Blockchain Land Registry Tech Gets Test in Brazil
Blockchain startup Ubitquity has announced it will overhaul the land registrar offices of two Brazilian municipalities by embedding land ownership information into the bitcoin blockchain. Ubitquity’s recordkeeping system will embed hashes of detailed information like property address, owner, parcel number and zoning classification into the bitcoin blockchain using the Colored Coins protocol.
Records stored on the bitcoin blockchain are immutable meaning they are not susceptible to theft, corruption, damage or fraud. If the pilot is successful, Ubitquity plans to franchise its software to other municipalities interested in migrating records on the blockchain.
In correspondence with CoinDesk, Ubitquity founder Nathan Wosnack shared the first Brazilian property embedded into bitcoin blockchain using the real estate registry platform. Published 30th March, the entry contains the property information of a doctor living in the city of Pelotas.
A similar land registry initiative is being pursued in Sweden where the Lantmäterie land registry authority is partnering with blockchain startup ChromaWay to record property deals on a distributed ledger.