Real estate platform Ubitquity successfully uses blockchain technology for the first time to transfer a property

Ubitquity, a real estate platform based on blockchain technology, has successfully implemented the first real estate asset ownership transfer transaction using cryptocurrency technology.

According to the company, the transfer transaction used Colu ’s colored coins protocol.

In 2015 , the company created a blockchain concept prototype , and by early 2016 , Ubitquity had created a basic user interface that allowed users to test the system and record real estate information on the blockchain.

In a statement, Ubitquity founder and CEO Nathan Wonsnack said that by using blockchain technology, it can reduce the fraud problems that are common in centralized systems, which are prone to problems and can be easily manipulated.

“ Our long-term goal is to digitize all assets and use the Bitcoin blockchain to provide a permanent and immutable record of ownership. ”

He then went on to say that by using blockchain, real estate transactions will be more efficient and title insurance costs will be lower, which means future transfer transactions will be easier and less expensive.

Kir Weaver of the Kris Weaver Real Estate Team said that it was important to bring value to clients and they were always looking to achieve that. He also noted the use of blockchain to secure real estate transfer transactions.

“ We are very excited to be working with Ubitquity to make this a reality. ”

As the blockchain technology behind Bitcoin continues to make progress, many see this move as an important step in the application of blockchain in the real estate sector.

As reported earlier this year, Ubitquity has released a proof-of-concept platform and is working with US county clerks and insurance companies to allow for secure storage of documents.

Now that Ubitquity has successfully completed the first real estate transfer transaction on the blockchain, it remains to be seen whether the real estate market will welcome blockchain technology to securely store real estate records.