Ubitquity Featured in Blockchain@UBC Real Estate Transaction Case Study

Starting last April, Ubitquity deployed its Software-as-a-Service blockchain platform in the municipalities of Pelotas and Morro Redondo in Rio Grande do Sul, working with the Cartório de Registro de Imóveis, Brazil's Real Estate Registry Office. The system encodes property addresses, owner names, parcel numbers, and zoning classifications onto the bitcoin blockchain using the Colored Coins protocol. Ubitquity aimed to speed up record-keeping and create property records that couldn't be altered.

Brazil's land registration system lacks integration and standardization. Wealthy landowners take advantage of this fragmentation, bribing registry officials to transfer property owned by others into their own names. Nathan Wosnack, Ubitquity's founder, president, and CEO, said: "Brazil, like many emerging markets, does not have an integrated system of land management. This fragmentation leads to inefficiency and increases the potential for fraud and human error. This is why we were delighted to work with [email protected] on this project as this test was a perfect example of how blockchain can provide a solution in this market."

The pilot succeeded. [email protected] included the project in its 'Records in the Chain' initiative. Ubitquity is transitioning from the Colu protocol to the Colored Coins Open Assets standard, following what researchers consider best practices for blockchain record storage.

Dr. Victoria Lemieux, associate professor of archival science and founder of [email protected], 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."