Blockchain-powered real estate platform Ubitquity does first property ownership transfer on Bitcoin public ledger
Marina Reznik of Atlantic Sotheby’s International Realty recorded the transaction using Coloured Coins protocol.
Blockchain-powered real estate platform Ubitquity has done the first real property ownership transfer recorded on Bitcoin’s decentralised public ledger.
Using the Ubitquity platform, chief real estate officer Marina Reznik of Atlantic Sotheby’s International Realty, recorded her most recent purchase transaction on to the Bitcoin blockchain, using the Colu Coloured Coins protocol.
The transaction was properly recorded with the local municipality, and was also turned into a digital asset and secured on to the blockchain via Ubitquity, which has already recorded existing parcels of real estate using basic information from some early users. This was the first real property ownership transfer recorded using the technology, said the company.
Nathan Wosnack, founder & CEO at Ubitquity, said in a statement: “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 centralised systems.
This post was published at International Business Times on July 11, 2016.