An open source blockchain platform developed and marketed by Cornell Researchers is used by a software company to establish a more efficient and secure database of property recordings for one of the country’s most populated counties.
Ava Labs, the company behind the technology, recently announced that the Avalanche blockchain platform will be used to scan 370,000 real estate files worth 240 billion dollars in real estate in the county of Bergen, New Jersey.
Balcony, a real estate infrastructure company, will create the database using the Avalanche platform. The business initiative with Bergen County will be the biggest blockchain tokenization project in the history of the United States.
By taking advantage of the balcony platform, propelled by Avalanche, the county of Bergen will obtain an excited chain of titles, fully digitized and available in its 70 municipalities – reducing the processing time of acts by more than 90% while considerably reducing the risk of fraud, litigation of title and administrative errors. This new method of holding files could make the purchase and sale of houses more transparent for owners, because Avalanche allows you to quickly and reliably and reliably transaction transactions.
This project, as well as last year’s announcement that the California engine vehicle department will digit 42 million automotive vehicle titles, demonstrates the potential of avalanche blockchain technology to modernize and secure critical infrastructure.
Blockchain is a large digital book that safely records transactions on a decentralized computer network. Technology is ready to revolutionize how information is stored and shared.
“The use of blockchain makes your workflow and your professional life much easier because it is a single source of truth,” said John Wu ’92, president of Ava Labs. “It’s unchanging, it can’t be changed and it’s transparent.”
In a blockchain, the “blocks” are individual units of chronologically linked to form a “chain”. Each new block refers to the previous one, and the whole blockchain is distributed on a network of computers, each representing a “node”. These features make the blockchain more secure and more transparent because each change and transaction must be verified by the network.
The technology underlying the avalanche is from the Emin Gün Sirer laboratory, former associate teacher of computer science in Cornell. SIIR co -founded the company in 2018 with two former students, Maofan Yin, MS ’19, PH.D. ’21, and Kevin Sekniqi, MS ’18. Ava Labs products are based on co-written research with Robbert Van Renesse, computer teacher, and others.
Avalanche innovation lies in its single verification process, called consensus protocol. A random sampling of nodes checks each transaction, which differentiates it from the other blockchains which check each node. This makes the avalanche faster and more energy efficient without sacrificing the safety benefits of technology.
“Let’s say that a fraudulent actor wanted to contest a transaction and make a false complaint,” said Wu. “To erase a transaction or change the details of a transaction, they should end with many people at the same time. This is why it is more secure. ”
The way Avalanche is built also provides users with personalization. The blockchain allows the creation of “subnets”, essentially individual blockchains built above the Avalanche network. These subnets, built on the convivial Avacloud platform of Ava Labs, can have their own rules and be adapted to specific needs and applications. The balcony takes advantage of this technology for the project to scan real estate recordings.
“This allows the county and the Balcon de Bergen to create their own cloud service according to the needs they have for the register,” said WU. “Although Bergen County wants to get the advantages of the blockchain, they cannot completely abandon this property of the management of this register. Because they can do it on a private blockchain, they can allow what can be done and that can save them. cost but also allows them to control. “
An approach based on blockchain to maintain official documents such as property recordings and car titles could transform historically slow processes and subjects to errors into effective and consistent systems. As a quick and customizable blockchain platform, Avalanche is well positioned to continue to open the way for these applications.
After the granting of licenses to Cornell’s Center for Technology Licensing Cornell’s technology, Ava Labs has become the first company to join the Praxis Center for Venture Development in November 2019. Since then, Avalanche has become one of the most popular blockchains in the world and was applied to various industries, including disaster management, entertainment tickets and video games.
