Greenbriar Capital Corporation, is a high impact investment renewable energy and green technology maker. It created RealBlock, a blockchain system that is very effective in the real estate sector. The company has agreed a deal with Title Security of Arizona and Landmark Title Agency.
A familiar cybersecurity problem in real estate mortgage and title transfer is wire fraud. As these incidents gradually increase, there is serious need for a more secure way to do business, especially in the real estate industry.
A Solution To Wire Fraud
With the increase in wire fraud incidents, there is need to secure the exchange of documents and communications. This is majorly in deals between buyers and sellers and others involved in real estate transactions.
Most of the times, it’s usually a very crucial financial transaction to the parties involved. Thus, it’s important to do everything necessary to ensure it works as expected. According to Vicki Etherton, President of Landmark, RealBlock is the new standard of care in the title industry.
Professor Todd Taylor, founder of the blockchain research lab at Arizona State University and among the founders of RealBlock. He disagreed with the idea that blockchain is only useful for cryptocurrencies, public voting, and Uber-less ride sharing. To him, blockchain’s true power lies in its ability to end or prevent major cybersecurity issues.
Intricacies About RealBlock
Normally, blockchain technology develops apps that can be used by multiple users. Eventually, this advantage can transform industries and, this way business is done. It creates the opportunity to execute and share documents in a fashion that is of low risk. Professor Todd spoke about the conventional methods for exchanging document. He said it creates single points of attack and failure that hackers are able to exploit with greater ease.
RealBlock and other related blockchain makes hackers’ jobs more difficult. Rather than a single point of attack, blockchain makes use of segregation, distributed compute, multi-party validation, encryption, public and private keys and smart contract code. These components are the mediums blockchain use to create a single technology stacks. Then, these multi-customer applications are built upon them.
Title Security CEO, Tommy Sullivan, spoke on the deal. He said, as they speak to larger insurance companies that provide insurance to the title companies. Majority of them accept the idea of blockchain. It is in this way that they are writing policies around the adoption. Also, Greenbriar Capital has plans beyond blockchain technology for the company.