Imagine selling your home and getting ready to close. Your entire life savings is in there, and you’re banking on the closing to fund your retirement. Then imagine that the title company says, ‘You don’t own your house. ‘This is precisely what happened to Mike Lee, a California homeowner who fell victim to property title theft, a growing problem in the United States, according to the FBI.
As recently reported in Forbes and The New York Times, the FBI claims that property title fraud is on the rise, with scammers using stolen identities and forged documents to steal properties and leave their victims with little recourse. For Mike Lee, the nightmare began when he found out that someone had literally stolen his property title.
“It was a living hell,” says Mike Lee, recalling his experience with property title theft. “It took nearly two years to fix it, and by the time I did, the property market had dropped, and I wasn’t able to sell my house.”
The problem isn’t limited to the United States either. According to the World Bank, lack of clear title leads to corruption and theft in one out of five land transactions worldwide.
The Title App is a blockchain-based application that provides a secure and transparent way to track ownership of valuable assets, including real estate, cars, and artwork. The app uses advanced technology, including artificial intelligence and distributed ledger technology, to create a reliable and tamper-proof title system that is affordable and accessible to individuals and businesses of all sizes.
Distributed ledger technology can create a title system on the blockchain apart from government according to writings from Josh Lawler, a principal at Zuber Lawler. Distributed ledgers have no central failure point, which is becoming more important as AI technology makes it presence felt in everyday transactions.
According to Dustin Donhue, team manger at Crowdbotics, the core tech group creating the Title App, “By using AI and distributed ledger technology, we are providing a solution that is more reliable and efficient than traditional title systems, which are often slow, prone to errors and fraud, and can take days or even weeks to update ownership records.”
The Title App was built on Polygon distributed ledger “chain”, but is migrating to Redlight Chain, a provider of gasless blockchain technology. “The Title App is a perfect enterprise application of gasless blockchain,” says Leo Pradel co-founder of Redlight Chain. “Gasless technology ensures the The Title App is reliable, secure, and environmentally friendly.”
The development roadmap of The Title App is promising. The team behind the app plans to use AI to onboard property title records for entire regions, for example the Nation of Palau, the State of Victoria (Australia), Hawaii, California, Texas, and Florida (USA). Initially the Title App will creates a parallel title registry apart from the governments while monitoring the existing systems in real time. Over time Title App will continue operating independently or be adopted by governments wishing to utilize a more reliable system at a greatly reduced cost.
The projects roadmap envisions developing an API that can be integrated with e-commerce platforms like Shopify and Amazon, enabling e-commerce companies to create direct-to-consumer products and register them on the blockchain.
The Title App is affordable. The property monitoring service, which alerts owners to any potential tampering with their property records, and provides 24–7 access to their title records on the blockchain will be few dollars a month. This is a small price to pay compared to the potential cost of property title theft and fraud.
“I wish I’d had The Title App to prevent what happened to me,” says Mike Lee. “It’s a nightmare scenario to have someone steal your property title, and The Title App provides a much-needed solution for managing assets and protecting ownership records from fraud and theft.”