In what could be considered one of the important developments in the blockchain domain, Ubitquity LLC had announced its partnership with Rainier Title. Before moving ahead, it is important to understand the business in which Ubitquity and Rainier Title are operating in. Ubitquity is a blockchain platform that is extensively used in the real estate sector for record-keeping purposes. On the other hand, Rainier Title is a well-established name in the title and escrow business segments serving its clients in Washington. Now both these companies have come together in order to create a platform on which the property items can be tokenized while records of the conveyances can be maintained in parallel.
Commenting on the occasion, the chief executive officer and founder of Ubitquity, Nathan Wosnack, said that it is quite natural for them to establish a partnership with a very innovative Rainier Title. Wosnack said that blockchain technology has literally disrupted the title industry, and it absolutely makes sense for them to choose a partner such as Rainier Title to associate with.
Rainier Title will soon complete its migration to Qualia, which is a conveyance and closing room suite. Ubitquity, on the other hand, is in the process of developing software that will be integrated seamlessly with Qualia. Using the new platform, the clients of the Rainier Title will be able to tokenize their property, and these tokens then can be used in a number of ways to create value for property owners. For example, one can use the token to create new investment opportunities, and thanks to the involvement of the blockchain process, there is a high degree of safety and security associated with the new business model. Clients will also benefit from the SmartEscrow blockchain contract by Ubitquity, which helps keep the records safe and authentic. Property agents can utilize this platform to mitigate any possibility of potential fraud, as records will be fully verified and checked on open ledger technology.
This association has the potential to change the dynamics in the real estate industry. By tokenizing properties, one can easily open new avenues of growth and leverage opportunities available in the real estate market. It will be interesting to witness how successful this association proves to be in the future, and potential customers react to this coming together.