This pilot blockchain implementation facilitates the transfer of ownership of real estate on the bitcoin blockchain. This solution leverages bitcoin’s colored coin concept to assign tokens that represent real world assets – in effect resulting in a digital deed, something the implementation partner, Velox, calls a “blockchain deed.” These deeds, unlike traditional deeds that can be doctored, are stored on the Bitcoin blockchain which in effect makes the deed non-counterfeitable. Using the public blockchain exposes the transaction to the world, creating a transparent public record.

This technology stands to positively impact cost and fraud factors associated with real estate transactions. We look forward to updates on Cook County’s pilot implementation, particularly around critical success factors that are shared across any new technology rollout: industry/government adoption, integration into existing systems and processes, and security.

• Ragnar Lifthrasir (Founder, Velox.re) Article on Medium