Ubitquity, the blockchain-powered real estate has undertaken the first real estate property ownership transfer using the cryptocurrency technology.
According to the company they conducted the transaction through the Colu Coloured Coins protocol.
In 2015, the company tasked themselves with creating a platform as a proof of concept using the blockchain, and by the beginning of 2016, Ubitquity had created a basic user interface allowing users to test the system and record real estate on the blockchain.
In a statement, Nathan Wosnack, founder & CEO of Ubitquity said that by utilizing the blockchain it reduced the possibility of fraud which is often possible on centralized systems that are error-prone and can be manipulated easily.
Our long-term goal is to digitize titles to all assets (in this case real estate) and provide an immutable record of clear ownership in perpetuity, powered by the Bitcoin blockchain.
He further added that by using blockchain it makes the sale of real estate more efficient and title insurance less costly, which in turn means that future transfers will be easier and less costly to research.
Kris Weaver of the Kris Weaver Real Estate Team said that it was important to add value to their clients where possible and were always seeking ways to achieve this. He added that he is mindful of the fact that using the blockchain to secure a real estate transfer is a historic moment.
We’re excited to be working with the team at Ubitquity to make this happen.
As the underlying technology that is behind Bitcoin continues to make headway, many will consider this move a significant step forward for blockchain and the real estate industry.
CCN.com reported earlier this year that Ubitquity had launched a prototype platform that would enable documents to be stored securely in addition to the incorporation with county clerks and title insurance companies in the United States.
Now, as Ubitquity makes their first real estate transfer on the blockchain it remains to be seen whether or not the property market fully embraces the use of blockchain in order to securely record real estate in the future.
Featured image from Shutterstock.