Categories: Ethereum

Brazil completes first blockchain real estate sale

Click here to view original web page at www.zdnet.com

The first ever real estate transaction entirely carried out via blockchain technology has been completed in Brazil.

Local construction giant Cyrela and startup Growth Tech carried out the sale under the project Notary Ledgers, which enables users to request and track notary services in a digital environment.

The service, underpinned by IBM Blockchain technology, enabled the reduction of timescales involved in the property sale process, which usually takes about a month, down to 20 minutes.

Blockchain explained in plain english

Understanding how blockchain works and identifying myths about its powers are the first steps to developing blockchain technologies

"We have been looking for blockchain applications for the legal market for some time now. The completion of this transaction reinforces our openness to using technology to improve the real estate business environment in the country," said legal affairs director at Cyrela, Rafaella Carvalho.

Individuals and businesses will be able to use the Notary Ledgers platform to issue other documents such as birth, death and civil partnership certificates, once regulation is in place to allow Brazilian notary offices to fully operate through the technology.

According to Growth Tech founder Hugo Pierre, the process currently adopted by notary offices in Brazil needs to migrate to a blockchain-based digital service.

"A digitally signed document in our platform will have the same validity as a manually signed in person at a notary office since transactions are also validated by the notary network," Pierre said.

"These transactions also have a high level of security and transparency, which will help tackle fraud and improve service delivery timescales."

Last month, France claimed the first such real estate transaction in Europe, with local firm Equisafe selling a luxury building in Paris for $7.37 million via the Ethereum blockchain.

Local construction giant Cyrela and startup Growth Tech carried out the sale under […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Argo: New Agreement Signed to Expand Power Capacity by 357%

LONDON--(BUSINESS WIRE)-- Argo will also have an option to boost mining capacity by up to 1360 petahash (PH), or 1.36… Read More

57 mins ago

Legendary Investor Bashes ‘Psycho-Currency’ Bitcoin, Then Accidentally Makes Crypto Case

Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin's emergence will further drive investors to gold. | Source: REUTERS/Francis… Read More

57 mins ago

Hitting This Key Area Could Trigger a Quick Bitcoin Price Boom

Bitcoin price is having a volatile week. | Source: Shutterstock By CCN Markets : Since August 15, in less than… Read More

58 mins ago

Online Blockchain Launches Cryptocurrency Subscription Service for New Coins and Tokens

- Innovative 'HODLbox' enables subscribers to exploit nascent cryptos - LONDON, Aug. 20, 2019 /PRNewswire/ -- Online Blockchain plc (… Read More

58 mins ago

Maharashtra to use blockchain technology to monitor services

Maharashtra , the second largest state in India, announced that they will be using blockchain technology in a wide variety… Read More

58 mins ago

People Who Want to Control Their Capital Buy Bitcoin, Says Circle CEO

Jeremy Allaire, CEO at cryptocurrency financial services company Circle, expressed his optimism in regards to Bitcoin ( BTC ) being… Read More

59 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More