Delaware based enterprise blockchain solution for recordkeeping, Ubitquity LLC, has announced on Thursday the launch of ClosingBlock, a software designed to fight wire frauds. The company stated that the software will go live in the last quarter of 2020, and will help users to make escrowing processes more efficient.
Ubitquity is a Blockchain-as-a-Service platform that provides enterprise grade solutions for real estate and title recordkeeping, offering simple and user-friendly experience for tracking and recording property records. The platform has a wide range of partners in various segments including academia, real estate companies, municipal corporations, etc.
Commenting on the launch of ClosingBlock, Ubitquity Founder and CEO Nathan Wosnack said that wire fraud has emerged as the major threat to the real estate closing industry, and their new product is the solution to it. Chief Business Development Officer at Ubitquity, Ian Staley also highlighted the rise of wire frauds in the industry he further added,
ClosingBlock integrates real estate closing software with Ubitquity’s RESTful API platform, functioning as a third-party data validator for hybrid transactions. This also allows real estate closing companies to create digital assets and certify them for a specific time period, ensuring the traceability of variations in its attribute values.