WASHINGTON--(BUSINESS WIRE)--The City of Baltimore has selected Medici Land Governance (MLG) to develop a blockchain platform for recording vacant properties in the municipality. Starting with a pilot program goal of recording 14,000 properties, the project will support the City’s current vacant housing initiatives, as outlined by City leadership of Mayor Brandon M. Scott, City Solicitor Ebony M. Thompson, and Commissioner of Housing and Community Development Alice Kennedy.
First and foremost, a blockchain-based land recorder will reduce the costs of titling. Permanent and immutable records allow for titling to be certified and verified in one instance—as opposed to the multiple transactions for a single property that must occur today. MLG will develop the blockchain-based land recorder to integrate with Baltimore’s existing recording system by way of a secured end-to-end deployment in which the API (Application Programming Interface) will duplicate the data and publish it on the blockchain. “MLG has deployed similar platforms in the U.S. and elsewhere in the world,” Ali El-Husseini, Ph.D., CEO of MLG, said. “And, we can ensure that it would be one of the most secure ways to protect land records data sets. By using blockchain technology, MLG can establish a decentralized and trustworthy system for recording property ownership.”
Dr. Husseini explained that the value of the blockchain platform means addressing matters of disputed ownership and title fraud in a clear expedited manner. It will also enable quicker and more reliable transfer of property rights. “This opens the door for title insurance companies to participate, as this process will make it cleaner, faster, and more efficient for title insurance companies to underwrite, thereby making it cost less for the consumer while eliminating long waiting times for processing,” he added.
Baltimore City leadership celebrated the announcement, with Mayor Brandon M. Scott saying, “This new technology is going to help expedite the fantastic work that is already happening to tackle vacant housing in Baltimore and help our City’s historically disinvested-in neighborhoods leverage the investments for revitalization that we’re already seeing. Adopting this tech is about helping to bring City government into the 21st century and utilizing every tool at our disposal to bolster our work.”
Dr. Husseini said that accurately identifying vacant properties and their ownership will augment the city’s targeted interventions and community development efforts. “MLG can work with the housing authority and organizations to revitalize neighborhoods, incentivize property rehabilitation, and promote economic growth,” he added.
“Blockchain technology has the transformative power to revolutionize land recording processes, and Medici Land Governance is proud to partner with the City of Baltimore on this groundbreaking initiative. By establishing a blockchain land recorder, we aim to reduce titling costs, enhance property ownership verification, and contribute to the revitalization of historically disinvested neighborhoods. Our experience in deploying similar platforms globally ensures the security and efficiency of this innovative solution,” said Peter George, Chairman of Medici Land Governance
City Solicitor Ebony Thompson added, “Embracing blockchain technology to combat vacant housing sets the stage for a myriad of possibilities. This includes the integration of self-executing smart contracts to automate contractual agreements and payment terms. Incorporating tokenization or fractional ownership can also empower residents who have been historically deprived of the chance to own real estate, providing them with the opportunity to finally reap the benefits of one of the oldest and most crucial assets for building wealth.”
About Medici Land Governance
Medici Land Governance leverages blockchain and other technologies (such as cryptography, AI, blockchain and geodata collection) to support land governance, titling, and administration with a secure public record of land ownership. With land records stored on the blockchain, land ownership is standardized and can be recognized by local and global economies. Medici Land Governance supports agencies in the digitization of their current records, engendering trust and security in data by diminishing human error and accidental damage to records.
