A Texas State bill proposes a land registry pilot that will use a public blockchain to record the ownership of real estate. The trials would also include using regulated stablecoins to pay for land or property. However, following a committee hearing yesterday, the status is ‘Left pending in committee’, which in Texas is often a euphemism for insufficient support to move forward.
The project intended to explore the cost differences between a public blockchain land registry and a hybrid one. For the hybrid version, basic information from the deed is recorded on a public ledger, but the full document is held on a permissioned distributed ledger.
In addition to recording real estate ownership, the register would also record mortgages or liens. The pilot planned to include at least two Texas counties, one rural and one urban. A working group would provide feedback on the initiative and comprise counties, regulators, title insurance organizations, banks and the Texas Blockchain Council.
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