The Blockchain Gamble

It will be a safe assumption to make, if we say that we didn’t intend technology to reach where it did. Even though it arrived with relatively limited functions at first, it’s been defying expectations since day one. What’s fascinating about technology is that there always seems to be something we haven’t explored yet, a dynamic we haven’t tapped upon, a piece of ground that still awaits us to discover it. This, as you would probably know already, has led us towards a world that boasts a digital identity. Slowly, by accommodating all our needs and wants, technology has secured a prominent position in our life, and it’s only looking to strengthen it further by bringing newer things to the fore. A testimony of its willingness to get even better can be easily located within the emergence of advanced technology. Basically, if you thought the old technology was already mind-boggling in itself, then you are in for a major surprise.

As the name suggests, advanced technology is designed to steer us to a place that was not quite within the reach of the basic setup. With the help of advanced technology, we can put a more refined layer on everything we do. For instance, introducing automation to a process doesn’t just have the purpose of saving time; instead it’s roped in to enhance the operational quality as well. There are many other by-products of advanced technology that, at their core, chase a somewhat similar goal. Nevertheless, this purpose can be diversified to achieve a range of objectives. A recent example of it is delivered by the news of New York City Department of Finance’s (DOF) intention to use blockchain for reducing deed frauds.

As per the reports, the department is considering collaboration with Medici Land Governance (MLG) to investigate the possibility of integrating blockchain technology into the city’s land records. The city’s current register information system has been in place since 1966; hence authorities have long been looking to find inroads through which they can overhaul the proceedings, and by the looks of it, they have locked in on blockchain to lead the way.

“Blockchain technology has the potential to revamp how property documents are recorded in New York City and help prevent deed fraud,” DOF Commissioner, Sherif Soliman said.

One of the biggest motivators behind picking blockchain has been, as alluded earlier, the need to form a response against deed frauds that have grown increasingly rampant over the last few years. While the project is still in development, if everything goes through, the next step is all set to be the pilot launch that will include user testing and making operational efficiency improvements.

Furthermore, in a scenario where this program proves to be successful, it can very well hand blockchain an entry into other areas of public administration.

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