Document Verification and Tokenization
Real Estate transactions require strong proof of document authenticity. Such documents include identity and authorization documents for counterparties, as well as reliable information about property information, etc.
Automation of document verification will not in all cases replace the work of the Local Agents working within each jurisdiction. Their job remains to authenticate documents in accordance with jurisdictional laws.
Online document notarization will facilitate real estate transactions by pre-checking documents and reducing the “back and forth” between counterparties and legal authorities (such as Settlement escrow services) such that the labor required by the Local Agents becomes increasingly streamlined and mechanized over time.
The steps to verify and tokenize a document are:
Collect document
Collect metadata about the document
Verify the authenticity of the document
Verify a match between the document and its metadata
Store the document on the blockchain to create immutable proof of notarization
Mint and NFT of the document for use by other dApps.
Where possible, the dApp will rely on 3rd party KYC providers.
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