Blockchain land registry startup Ubitquity has announced a pioneering partnership with the Brazilian Real Estate Registry Office.
The US startup, which uses a Software-as-a-Service platform to increase security and immutability in real estate ownership, has already begun trials in two areas of the country.
CEO and founder Nathan Wosnack commented, quoted by EconoTimes:
“We are incredibly excited to announce our partnership with the land records bureau, a Cartório de Registro de Imóveis [Real Estate Registry Office] in Brazil. This partnership will help to demonstrate to government municipalities the power and benefits of using Blockchain-powered recordkeeping.”
The trial involves a temporary system being used to mimic existing structures in Brazil for property ownership and transfer. Later on, a full Blockchain solution will enter the scene, providing the ultimate in security.
As might be imagined, the main aim is to remove centralization and the weak points that result from an imbalance of control.
“Keeping property records -- one of the most important documents a person holds -- on the Blockchain is important in developing markets such as Brazil,” Wosnack added.
This week also saw a successful milestone in a Swedish government project to use the Blockchain for land registry.
A joint scheme by the country’s Lantmäteriet and several organizations including banks produced a “secure process for real estate transactions and mortgage deeds,” a dedicated report stated.