Brazil has completed its first-ever real estate transaction which was done on blockchain. Local construction company Cyrela and tech startup Growth Tech had come into a deal to carry out the sale under the "Notary Ledgers" project, which gave users the power to request and track notary services even when dealing within a digital setup, ZD Net reported.
The service is distributed through IBM Blockchain technology and it also enabled the reduction of timescales of the property sale, just as blockchain was theoretically expected to do. The process, usually taking a month, dropped down to only 20 minutes. Blockchain application in the legal market have yet to be created, although the transaction proved the effectiveness of such processes.
This was the view of Rafaella Carvalho, legal affairs director at Cyrela. Furthermore, both businesses and individuals will be able to implement the use of Notary Ledgers to issue other documents. Birth, death, and civil partnership certificates are a few examples of such documents. They will also be faster to distribute through blockchain.
Coin Telegraph reported a possible effect of this sale. The Brazilian diplomatic academy, known as the Rio Branco Institute, will now have candidates know cryptocurrencies and blockchain as a requirement. The institute published this edict for the 2019 selection of new diplomats in Brazil. They must know about bitcoin as knowledge of it has been made mandatory.
Another transaction was recorded in June, where major government and financial authorities in the country teamed up to create a regulatory sandbox model for all technologies, blockchain included. This will enable them to observe how the digital process will affect different sectors of Brazil's government, most notably the financial, capital, and insurance sectors.
Reports have also come in that the government will possibly draft a bill which encourages local public administrations to promote new technologies. Among those is blockchain and all the possible applications of such a technology on different processes, but most notably, in financial transactions. If all goes well, this draft bill might eventually require the federal and state government of Brazil to apply these existing technologies in the improvement of services to its people.
Brazil is proving that blockchain does have a place-not only in real estate, but in the fiscal world as well. If it works in real estate, then the door is open for blockchain to improve other antiquated processes-most notably in the government, where services are in dire need of an upgrade.