SALT LAKE CITY – (COMMERCIAL THREAD) – Medici Land Governance (MLG) has partnered with the New York City Department of Finance (DOF) to develop a proof of concept for the use of blockchain technology to detect and reduce fee-for-service fraud At New York. The project will explore the possibility of using blockchain or a decentralized digital ledger as a vehicle to record ownership documents to ensure that target data is transparent and immutable. Applying blockchain technologies to New York City land records has the potential to improve business processes, reduce risk, and help fight deed fraud.
“We are delighted to join New York City officials in assisting them in their efforts to improve the safety and quality of their services in the heart of the country’s largest metropolitan area,” said Ali El Husseini, PhD, CEO of Medici Land Governance. “We also appreciate the generous recognition and confidence of the Ministry of Finance in our ability to demonstrate the value, feasibility and safeguards of blockchain technologies and their most effective and efficient use to combat fraud in actions. ”
“The use of technology to improve our business processes is intrinsic to our strategic goal of providing quality service delivery. Blockchain technology has the potential to revamp the way property documents are recorded in New York City and help prevent fee-for-service fraud, ”said Finance Department Commissioner Sherif Soliman. “We look forward to working with Medici Land Governance to assess this innovative approach. ”
New York City property documents dating back to 1966 are recorded and maintained using the City’s Automated Registry Information System (ACRIS), which will continue to be the official repository for such documents during the proof of concept. As part of the proof of concept, MLG will provide a parallel service that will simulate the hypothetical recording of 500,000 records on the blockchain. MLG will then display the saved blockchain records in a Ministry of Finance specific user interface to test for accuracy. By exploring the use of blockchain for recording property documents, MLG and DOF will establish a potential basis for broader blockchain-based interventions in New York City.
The project will show how to improve security, including reducing the risks of intentional and possibly unnoticed fraud, reducing potential attack vectors and increasing transparency. The proof of concept, if successful, could lead to a pilot project that will provide in-depth discovery, prototyping and user testing of operational efficiency improvements for current business processes and solutions for fraud prevention. the act.
MLG’s public archival product, Actum, is a blockchain-backed universal archive of public archives. Actum uses blockchain technology to provide secure, tamper-proof and immutable public records that are searchable, transparent and reliable.
About the land governance of the Medici
Medici Land Governance leverages blockchain and other technologies (such as cryptography, AI and others) to support land governance, titling and administration with a secure public record of land ownership . With land records stored on the blockchain, land ownership is standardized and can be recognized by local and global economies. Medici Land Governance supports agencies in digitizing their current records, building trust and data security by reducing human errors and accidental damage to records.
About the New York City Department of Finance
The mission of the New York City Department of Finance (DOF) is to administer New York City’s tax and tax laws in a fair, efficient and transparent manner to instill public confidence and encourage compliance while providing exceptional customer service. The DOF is responsible for raising over $ 40 billion in annual revenue for the city and appraising over one million properties with a total value of over $ 1,000 billion. DOF registers property-related documents, administers property tax exemption and reduction programs, helps New Yorkers resolve tax payment issues through the Office of the Taxpayers’ Advocate, Judge parking tickets, administers the city’s bank accounts, manages its cash flow and administers its activities and excise taxes.