Ubitquity Featured in Blockchain@UBC Real Estate Transaction Case Study
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Blockchain startup Ubitquity has announced that it has been featured in a case study by Blockchain@UBC, focusing on the success of its real estate transaction pilot in Brazil.
Last April, it was reported that the real estate startup was working in conjunction with the Cartório de Registro de Imóveis [Real Estate Registry Office] to examine how the blockchain could improve the quality of record keeping in the southern state of Rio Grande do Sul, Municipalities of Pelotas and Morro Redondo, Brazil.
Through Ubitquity’s Software-as-a-Service (SaaS) blockchain platform, the startup was aiming to increase the efficiency and greater accuracy and immutability in property ownership.
Now, after the success of the pilot it has been featured by Blockchain@UBC, the University of British Columbia’s research group as part of its ‘Records in the Chain’ Project.
According to the study, a lack of integration and systemisation in Brazil’s system of land registration opens the door to abuse by wealthy landowners who sometimes bribe land registry offices to register someone else’s land in their name.
“Brazil, like many emerging markets, does not have an integrated system of land management,” says Nathan Wosnack, founder, president and CEO of Ubitquity. “This fragmentation leads to inefficiency and increases the potential for fraud and human error. This is why we were delighted to work with Blockchain@UBC on this project as this test was a perfect example of how blockchain can provide a solution in this market.”
Ubitquity’s recordkeeping system embeds detailed information like property address, owner, parcel number, and zoning classification into the bitcoin blockchain using the Colu or the Colored Coins protocol. The study highlights the fact that the startup is looking to move away from Colu to using the Colored Coins Open Assets protocol, ensuring that it is adhering to the best practices for data storage within the area.
Dr. Victoria Lemieux, associate professor of archival science and founder of the Blockchain@UBC research cluster, said:
“The project demonstrates how blockchain software developers and architectures and archival scientists can collaborate to strengthen the design and implementation of blockchain-based record keeping solutions.”