First American Financial Corp. has launched a shared blockchain system and Old Republic Title Insurance Group is the first participant. The technology was developed to increase efficiency, reduce risk and improve the title production process.

Each policy will be coded with a unique identifier by property, streamlining the search process and increasing the accuracy of searches for prior title insurance policies. The aim is to facilitate the exchange of prior title insurance policies between underwriters that use the system. First American offers title insurance, settlement services and risk solutions for real estate transactions, and Old Republic is the third largest title insurance underwriter in the U.S.

“First American has a long history of innovation and our development of this system demonstrates our ongoing commitment to applying state-of-the-art technologies that reduce risk and improve the real estate transaction process,” said Dennis Gilmore, CEO of First American. “The potential exists to create a robust exchange of title insurance policy information that delivers greater transparency, efficiency and accountability to the industry and enhances the closing experience for consumers.”

The common practice of sharing policy information among title insurance underwriters can be beneficial to underwriters and consumers alike, as it both increases efficiency and reduces risk. This blockchain system melds that established practice with emerging technology to further increase efficiency and lower risk in the title production process