Blockchain startup Ubitquity has introduced it is going to overhaul the land registrar places of work of two Brazilian municipalities by embedding land possession data into the bitcoin blockchain.
The pilot program will pair the Delaware-based startup with the Brazilian Cartorio de Registro de Imoveis (Real Estate registry) in the municipalities of Pelotas and Morro Redondo. Ubitquity’s recordkeeping system will embed hashes of detailed data like property deal with, proprietor, parcel quantity and zoning classification into the bitcoin blockchain utilizing the Colored Coins protocol.
According to the founders, the pilot program is an effort to maneuver away from paper-based information towards a 100% computer-based resolution. Records saved on the bitcoin blockchain are immutable that means they aren’t vulnerable to theft, corruption, harm or fraud.
Ubiquity has been given an unique contract by the Cartorio de Registro de Imoveis to offer the registration companies. If the pilot is profitable, Ubiquity plans to franchise its software program to different municipalities in migrating information on the blockchain.
In correspondence with CoinDesk, Ubitquity founder Nathan Wosnack shared the primary Brazilian property embedded into bitcoin blockchain utilizing the true property registry platform (although it declined to make the specifics public). Published 30th March, the entry accommodates the property data of a health care provider dwelling in town of Pelotas.
An identical land registry initiative is being pursued in Sweden the place the Lantmäterie land registry authority is partnering with blockchain startup ChromaWay to report property offers on a distributed ledger.
The interface permits for banks to attach with people to streamline the method of shopping for and promoting property.
Image through Shutterstock
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