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Successful implementation of this pilot program, which is currently in testing with Velox.re, could open the door for additional state-run public data blockchains.
“Testing the effectiveness of data-driven records processing for land titles, which are complicated transactions, would also as a by-product show that the State could use such a system to transfer vehicle titles, which are simple transactions usually tied to an already-existing unique identifier,” added Mirkovic.
One of the Cook County Recorder of Deeds’ short-term goals through the Internet Blockchain Initiative is to create a blockchain system that would aggregate all vacant and condemned property metadata into a “digital title” that would have a pointer from the existing online record.
The idea in doing this is to create a defense against scammers who are selling these properties to buyers seeking “fixer-uppers,” as current tax or home inspector data may not be available from a rudimentary deed check.
“This could completely replace the state’s paper-based car titling system, allow regulated auto-dealers to generate their own vehicle titles the day they come off the truck, and sell them right away (rather than sending in applications and waiting for reply),” he continued.
“Further, the Department of Insurance and private insurers could be incorporated into the vehicle titling system, meaning that law enforcement could know a vehicle’s insurance coverage status before they even walk up to talk to the driver,” Mirkovic said.
As Bryan Schneider, secretary of the Illinois Department of Financial and Professional Regulation, said in his comments at the Blockchain Conference Chicago, while the state will endeavor to make Illinois a welcoming place for cryptocurrency companies, the focus of the Illinois Blockchain Initiative is towards embracing the potential of blockchain technology openly and using it as a means to improve efficiency and transparency while making security, confidentiality and regulation factors that can be addressed in real time.
“We know that talk is cheap and action is where it counts, so you have the commitment of myself and the leaders up here with me to actually make things workable for technology companies and their customers that want to do business here in Illinois,” said Schneider.