Real Estate Platform Executes Property Transfer with Blockchain Tech

Blockchain-powered platform Ubitquity has successfully conducted the first real estate property transfer using distributed ledger technology. The purchase was executed by Marina Reznik of Atlantic Sotheby’s International Realty, using the Colu Colored Coins protocol – a class of methods that are used to represent real world assets on top of the blockchain.

The chief benefit of using blockchain technology in real estate transactions is that it reduces the cost of title insurance, making future transfers easier and cheaper to research. Users also benefit from the high levels of encryption security surrounding their personal information. According to Reznik,

A lot of meticulous work goes into doing a title search and ensuring ownership transfers correctly. Any title defects revealed must be cleared up and the sale is still recorded with the appropriate municipalities governing the transaction. We have simply added an extra layer of security by securing the record of transfer on the Bitcoin blockchain for permanent immutability. This is a huge step forward for blockchain and real estate.”

The intent behind Ubitquity was to create a blockchain-based platform with the ability to record and provide proof-of-existence of contracts and transactions. To achieve its objective, the startup launched its notary service, BitNotarize, in December 2015.

The completion of the transfer using a distributed ledger is a sign of progress for the potential applications of blockchain tech in the space of document security. Ubiquity Founder and CEO Nathan Wosnack laid out the vision for his company by stating, “Our long-term goal is to digitize titles to all assets (in this case real estate) and provide an immutable record of clear ownership; in perpetuity, secured by blockchain technology.”

 

Read more here- “Real Estate Platform Uses Blockchain for Property Transfer,” (Rebecca Campbell, CCN.LA)

+ posts

Share

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email

Subscribe to get the latest consumer news

More consumer News