A reader points me to this report from Goldman Sachs, from last year, on applying Blockchain to title insurance.
We estimate that blockchain could drive cost savings of approximately $2 – $4bn as a result of reductions in headcount and actuarial risk. We believe blockchain could streamline the manually intensive process of property title search, introducing significant headcount cost savings into the system. In our base case, we estimate that blockchain could drive $2.3bn in headcount savings, primarily driven by a 30% reduction in fixed headcount personnel in search & examination as well as abstract and curative functions, combined with a 20% reduction in variable expenses from agent commissions and sales & marketing
The obstacles to a better title system have nothing at all to do with technology.
1. You could get most of these savings without any technology, just by switching to a Torrens title system.
2. The number of Congressmen willing to risk re-election to improve the title system in any way? 0