Mortgage Banker, Mike Mills, discusses the potential obsolescence of title insurance in a world where real estate transactions are recorded on the blockchain. Mike suggests that NFTs could be used to represent property ownership and allow builders to profit from the sale of their properties through the transfer of these NFTs. Mike also notes that title companies, which act as third-party intermediaries in real estate transactions, could be affected by the use of blockchain technology. Mike concludes that blockchain technology could potentially eliminate the need for title insurance, as the entire chain of title could be easily verified on the blockchain.
title insurance, obsolescence, blockchain, NFTs, property ownership, builders, profit, sale, transfer, title companies, real estate transactions, third-party intermediaries, research, claims, chain of title, Texas, policy, premiums, verification.
