Real estate platform uses blockchain to transfer property rights

Rage Review : Kris Weaver Real Estate Team is one of the companies involved in Ubitquity's blockchain-based real estate property registration system. Ubitquity fully exploits the immutability, unique validity, and eternity of blockchain, and is committed to the development and application of real estate property registration systems, with the goal of eliminating the potential risks of unclear property rights. At present, property rights are still a very difficult issue, and there are already many projects in the blockchain field around ownership registration. The key question at present is whether the market can accept this system.

Translation: Annie_Xu

Ubitquity is a blockchain-based real estate title service provider that uses cryptocurrency technology to complete real estate title transfers for the first time.

The transfer of ownership used the Colu Coloured Coins protocol from Israeli startup Colu.

The plan was to build a proof-of-concept platform using blockchain in 2015; then by 2016, Ubitquity had developed a basic user interface that would allow users to test the system and register properties on the blockchain.

Nathan Wosnack

Nathan Wosnack, CEO and founder of Ubitquity, said blockchain can reduce the risk of fraud common in centralized systems, which can easily lead to errors and abuse.

“Our long-term goal is to digitize asset ownership (in this case, real estate) and use the Bitcoin blockchain to provide an immutable, permanent record of ownership.”

Moreover, blockchain makes real estate transactions more efficient and title insurance cheaper. This means that in the future, title transfers will be easier and title investigations will be cheaper.

Kris Weaver of the Kris Weaver Real Estate Team said it was important to provide added value to our clients whenever possible, and that’s what we always strive for. He also noted that using blockchain to secure the transfer of real estate titles is a historic moment.

“We are very excited to be working with the Ubitquity team to realize this vision.”

As the blockchain technology underlying Bitcoin continues to develop, many will see it as an important development for the blockchain and real estate industries.

Earlier this year, news broke that Ubitquity had released a prototype platform that could securely store documents while coordinating with U.S. clerks and title insurance companies.

Now Ubitquity has taken the first successful step, but it is still unknown whether the real estate market will welcome blockchain and whether blockchain can be used for future real estate property registration.