The New York City Department of Finance (DOF) plans to develop a blockchain proof-of-concept that would be able to detect and reduce cases of deed fraud.
In cooperation with land administration company Medici Land Governance (MLG), the department will explore the feasibility of applying blockchain technology to the city’s land records.
DOF commissioner Sherif Soliman said: “Blockchain technology has the potential to revamp how property documents are recorded in New York City and help prevent deed fraud.”
Records have been maintained by the city’s Automated City Register Information System since 1966, but now MLG will simulate a similar service using half a million records on the blockchain.
The project seeks to show blockchain’s ability to improve security by reducing intentional and unnoticed fraud, limiting potential attack vectors and increasing transparency, MLG officials said in a press statement.
If successful, the next stage of the project will see a pilot launch incorporating user testing and operational efficiency improvements.
The program could also lead to further applications of blockchain technology in other aspects of public administration throughout the state, officials said.
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