by Nuno Menezes
Ubitquity LLC, a real estate startup, is set to be the first company to partner with a Brazilian government institution to develop a blockchain-based land records application. This new application aims to bring secure and cheaper property deeds storage and tracking across the country and South America.
To streamline and address this costly problem going forward, Ubitquity has created a platform for recording every pertinent step of a real estate transaction, including permanent storage of key documents, through a simple, secure portal, which permanently records the transaction on an immutable ledger called the Bitcoin blockchain.
Now, Ubitquity has joined forces with the Brazilian Real Estate Registry Office (Cartório de Registro de Imóveis) to create the first-ever pilot program for the region's official land records. This partnership is set to help government municipalities understand the potential benefits of using blockchain-powered record keeping.
Brazil is one of the countries where the use of Bitcoin has increased, unlike many other places. It is where we find the biggest flow of Bitcoin in all South America, so the technology is already widely known in the country.
Nathan Wosnack, the company’s Leader and Founder, commented:
"We are incredibly excited to announce our partnership with the land records bureau, in Brazil. This is a first for not only Brazil but for South America in an effort to help lower costs while greatly improving accuracy, security, and transparency."
The project is going to start with the development of a parallel platform to replicate the existing legal structure of property ownership recording and transferring. In time, the goal will be to improve this platform into a superior system that incorporates blockchain technology for ultimate accuracy and security.
The plan is to slowly replace the legacy system which has vulnerabilities due to its centralized and controlled nature. The platform will have the potential to become an agent that will improve one of the main essential government services for all people in the country.
Wosnack considers keeping property records as one of the most important documents to hold:
“The blockchain allows ownership and title disputes to be handled in a fair and transparent fashion, and serves as a backup in case the original is destroyed or misplaced."
Rafael Mezzari is one of the Real Estate Registry Offices that will be in charge of monitoring all the work between the parts. This will ensure the project’s cohesion and compliance with best practices and recording standards in his municipality. The project started with the first registrations by adding public property record data for two regions; Pelotas and Morro Redondo.
"So far we're registering addresses in Pelotas and Morro Redondo as part of the early pilot testing before expanding our development efforts further. Real world use cases. Upon successfully testing our pilot, our goal is to have a platform in place that can handle the cities, town, and (in due time) entire country. We're adding addresses throughout the weekend for the pilot."
The Blockchain-powered real estate platform Ubitquity will be the first company to record the first property ownership transfer on the Bitcoin public ledger. Ubitquity's Software-as-a-Service (SaaS) blockchain platform will bring greater accuracy and immutability to property ownership data handled by the land records office.
This partnership brings the government direct involvement with the blockchain technology. It marks a new beginning for the blockchain technology. Brazil, along with Sweden and Georgia, is one of the first countries to publicly start using the blockchain technology for property and real estate. Now it is safe to say that many others will follow.