Ohio Sees Potential Blockchain Benefits In Real Estate
Ohio is among the states in the U.S. looking to capitalize on the benefits of using blockchain. Interestingly, a group of auditors from the state has decided to launch a study of the technology and its advantages. In particular, the latter refers to how it could cover property transactions.
Blockchain and Real Estate
According to the official report, the County Auditors’ Association of Ohio (CAAO) revealed recently that it would form a working group in order to define how exactly the technology behind blockchain. Basically, the group wants to find a way how it could be applied at the county level to more efficiently move all real estate deeds between parties.
The technical partner for the highly anticipated project is none other than SafeChain, which is a startup based in Ohio that aims to put all real estate transactions and land titles directly on the blockchain. The company is now responsible for both reviewing and demonstrating projects in the state and directly to the aforementioned auditors’ group.
As far as the startup’s official website is concerned, the use of blockchain has the ability to speed up all property transactions. And by doing so, it could bring joy to buyers and sellers, who all know how this process has been frustratingly slow for them. At the same time, it is able to provide more security by way of verifying the involved parties bank accounts and identities.
Improving Taxpayer Experience
The official report adds that the CAAO is composed of at least 13 county auditors, all of whom hail across Ohio. The group is being chaired by the auditor of Warren County named Matt Nolan. Among the individuals part of the group are George Kaitsa and Matthew Livengood, the auditor of Delaware County and auditor-select of Washington County, respectively.
According to Alan Harold, the Stark county auditor and president of CAAO, there is a main group of the so-called working group. It is to basically consider how these auditors can be, in one way or another, forward thinking when it comes to improving the overall taxpayer experience. They believe that this can be done when the areas involving the conveying and transferring of real properties are well-covered through blockchain.
It is worth noting that the state of Ohio has already come up with several legislative initiatives, which are meant to give aspects of the legal status of the above-mentioned technology. It even became the first state in the country to enable companies to pay taxes using the world’s leading cryptocurrency called Bitcoin.