When one Illinois resident buys a property this year, he will receive a digital token. Along with a paper deed, the transfer of the token will be recorded in the Cook County Recorder of Deeds database as proof of ownership. The goal is to show that such tokens could replace deeds in the future.
- Banks, institutional investors and startups are exploring how blockchain could streamline title transfer and drive cost savings.
- In one test produced by a tech vendor and county recorder, sellers will send digital tokens to buyers to transfer proof of ownership.
- One title insurer believes "that blockchain will have a large effect on the title industry and on the real estate industry as a whole."