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Blockchain startup Ubitquity has announced it will overhaul the land registrar offices of two Brazilian municipalities by embedding land ownership information into the bitcoin blockchain.
Blockchain startup Ubitquity has announced it will overhaul the land registrar offices of two Brazilian municipalities by embedding land ownership information into the bitcoin blockchain. Ubitquity's recordkeeping system will embed hashes of detailed information like property address, owner, parcel number and zoning classification into the bitcoin blockchain using the Colored Coins protocol.
According to the founders, the pilot program is an effort to move away from paper-based records toward a 100% computer-based solution. Records stored on the bitcoin blockchain are immutable meaning they are not susceptible to theft, corruption, damage or fraud. Ubitquity founder Nathan Wosnack and Marina Reznek shared with us the first Brazilian property embedded into bitcoin blockchain using the real estate registry platform which was published a few days ago.
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