New York City to Explore Blockchain for Preventing Deed Fraud in Land Sales
2 d ago•1 min read•Blockchain
The New York City Department of Finance (DOF) is planning to explore how blockchain can be used as a means of preventing deed fraud in land records.
The department will work with Medici Land Governance (MLG) to develop a proof of concept for applying blockchain technology to the city's land records. The department has property records starting in 1996 on its automated system. MLG will simulate 500,000 records on the blockchain and then display them in a DOF interface to test for accuracy. The project is designed to increase transparency and reduce the chances of fraud. If successful, it will be followed by a pilot incorporating user testing and operational efficiency improvements. The project may demonstrate the potential for broader blockchain-based interventions around other aspects of public administration in New York City and elsewhere.