ClosingBlock™ integrates seamlessly into any real estate closing software stack — the secured virtual closing environment receives pushed data by way of Ubitquity’s RESTful API unanimity. The inventive product proceeds to validate trusted parties involved in the closing transaction, ensuring that only interested parties are allowed into the virtual closing room to verify and confirm wiring instructions.
ClosingBlock™ provides a secured, virtual solution to meet the need for enhanced digital escrow closings. If the closing is performed via a digital notary then the closing can push that data from the RON (Remote Online Notarization), RIN (Remote Ink-signed Notarization), and other eNotary ceremonies over to the ClosingBlock™ to confirm, validate, and verify that all things are in order and that the wire can indeed be released for transfer.
It leverages smart contracts via SmartEscrow to create the rule sets. The ClosingBlock™ product serves as that third-party verifier of data, providing a secured virtual environment for wiring instruction processing, and it is a validator of trusted parties in an eClose digital and hybrid transaction. The blockchain-based platform allows companies to create any digital asset and certify its existence at a specific moment of time, as well as the traceability of the changes of states or values of its attributes. The data is stored in an immutable and permanent way, with highly reliable cryptographic mechanisms via our robust unanimity platform and API.
The ClosingBlock™ software modules will be available to integrate into your existing workflow immediately.