
“County Auditors are first and foremost interested in delivering efficient and competent service to Ohio taxpayers and frequently discuss ways to improve county services. In recognition of the State of Ohio’s overall initiatives to modernize government, the goal of this working group is to consider how County Auditors can be forward thinking to improve the taxpayer experience in conveying and transferring real property.”
— CAAO President, Stark County Auditor Alan Harold.
This project is technically supported by SafeChain which is an Ohio based setup, starting in 2016, that aims to leverage advanced software solutions like blockchain to increase the speed and security of property transactions.
According to their website, SafeChain has created ‘Safe Wire’, which the company calls as the most secure wire fraud prevention solution for real estate transactions. Safe Wire, a blockchain based solution, confirms the identities of the parties involved in the transactions, securely shares bank account information and collects important identification documents like photo IDs and bank checks while cross-checking information to make sure there are no possibilities for miscommunication or fraud.
“Built by real estate title experts in collaboration with banking technologists, SafeChain tackles the inefficiencies of the home buying and selling process from the inside-out to help title companies, mortgage bankers, realtors and local governments decrease costs and deliver a better experience for customers. Leveraging the most advanced technologies, including blockchain, SafeChain increases the speed and security of real estate closings to deliver faster transactions and better consumer confidence.”
— SafeChain Blog
Ohio has already taken several legislative initiatives in an effort to give blockchain technology a legal status. This recent project is an addition to a long list.
Photo by Tom Rumble on Unsplash