Abstract
Identity theft and tax fraud have been leading white-collar crimes for over a decade. Emerging trends have seen the rise in white-collar crime to now include deed theft. This type of theft marries identity theft and mortgage fraud, and it is robbing the hopes of many people who aspire to own a home. This whitepaper identifies how deed theft takes place through targeting homes with deceased owners, house flipping fraud and fake forensic auditors. It explores this evolved white-collar crime and its dangerous effects, while also revealing the best ways to mitigate the risk of deed theft. Furthermore, this paper provides the background of the crime and how the crime correlates with identify theft. Gaining control of this issue is challenging due to the existing infrastructure that was introduced in 1920. This leaves few country clerks with any response to the issue surrounding identity theft and mortgage fraud. To mitigate this challenge, devices have been developed to track the behaviour of people to ensure that their residences are not ‘stolen’. Although these solutions are available, few individuals learn about deed theft so that the solutions can be used to protect themselves against it. This whitepaper presents DeedLock as the most effective solution to address the looming challenge of property theft.
Highlights
As technological advancements increasingly continue to penetrate the market, the property market climate and processes have begun to shift dramatically
Elliptic Curve Digital Signature Algorithm, recognized as ECDSA, is shared key cryptography used for blockchains
As technology advances, making use of available options such as Blockchain based solutions will be necessary across industries
Summary
As technological advancements increasingly continue to penetrate the market, the property market climate and processes have begun to shift dramatically. It is anticipated that with Blockchain, all deeds, as well as mortgages, would soon be tokenized It would support a wide range of players, including the government and banks. The first measure that DeedLock has taken to ensure that it will address this vacuum is to provide a robust technological framework for all companies who want to transition into blockchain technology. This will encourage buyers, vendors, partnership members, and service providers to communicate with each other. The ranking feature shall be integrated into the website to enable sellers and buyers to complete their purchases. Via this method, excellent service providers can earn scores, allowing a network of service providers to become self-curing in the long run. The ICO is expected for DeedLock in the first quarter of 2018 and will have a hard limit of 35 million USD
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