How Safechain Is Disrupt Age-Old Methods Of Property Transactions?
With the idea of keeping property transactions seamless and completed within a matter of seconds came together with a team for the making of Safechain!
Leveraging advanced software technologies including blockchain, SafeChain increases the speed and security of property transactions.
The groundbreaking application of blockchain technology within the software behind SafeChain will prevent fraud in real estate transactions. SafeChain can disrupt the age-old methods of how property transactions have been completed traditionally. They provide services for title service offices, mortgage bankers and even realtors.
Tony Franco the CEO of Safechain is an entrepreneur, and his specialty is product-market fit. Before SafeChain, he was doing consulting for entrepreneurs who secured their first rounds of funding. He would look at their product roadmap, evaluate the assumptions that were underlying the features and validate those assumptions using customer data.
Even though he enjoyed helping other entrepreneurs, he was looking for his next idea. The next big break and that he found it with SafeChain.
So he met co-founder Chris Sauerzopf with an initial idea of just wanting to build a better workflow software for the title. When they dug into it, they realized that they could solve a problem that was much bigger than just title workflow.
The transaction task is not an easy one. Many people are required to execute a real estate transaction and so much manual labor goes into it.
There are 3,000 counties across the country and 1,800 of them have paper records. There’s a person physically going into a government office, pulling out a file drawer, going through a series of records, typing up a report, sending it to a title office.
Then, that office re-enters the report and sends it to an insurance company. A closing table is created, the parties meet there, they sign dozens of papers, those documents are manually taken back to the office and submitted for recording.
It just doesn’t have to be that complicated and both Tony and Chris knew they could replace many of those steps with software. What started as a title workflow process became a project to transform real estate. It was indeed an exhilarating challenge.
What’s so important about what Safechain does? The CEO himself has an answer.
“Imagine going to the closing of your home and finding out that your down payment or even your entire payment, that money you’d saved for years was gone”, he said. “That’s what happens to the victims of wire fraud”.
It is incredibly problematic for everyone in the supply chain, not just the home buyer. There’s the realtor who’s responsible for the overall customer experience, the title company who’s often legally liable, and then the lender. So many parties are affected.
So when SafeChain came into existence they were based on the idea of allowing title offices, realtors, lenders, and consumers to do business with confidence, knowing that their transactions will be completed safely.
Also when you consider new technology and technology adoption, you seldom face the hurdle of whether or not the technology works. With thousands of new brilliant technologies present, the one that usually wins is the one that customers and supply chains easily adopt.
The SafeChain team believes they are innovators dedicated to building beautiful software to increase title closing efficiency and decrease liabilities faced by Title Service Professionals.
The first and foremost are here to build products that serve customers. They want to make SafeChain software not just easy to adopt, but something people are eager to start using.
SafeChain is applying blockchain in ways that they have never been done before.
On being asked what makes it more exciting for the CEO to work each day he replied saying he loved being on the front edge of a technology that people are still learning to implement.
“There’s no consensus on how blockchain should be utilized, no knowledge of the upper limits of what it can do, no definition or best practices around any of that. It’s very reminiscent of companies learning how to use the internet when that was the emerging technology. I’m excited every day to apply new technology to a real pain point that people have and make consumers’ lives easier”, he further added.