Blockchain real estate platform Ubitquity conducts first real estate title transfer on Bitcoin public ledger

Rage Review : The blockchain-driven real estate platform Ubitquity has transferred real estate ownership for the first time on the Bitcoin decentralized public ledger platform, which is a big step forward for both blockchain and real estate. Nathan Wosnack, founder and CEO of Ubitquity, said that their long-term goal is to digitize all assets (real estate in this case) and provide a clear record of ownership that can never be tampered with. Real estate ownership transfer records can be easily viewed through the Colored Coins block detector.

Translation: Nicole

Blockchain-powered real estate platform Ubitquity has conducted the first real estate title transfer on the Bitcoin decentralized public ledger platform.

Using the Ubitquity platform, Marina Reznik, director of real estate marketing at Atlantic Sotheby’s International Realty, recorded her recent purchase transaction on the Bitcoin blockchain using Colu’s Colored Coins protocol.

The company said the transaction was recorded by the local municipality and turned into a digital asset, securely stored on the blockchain, by Ubitquity, which already records the current real estate land using information provided by early users. This is the first time that real estate title transfers have been recorded using blockchain technology.

“Ubitquity’s service platform software creates a ledger entry on the blockchain where every user on the blockchain can view and verify transactions. Using a master ledger of transactions on the blockchain prevents fraud because all transaction details are instantly verifiable, as opposed to centralized systems stored in text files that are easily manipulated and prone to errors,” said Nathan Wosnack, founder and CEO of Ubitquity, in a statement. “Our long-term goal is to digitize all assets (in this case real estate) and provide a clear record of ownership that can never be tampered with, all of which can be achieved through the Bitcoin blockchain. The first real estate title transfer facilitated by Ubitquity can be easily viewed and publicly searched using the Colored Coins block explorer.”

In 2015, Ubitquity prepared to create a simple proof-of-concept platform using blockchain specifically for "non-financial applications". In early 2016, Ubitquity prepared a basic user interface for early users to pilot the system and began putting property records on the blockchain. One of the first pilot systems took place in Norfolk, Virginia, with real estate agents and Atlanta Sotheby's International Realty & Kris Weaver Real Estate Team.

Nathan Wosnack

Wosnack added: “The blockchain registry function is something that cannot be replicated, and it promises a more convenient way to verify title transfers. This could make real estate sales more efficient and reduce title insurance costs because the savings from research and error can be passed on to the consumer. We have already begun recording current real estate transactions using basic information provided by early adopters, but this is the first time that real estate title transfers have been securely recorded using blockchain.”

New means of property transfer covering all real estate transaction history can be searched through property search engines. By recording this information and all future documents/activities into future blockchain properties, an accessible, unalterable record is generated, which can make property transfers simpler and reduce costs.

“A lot of fine work goes into the title search to ensure the property is transferred correctly,” said Marina Reznik. “We have to weed out any flawed transfers and manage the transaction so it is still recorded correctly. We are simply adding an extra layer of security by protecting the record of the transfer on the Bitcoin blockchain. This is a big step forward for both blockchain and real estate.”

Kris Weaver of the Kris Weaver Real Estate Team said: “We are always looking for ways to provide more value to our clients. We see securing new types of title transfers on the blockchain as a historic moment for the real estate industry and we really enjoy being at the forefront of innovation. We are very excited to be working with the Ubitquity team to make title transfers possible.”

Wosnack said the company works hard to ensure that the transfer is in full compliance with the laws of each municipality's government regulations, and they also follow the different regulations of each county registrar's office.

Kris Weaver

Public keys can be made public so trusted organizations (county offices, banks, title companies) can attach their trusted brands to specific title records, Wosnack said. "Our 'Ubitquity team' is focused on doing things like securities, so we can provide a proof of concept for governments on how blockchain can benefit all consumers." "Governments are very interested in things that are secure and efficient, and they want to be risk-averse, and they only want to adopt technologies that have been proven in the private sector before they reach the stage of government adoption." "Although, we have seen innovation in some states in the United States, such as Vermont, and are fully compliant with the requirements of the General Assembly's S.138 (51 Bill), which was submitted to the state legislature on January 15, 2016. This paper represents part of the board's legislative effort to evaluate new and innovative ways to promote economic growth in Vermont."