Link copied Blockchain platform for real estate and title recordkeeping Ubitquity on Tuesday announced that it has signed Oklahoma City-based AIC Title Service as a client.
Founded in 1989, AIC Title Service is a leading provider of title, escrow, FAA document filing, title insurance and lien clearance services for aircraft. The company intends to build a parallel, blockchain-based system for parts of the title and registration process in its new Aircraft Closing Room.
“When I bought AIC Title Service in 2003, my goal was to take an archaic industry and turn it into an industry of today. The vision that I have for this industry is the ability for us to take the information that we need to provide to our clients and get that to them in a more timely and secure fashion,” said AIC owner Clay Healey. “The next step of this process is blockchain.”
The Ubitquity SaaS platform and API is a parallel recording and tracking system – when transactions occur, all relevant information about the property is recorded on a private blockchain and a record with a hash is automatically placed onto the blockchain. It enables users to ensure the authenticity of information (current ownership, historical transactions, etc) related to the land or property in question.
In May 2018, Ubitquity announced the release of its updated 1.0 Software-as-a-Service (SaaS) API. Last year, the company launched a blockchain pilot program with a Land Records Bureau in Brazil.
AIC Title Service also plans to expand blockchain use and offer more services powered by Ubitquity’s Blockchain API in the near future.
