The innovative leader in blockchain solutions brings a marketplace for abstractors as well as title production vendors, allowing for seamless integration of the abstract process, finding qualified abstractors, and recordation of abstract research onto the blockchain.
Wilmington, Delaware, USA — September 9, 2020 — Ubitquity LLC, the enterprise-ready blockchain-secured platform for real estate and title recordkeeping, has announced that it has fully launched the BlockSTRACT marketplace with a fully interactive Figma demo. Interested parties can now interact and experience the value of the BlockSTRACT marketplace.
“BlockSTRACT is an absolute game-changer for the title industry. We at Ubitquity are proud to provide such an innovative platform that allows for the automation of a classically non-automatable process for title insurance operations, and we’re excited about the abstractors and title production vendors who have already signed up to participate in the BlockSTRACT marketplace,” said Nathan Wosnack, Ubitquity Founder & CEO.
“Automation and mitigation of risk is the name of the game in real estate closings. The BlockSTRACT marketplace opens up access to land record data in a trusted, secured environment, while providing a space for a more collaborative and sharing-base ecosystem. This innovative platform can be leveraged beyond just the title industry, this is something that can revolutionize the way that other industries share data and contract work. Petroleum landmen in the oil and gas industry could stand to greatly benefit from such an invention,” stated Ian T. Staley, MSM, Ubitquity Chief Business Development Officer (CBDO).
BlockSTRACT is a platform, similar to Upwork and Freelancer, that allows a title company to place a request for abstracting work to clean-sweep the chain of title when insuring a real estate transaction. A bid is inputted in the system and proceeds to ping a pool of highly qualified abstractors and title production vendors. The bidding process prompts the right to work on the title order. Once the winning bidder, the most qualified and cost-effective abstractor, agrees to undertake the work at the agreed upon price then abstracting process begins.
This allows for cost savings for title firms, as they can rely on qualified abstracting service providers at a lower cost in a trusted ecosystem for Business Process Outsourcing (BPO). Leaving the work to be done by abstracting professionals who handle these duties everyday mitigates the risk of insuring a policy, as the job is in the hands of resident experts in relative regions.
The innovative blockchain-based system integrates into title production software stacks seamlessly by leveraging unanimity, Ubitquity’s RESTful API, and it provides the title agency user real time status updates and tracking of the abstracting process. BlockSTRACT is currently compatible with the leading title and closing room platform: Qualia. Qualia is a team of top software engineers, real estate professionals, and user experience experts who are improving how real estate is transacted. Some of the features included with BlockSTRACT are: View Orders (Open/Closed/Cancelled/All), Search, Reports, Fulfillment, Tracker, Inbox/Messaging, and Upload Documents.
About Ubitquity, LLC
UBITQUITY, the enterprise ready blockchain-secured platform for real estate recordkeeping, offers a simple user experience for securely recording and tracking property deeds and land records. The company is partnered with academia, aviation companies, municipalities, and real estate companies. Version 1.1 release of the platform is now available at www.ubitquity.io. Learn about BlockSTRACT™ and how it can help your firm by visiting www.ubitquity.io/blockstract/. White Labeling and Intellectual Property (IP) licensing of BlockSTRACT™ is now available for qualified companies.
Sahar Hariri, Sr. Client Account Manager
e: [email protected]
t: 1+ (724) BITCØIN [248–2046]