REASI Unveils Blockchain App to Improve Escrow Process
April 16, 2019
REASI has introduced a blockchain-based application to digitize the traditional escrow process and help eliminate many of the inefficiencies and vulnerabilities of an important phase in the traditional real estate transaction.
REASI is a mobile, cloud-based application that enables real estate brokers to close home transactions from their smartphones or tablets. Vendors and customers collaborate in real time using a secure workspace where closing documents and client escrow deposits are integrated.
REASI co-founder and CEO John Kang believes that innovation in the escrow process is long overdue, especially when it comes to the severe chokepoints common to traditional escrow.
“The way we as an industry do escrow is completely out of alignment with consumer and participant expectations,” he said. “Unfortunately, the existing model takes what should be a background function and, by means of unnecessary delay, error and vulnerability to fraud, plunks it in the middle of what really should be a painless transaction. As a result, the buyer, the seller and the Realtor, all spend way too much time and money worrying about something that shouldn’t even have to be noticed.”
Kang further asserts that REASI puts escrow back where it belongs—in the background—by eliminating avenues to wire fraud, simplifying the process and eradicating unnecessary errors.
“REASI was designed to help all parties achieve their true goal—a completed real estate transaction—without unnecessary cost, delay or stress,” Kang said. “We want the buyer to get the keys faster, the seller to move the property faster and the Realtors and mortgage lenders to have satisfied clients as a result.”
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