Sacramento, CA, August 08, 2018 --(PR.com
)-- Tellus Title Company, a Sacramento-based startup, recently released a ground-breaking whitepaper that explores the possibilities of creating a cutting-edge blockchain protocol designed for the Real Estate industry. “If there’s a sector that’s worthy of its own blockchain, Real Estate is it,” said Tellus CEO, David Howie. “Today, the sum of real estate assets worldwide eclipses the total value of crypto assets.”
Howie presented his innovative, patent-pending blockchain protocol, Tellurium.io, at the Sacramento Bitcoin Meetup group held at the McClellan Innovation Center this week. With a background in finance and real estate, Howie discovered that none of the five largest title companies in the U.S. regularly invest in research and development. In 2016, Goldman Sachs reported that blockchain technology could save the U.S. title insurance industry up to $4 billion dollars through reductions in errors and manual processes. Yet, these five major title companies have yet to acknowledge any interest in adopting blockchain technology.
“With geo-coded meta-data, we can infer a plethora of information related to real-estate transactions, such as the local fiat currency and specific laws of a particular jurisdiction in which a property resides,” explained Howie. “Geo-coding meta-data at the protocol level gives this blockchain several advantages, particularly in terms of efficiency. It eliminates the need for oracles by retaining both relevant data and contingent data that are needed for on-chain, smart contract execution, creating an abundance in cost-savings for real estate specific blockchain applications.”
Howie’s blockchain protocol solution will not replace the traditional model of enforcing property rights, but rather it will enhance the system of recording property rights. In his report, Howie assures readers that the current property title system is not broken; however, he sees distinct opportunities for industry-wide improvements through a decentralized, immutable database system.