We’re happy to announce that we won the Real Estate Asset Management category of the 2019 NYC BigApps blockchain innovation challenge with a document signing and identity management concept involving GraphID.
For New York City, we proposed a solution that would help manage licenses and documents around those relationships, and how we would address data inefficiencies around interagency collaboration.
Our problem was the following:
The City of New York owns and manages millions of square feet of real estate across dozens of different agencies. The process for tracking tenant building changes—is time-consuming and open to error, as data is stored between multiple agencies and private parties.
We realized that the ability to tag work permits, financial documents and construction documents to properties would simplify this complex orchestration. Instead of making mulitple phone calls, why not supply a unified tracking layer for the city and various agencies to interface and collaborate on document management. A blockchain can exist in the system as a truth anchor for all involved parties, and although there is an existing high-trust gaurantee between existing parties, it future-proofs the system for any outside third parties that may join the system.
We demonstrated a user dashboard detailing document statistics, recent user activity and actions required in regard to document signatory needs, the document upload process, and the document signing process. This was all occurring while transactions were being logged to a permissioned blockchain in the background. Although the onboarding process is quite simple, we would extend the identity layer to be enriched with stricter authentication methods and authorizations based on verifiable credentials issued and managed by GraphID.
We hope to continue working with New York City agencies to eventually put this concept into production.
We would also like to thank the SecondMuse team for putting this all together.
Nothing in this article should be taken as legal or investment advice.