SafeChain Announces Founding Title Partners in Blockchain Network

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SafeChain, in partnership with nine independent title agents in Ohio, has launched a blockchain-backed network that enables peer-to-peer transfers of prior title insurance policies to streamline the title search process and drive down costs for member agencies.

The new network allows independent agents to share prior policies, rewarding contributing agents for policies accessed.

Agents have the ability to set the price of their policies as well as customize which underwriters and agents they want to view in their search results.

While member agents will maintain governance of the network upon completion, SafeChain will act as the network operator while the project is being built and will gradually relinquish control over to independent agents over the course of the next few years.

“The future of technology in title is driven by the independent title agent. Using world-class software and a new way of thinking about partnerships, we can create a better experience for consumers. It’s not a fierce competition, but working together in the best interest of our customers that will allow the industry to redefine how it operates,” says Tony Franco, CEO of SafeChain, in a release.

Created by and for independent agents the goal of the network is to unlock unrealized value that prior policies can provide.

With the network, independent agents will be able to protect their intellectual property, search work programmatically and set the price should they choose to share with other partners of the network.

The initial agent group is set with the task of establishing governance, fees, and network upgrades. 

“We have taken an active interest in learning about what blockchain technology can provide to the title industry, and this project seems to be the most valuable use case for title agents to date,” says Jonathan Holfinger, one of the founding members and chief operating officer and principal of Northwest Title. “We are excited to be part of a project that both shares and protects our work product, increases consumers’ access to re-issue credit, and lowers our search costs.”

“In the past technology was driven by the title plants and underwriters – both of which are traditionally slow to adopt new technologies based on their current market lead,” adds Ryan Marrie, president of Ohio Real Title and also a founding member. “It makes way more sense to have independent agents driving change in the industry, and I am eager to work with our partners in Ohio to improve our technical capabilities.”

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