Bill > S06899

This bill establishes central depository databases for governmental real property transaction records at both the state and county levels, utilizing advanced digital technologies like distributed ledger technology (DLT) and blockchain. The bill defines several technical terms, including distributed ledger technology (a shared, cryptographically secured network for data sharing), tokenization (creating digital ownership of real-world assets), digitalization (converting information to digital format), and blockchain (a publicly shared, cryptographically linked ledger of verified transactions). Specifically, the Commissioner of General Services and county/city registrars are authorized to create and maintain these databases, which will securely store real estate records using a federated blockchain system. The databases aim to increase efficiency, create transparency, and prevent unauthorized access or hacking of government real estate records. The databases will be accessible to state agencies, municipalities, and taxpayers, providing a more secure and modern approach to managing and sharing property transaction information. The bill introduces these technological provisions by amending existing public lands law and real property law, with definitions and implementation strategies that emphasize data security, immutability, and controlled access through advanced digital technologies.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S6899