NY A05585

Authorizes the Commissioner of General Services to establish a central depository database using distributed ledger technology (blockchain) to compile, store, and secure state government real estate records

Permits county clerks and city registrars to create similar blockchain-based databases for local real property transaction records

Adds legal definitions for blockchain-related terms including "distributed ledger technology," "tokenization," "digitalization," "blockchain," and "federated blockchain" to both the Public Lands Law and Real Property Law

Requires that database systems provide redundant, immutable, and permissioned data with access available to state agencies, municipalities, and taxpayers

Mandates use of federated blockchain systems where a pre-selected group of entities validates transactions, rather than public blockchains, to enhance security against hacking and improper access