Safechain is developing a Blockchain platform to enable the government of Franklin County to auction forfeited property. The solution is cutting edge as it will enable the government to provide transparent and fair services to all its citizens. Additionally, the Franklin County government will eliminate the paperwork to make the process less bureaucratic and cheap to administer.
Safechain Platform Will Be Helpful
The Blockchain technology has been applied to the real estate market before. In the same model, the Safechain platform will enable the Franklin government to speed up the process and collect the proceeds to be utilized for other public investment projects that the City of Columbus badly needs. However, the irony is that the blockchain technology was meant to eliminate the role of the government in market processes. But in this case, it is the blockchain technology that is helping the government to decentralize its services.
Franklin County will benefit from the platform because the role of third parties such as marketers, banks, and real estate agents will be eliminated from the operations. The ultimate effect will be lower costs and efficiency as the sellers will have an avenue to engage the Franklin county officials directly. Additionally, the distributed ledger technology will be transparent, verifiable and reliable for the high-value real estate transactions.
The Project is Launching on Tuesday
The platform has already been provided by Safechain to the Franklin County. Therefore, on Tuesday, the Franklin County Auditor’s office will partner with the experts from the Blockchain tech firm to list the 37 property. On the other hand, prospective buyers will register at the County offices. When the buyer gets the bid and a deed is awarded, the Safechain company will then step in and certify the transfer of property by adding a barcode to the paper deed. The rest of the documents will then be accessible to the buyer from the Blockchain.
The government is starting with 37 properties as this is just a pilot project that is seeking to establish the merits and demerits of the project and the ways to rectify the demerits. However, Safechain and the County officials are convinced that a Blockchain solution for government operations is long overdue as the bureaucratic government services have to be rectified so that the government does not lose relevance in the face of dynamic private sectors.
Safechain Has The Experience For The Task
The Columbus OH-based tech Blockchain startup has been on the forefront of revolutionizing the real estate market in Ohio. Counties such as Washington and Perry are benefiting a from solutions for the elimination of duplicate records entry, and solutions for the development of a digital version of the auditor’s signature respectively.
After the Franklin County Assembly passed a law to legitimize Blockchain technology for record keeping and secure transactions, Safechain developed a 4-year roadmap to implement the DLT in all real estate ventures in the state of Ohio. Clarence Mingo, the County Auditor has welcomed the Safechain plan as a “giant step forward for Ohio…” She is adamant the Franklin government will set the pace for other real estate service providers to follow.