Property ownership records have taken a giant leap forward. Ubitquity has registered the inaugural transfer on Bitcoin’s de-centralised public register. The purchase was recorded to the Bitcoin block chain using protocol (Colu Coloured Coins). The local municipality were also part of the process having the property committed to their property ownership records. A digital asset was also created and secured to blockchain with Ubitquity. Existing parcels of property have also been recorded from earlier users. Ubitquity confirms this transaction was the first the technology had recorded. Ubitquity CEO (Nathan Wosnack) commented their software has brought about a ledger entry (Blockchain) allowing any third party or individual to verify and view the transaction.
As a master ledger Blockchain reduces possible fraud as property ownership records are verifiable instantly. Property records (Blockchain) are exempt from the typical databases that can be hacked and/or paper ledgers that can be lost or damaged. Looking forward the goal is to digitise all titles and assets (real estate). Powered by Bitcoin Blockchain to provide immutable records for clear ownership in perpetuit. The first transfer and the relevant property ownership records can be searched and viewed on the Colored Coins Block Explorer.
The platform was first put forward in 2015 in respect of “non-financial applications”. A basic user interface was available for users by early 2016 to pilot the blockchain system. Two realtors hhave been the first to pilot the scheme. The new system is also touted as bringing more efficiency to real estate and property transfer records. Also reducing costs for Title Insurance by way of reducing errors. New property transfer records encompass all events within the property’s history. This makes future transfer’s easier and less expensive to research.
Ubitquity is working towards ensuring full legal compliance re: government regulations in respective jurisdictions. Each county recorder abides by different regulations. Trustworthy organizations such as banks, county offices and title companies can now attach their trusted brands to specific title records.