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The New York City Finance Department is considering adopting blockchain technology to prevent fraud, such as forgery of contracts, in land transactions.

The department will collaborate with Medici Land Governance (MLG). A proof-of-concep will be developed for applying blockchain technology to the city's land records.
The City Treasury has asset records dating back to 1996, which are kept in automated systems. MLG plans to simulate 500,000 records on the blockchain, which will then be verified for accuracy on the internal interface of the Ministry of Finance.

This project is designed to increase transparency and reduce the likelihood of fraud. If successful, pilot tests will be conducted afterwards, and operational efficiency will be improved.

This project cannot be said to be a project limited only to land.
Through this project, it will be verified whether blockchain technology can be applied and used efficiently in public institutions of New York City and related institutions by being widely applied.

If the capital/authority of finance and the existing art world started to be dispersed due to DeFi and NFT at the beginning of this year, some interpret it as a decentralization of trust capital possessed by the courts and the government in the future. There will be a suitable middle ground, and it will be promoted from the perspective of decentralization, efficiency, and transparency, but there seems to be a conflicting part. I don't think it's something to worry about in advance.

[Reference ](https://www.coindesk.com/new-york-city-to-explore-blockchain-for-preventing-deed-fraud-in-land-sales )

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