Ubitquity has created a new milestone by registering the first property ownership transfer on the bitcoin blockchain. The Delaware-based Software as a Service (SaaS) blockchain platform was used by a real estate company to record the transaction on the blockchain with Colu Colored Coins protocol.
Marina Reznik, the chief real estate officer at Atlantic Sotheby’s International Realty became the first person to use the service. Apart from using Ubitquity’s platform, the real estate transaction was also recorded formally with the local municipality in accordance with existing conventions. Until now Ubitquity platform was used only to record parcels of available real estate for sale along with few basic information about the properties. Now, with the registration of a property ownership transfer, the actual use case for such a blockchain based platform has emerged.
Nathan Wosnack, the founder, and CEO of Ubitquity was quoted by one of the online business magazines saying ,
“Ubitquity’s Software as a Service platform created a ledger entry on the blockchain allowing anyone to view and verify the transaction. Using the blockchain as a master ledger for transactions reduces the possibility of fraud as all details are instantly verifiable, and not stored on easily manipulated and error-prone paperwork via centralized systems.”
He also mentions the company’s long-term goals with regard to records management for asset titles. The transparency offered by bitcoin blockchain has its own advantages. With the property records publicly accessible, it reduces the chances of records manipulation and fraud. The record of recent property transfer is now available on Colored Coins block explorer and anyone who likes to view the transaction can easily do so.
By maintaining up to date records of all the transactions concerning a property on a transparent, immutable register makes the whole process of title verification and future transactions easy.
The Ubitquity real estate platform is in a pilot deployment phase and the company is currently working to ensure compliance according to regulations applicable in various jurisdictions. Once the platform meets existing regulations and compliance, it may soon receive wide spread adoption among the municipal and government agencies too.
Ref: IBT | Image: Ubitquity