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Blockchain real estate startup Ubitquity has announced the launch of a ‘Lien Alert’ – a blockchain-based solution that allows lenders to be alerted to a lien placed against them.
The company noted the growing instances of wrongful, invalid, or fraudulent liens in the United States and Canada. While some of these are due to administrative oversight, outright lien fraud has also become quite rampant. An undetected fraudulent lien can cost an individual thousands of dollars to resolve, or even property seizure.
To address these problems, Ubitquity said it is creating a system that continuously scans government’s lien databases for new liens, and notifies the individual that the lien is directed to that they have a lien placed against them. It will also notify them when it's removed.
Lien Alert offers a tool to lenders to protect their credit and prevent fraud.
“There are hundreds, if not thousands, of cases of fraud involving liens and identity theft in North America every year” said Nathan Wosnack, Founder and CEO of Ubitquity. “The strength of blockchain’s immutable ledger, along with rapid database scanning, as well as industry and government cooperation, is the key to preventing this in the future.”
How the solution works is that whenever an important document is filed related to a piece of property, the lender and the owner get a notice via SMS text (mobile phone) and email. Hashes of the alerts are encrypted and stored on the blockchain via Ubitquity’s SaaS platform & API.
According to the official release, Lien Alert website is currently accepting pre-sign ups in anticipation of its 2019 release.
