Ubitquity, the Delaware-based company that utilises blockchain to securely record and track property deeds has announced a pilot scheme in Brazil.
The partnership with Cartorio de Registro de Imoveis (Brazil’s real estate registry office) will look to handle the regions official land records. The company is hoping to greatly improve the accuracy, security and transparency of the recordkeeping and tracking processes.
“This partnership will help to demonstrate to government municipalities the power and benefits of using blockchain-powered recordkeeping,” Ubitquity founder and president, Nathan Wosnack said.
‘Cohesion and compliance’
The Ubitquity project will include working closely with registry offices official Rafel Mezzari to ensure ‘cohesion and compliance’ with best practices and standards.
The pilot will cover the public property record data for the Pelotas and Morro Redondo regions.
“keeping property records – one of the most important documents a person holds – on the blockchain is important in developing markets such as Brazil.
“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.”
The project will initially consist of creating a parallel platform that replicates the existing legal structure of property ownership recording. After this initial period, Ubitquity hopes to create a ‘vastly superior system’ using blockchain technology.
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