[Editors note: A few changes have been made to this article at the request of IBREA, clarifying their relationship and role. They stressed it is not a partnership but a "corporate sponsorship"]
iNation and the International Bitcoin Real Estate Association (IBREA) are joining forces to allow real estate deeds to be copied to the blockchain in full for backup and storage.
IBREA, a trade organization will have iNation’s Nathan Wosnack and David Mondrus join as board members representing Florida and iNation will be a corporate sponsor. The plan is to have cryptographically secure and traceable copies of property deeds on the Blockchain that can be used as a backup if the original is lost, or if there is a legal dispute regarding contradicting deeds.
It is, yet again, a case of the decentralized nature of the blockchain providing a safe and secure method of storing the kind of information you can’t simply hand over to a company that may no longer exist in a few decades. We have been told that the cryptographically secure documents will be as legal as the original.
Regardless of Bitcoin’s potential success or failure, the blockchain will not be going anywhere anytime soon and is likely to remain a virtually unmodifiable, decentralized ledger for the foreseeable future.
iNation has plans to combine Bitcoin and real estate in even more meaningful ways, with the goal of using the blockchain to not only store a history of transactions, but also to facilitate that transaction from escrow to completion.
In a press release set to be revealed later today, IBREA’s founding board member Ragnar Lifthrasir gave this statement.
“"The IBREA believes using Bitcoin will reduce costs, stamp out fraud, speed up transactions, democratize investing, increase financial
privacy, internationalize markets, re-emphasize equity, and make reale state a liquid asset.”
Real estate is one of many markets that could use some updating and streamlining. Between all the commissions and fees, thousands, even tens of thousands of dollars are sucked out of a sale regularly.
The blockchain can help with that. Smart contracts and escrow can do many of the jobs lawyers do now. The blockchain could even handle the transfer of the deed itself.
We are seeing the removal of middlemen in a lot of industries, thanks to the internet and Bitcoin. The real estate industry is ripe for change, will iNation and IBREA bring it?
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