The County Auditor’s association of Ohio (CAAO) today announced the formation of an active group to study distributed ledger technology for the effective transfer of property deeds.
The news came through SafeChain, an Ohio-based blockchain startup and also the technical advisor for the initiative.
The group to be formed will purportedly test use of distributed ledger technology for bringing efficiency to management and execution to real estate transactions. In addition, to transfer of land titles across several nations. Moreover, their ongoing projects will be scrutinized by SafeChain member Tony Frano. This step will help the association set measurable goals also build on operating principle for the new technology.
CAAO, is headed by Warren County Auditor Matt Nolan. More importantly it comprises of 11 Ohio county auditors. These auditors serve as public officials and oversee financial books and records of all county officers. Additionally, administering and ensuring safekeep of respective counties budgets. These auditors include:
CAAO chair, Matt Nalan reiterated that the group will work to enhance this technology and improvise on government operations for the benefit of taxpayers. Moreover, CAAO has set unprecedented standards for getting a mere entry in the project. This is attributed to the diverse needs of its members which in turn makes the creation of this group a laudable effort.
The state of Ohio has constantly been at forefront when it came to distributed ledger technology or cryptocurrency adoption. Moreover, it was the first state to accept Bitcoin payments of tax in November 2018. Also in December 2018, a total of 7 funds made a pledge to invest over $300 million in blockchain startups through 2021.
In early 2018, Ryan Smith, Ohio House of Representatives Speaker laid foundations for a group of academic figures, lawmakers and industry experts to debate on building the state as a pro-innovation hub for blockchain.
Besides SafeChain, several startups are developing blockchain- based real estate solutions, These firms include platform RealBlocks, which managed to raise $3.1 million in a seed funding round backed by Morgan Creek Digital in the start of 2019.