In a recent New York Post article, Mayor Eric Adams discussed the importance of implementing blockchain technology for birth certificates and deeds. Since his election, Adams has made it no secret that he wants to push The Big Apple towards Web3 in terms of making digital coins, blockchains and NFT’s a part of “The City That Doesn’t Sleep”. The ideas are just starting out, but Weber Realty Management believes the real estate sector should be a large priority in making Mayor Adams’ dreams possible.
Having birth certificates and deeds go on the blockchain should lead to the entire home sale process going digital. The current process of transferring a deed in New York City is long and unnecessarily tedious. It typically takes two months to transfer while accumulating administration and legal fees that hurt those selling their homes. These fees could cost thousands of dollars and delays occur due to the massive margin of errors. Most of the recognition agreements are still distributed via snail mail, handwritten signatures are depended on and much of the process requires people to be there in-person in a now post-office society. By pushing home sales in New York to be completely legally done on the blockchain, all parties involved can have access to encrypted keys to monitor and authenticate every step of the way. This can all be completed at everyone’s convenience and lead to less delays as long as everyone is properly trained on how to complete tasks.
For property management companies like Weber Realty Management, the process of clearing violations can also be aided with the help of blockchain technology. Violations are currently cleared with handwritten paperwork that must be snail mailed in order to be completed. The current method leads to lots of mistakes as mail is consistently lost and paperwork isn’t always filled out right due to constantly changing rules. By digitizing this system, blockchain technology can establish a checks and balances system to ensure the process is done correctly. Plus managers won’t be able to move on to further steps unless the entirely new digital Certificate of Corrections are completed with the information needed.
Mayor Adams has made many promises towards a digital future over his six months in office. Weber Realty Management, a firm that is striving towards leading the future of the real estate industry, is hoping Adams can make a “Web3 reality” possible sooner than later.