The city’s finance department will work with Medici Land Governance on a proof of concept blockchain for land records.
The New York City Department of Finance (DOF) is planning to explore how blockchain can be used as a means of preventing deed fraud in land records.
- The department will work with Medici Land Governance (MLG) to develop a proof-of-concept for applying blockchain technology to the city’s land records.
- The department has property records starting in 1996 on its automated system. MLG will simulate 500,000 records on the blockchain and then display them in a DOF interface to test for accuracy.
- The project is designed to increase transparency and reduce the chances of fraud. If successful, it will be followed by a pilot incorporating user testing and operational efficiency improvements.
- The project may demonstrate the potential for broader blockchain-based interventions around other aspects of public administration in New York City and elsewhere.
source of news coindesk