Fidelity Forms Alliance to Bring Blockchain to Commercial Market

September 18, 2018

Fidelity National Title announced a partnership with Building Block REIT to implement blockchain technology to multi-family, office space and mixed-use commercial real estate transactions and deliver greater value to their clients.

"As a leading provider in the title industry, Fidelity National Title is excited to be partnering with Building Block REIT and integrate our expertise along with our products and services into their platform,” said said Kim Long, vice president operations for Fidelity National Title. “The technology Building Block REIT is bringing to the commercial investment space is unique and this is an opportunity for Fidelity to provide innovative products specific to our partnership that will provide a high level of service to all the parties in the transaction."

In its first phase, the companies said they will pursue client opportunities in the greater Chicago market. Formed in 2018 by a group of real estate and blockchain technology professionals, Building Block said it combines the tax advantages of investing in a REIT with blockchain technology.

Simon Enwia, founder and CEO of Building Block REIT, noted that "Blockchain builds on trust, but the general public still want a trusted name verifying the previous deeds from the past 100 years and the starting point of blockchains when it comes to property titles. The combination of Fidelity and Building Block REIT gives buyers the reassurance that the title to their property is clear of encumbrances from the distant past and in real time. Building Block REIT and Fidelity are ushering in a new age in title insurance."

Building Block REIT CMO Bruce Masterson cited the advantages of "integrating Fidelity product and services into Building Block REIT's blockchain implementation as a smart contract offering, further reducing friction in the process."

Commenting on future plans for Building Block REIT, Enwia stated, "We are just scratching the surface on the innovation that blockchain technology brings to the REIT market and will continue to innovate with blockchain across the spectrum of transactions involved in acquiring and managing real estate."


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