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Ubitquity launches blockchain pilot program for official land records in Brazil
Ubitquity, a blockchain-secured platform for real estate recordkeeping, has announced its partnership with a Cartório de Registro de Imóveis [Real Estate Registry Office] in Brazil to create the first-ever pilot program for the region's official land records.
The project marks the first such effort for South America and aims to lower costs while improving accuracy, security, and transparency. Using its Software-as-a-Service (SaaS) platform, the startup seeks to bring greater accuracy and immutability to property ownership data handled by the land records office.
“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,” Ubitquity LLC Founder & President, Nathan Wosnack, said.
The pilot has started with adding public property record data for two regions: Pelotas and Morro Redondo. Ubitquity explained that initially a parallel platform will be built for replicating the existing legal structure of property ownership recording and transferring, and later on a blockchain-powered system will be developed for ultimate accuracy and security.
The objective is to eventually replace the legacy system which has vulnerabilities due to its centralized, siloed nature. Beyond a pilot, Ubitquity said that its platform has the potential to act as a catalyst to improve this essential government service for all people of Brazil.
According to the official release, Ubitquity’s team will closely work with Rafael Mezzari, from one of the Real Estate Registry Offices, to ensure cohesion and compliance with best practices and recording standards in his municipality.
“Keeping property records -- one of the most important documents a person holds -- on the blockchain is important in developing markets such as Brazil,” Ubitquity’s Wosnack continued. “The blockchain allows ownership and title disputes to be handled in a fair and transparent fashion, and serves as a backup in case the original is destroyed or misplaced.”