Blockchain real estate platform Ubiquity: The first property transfer transaction based on colored coin technology is successfully completed

Ubiquity, a real estate title platform based on distributed ledger technology, recently successfully used Colu’s Colored Coins Protocol to complete the first title transfer transaction in the history of the Bitcoin blockchain.

The sale was handled by Marina Reznik, director of marketing at Sotheby’s International Realty, who used a technology called Colored Coins to store her recent property purchases on the Bitcoin blockchain.

Colored coins are the representation of real-world assets on the Bitcoin blockchain. Users or platforms can use Bitcoin’s scripting language to store metadata in the blockchain network to create their own colored coins, which cannot be changed or hacked.

Some blockchain startups are trying to use the Ethereum protocol and its smart contract platform to record property data and identity information. Ubitquity is the first Bitcoin blockchain company involved in real estate business.

Reznik said: "The real estate industry usually conducts a thorough title investigation to ensure the correct ownership. We are responsible for handling title disputes. In addition, the sale of real estate is strictly regulated by the government. We chose Bitcoin blockchain technology to add an extra lock to the industry's security and ensure the immutability of transactions. In any case, the introduction of blockchain technology in the real estate industry is very beneficial to the development of both parties."

Although there are certain complexities in using the Bitcoin network to store identity information, Ubitquity believes that it is precisely because the Bitcoin blockchain is highly secure and immutable that it is the only choice for recording data.

Bitcoin expert Pete Dushenski once said that the security of the blockchain network is reflected in the computing power. The higher the computing power of the entire network, the more secure the network is and the less likely it is to be attacked.

The security of the real estate industry plays a decisive role in the entire sales process. The Bitcoin blockchain network can optimize the transaction time and operating costs of the industry.