Baltimore City Pilots Blockchain to Reduce Vacancies

Baltimore City officials are leveraging blockchain technology to reduce vacancies and increase government efficiency. 

Close up graphic of a computer chipBaltimore City is leveraging blockchain technology to address the significant issue of vacant properties. The city has launched a blockchain-enabled platform to manage property title records, aiming to streamline real estate transactions and reduce title fraud. This initiative is part of Baltimore’s broader effort to utilize advanced technology to improve public services and foster a more efficient real estate market.

The new system is expected to be particularly beneficial in bringing the city’s estimated 13,000 abandoned houses and buildings back on the market more efficiently. These vacant properties cost Baltimore around $100 million annually in lost tax revenue and depreciate the value of nearby properties. By providing a secure and immutable record of property data, the blockchain platform will help expedite the sale and transfer of these properties, ultimately aiding in community revitalization.

Additionally, blockchain technology will reduce the need for intermediaries in real estate transactions, lowering costs for buyers and sellers. The city partnered with Medici Land Governance to develop this system, which integrates property data from the Maryland State Archives. This initiative is seen as a step towards modernizing Baltimore’s property management and more effectively addressing its housing crisis.

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This topic will also be covered at length during the 2024 MACo Winter Conference session, “Housing on the Horizon: Progress and the Path Forward.” MACo’s Winter Conference, “Anticipate, Adapt, Achieve: Thriving Through Turbulent Times” is scheduled for December 11-13, 2023, at the Hyatt Regency Chesapeake Bay Hotel in Cambridge, MD. More information can be found on our conference website.

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