The New York City Department of Finance (DOF) is planning to explore how blockchain can be used as a means of preventing deed fraud in land records.
- The department will work with Medici Land Governance (MLG) to develop a proof-of-concept for applying blockchain technology to the city's land records.
- The department has property records starting in 1996 on its automated system. MLG will simulate 500,000 records on the blockchain and then display them in a DOF interface to test for accuracy.
- The project is designed to increase transparency and reduce the chances of fraud. If successful, it will be followed by a pilot incorporating user testing and operational efficiency improvements.
- The project may demonstrate the potential for broader blockchain-based interventions around other aspects of public administration in New York City and elsewhere.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.