• Wed, 21 Aug 2019, 11:12 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Cyrela, Growth Tech complete real estate transaction in Brazil using IBM Blockchain

Tue, 16 Jul 2019, 10:22 am UTC

Brazil-based real estate company Cyrela and blockchain startup Growth Tech have carried out an entire real estate transaction using blockchain technology, ZDNet reported.

The transaction, reportedly the first ever in Brazil, used IBM Blockchain technology. It was carried out under Notary Ledgers, a project allowing users to request and track notary services in a digital set up.

By using blockchain technology, the companies were able to reduce the time involved in the property sale process from a month to 20 minutes.

"We have been looking for blockchain applications for the legal market for some time now. The completion of this transaction reinforces our openness to using technology to improve the real estate business environment in the country," said legal affairs director at Cyrela, Rafaella Carvalho.

Once Brazil implements regulation to allow notary offices to use blockchain technology, individuals and business will be able to use the Notary Ledgers platform for issuing other documents such as birth, death and civil partnership certificates.

Growth Tech founder Hugo Pierre underscored the need for local notary offices to migrate to a blockchain-based system.

"A digitally signed document in our platform will have the same validity as a manually signed in person at a notary office since transactions are also validated by the notary network," Pierre said. "These transactions also have a high level of security and transparency, which will help tackle fraud and improve service delivery timescales."

Recent reports suggest the government of Brazil was looking to encourage implementation of blockchain and other advanced technologies in all local public administration units. On these lines, a group of 10 federal deputies from various parties and states last month filed a new bill, PL 3443/2019, aims to offer the “Digital Provision of Public Services in Public Administration – Digital Government.”

In addition, the government is working with financial regulators, including the Central Bank of Brazil, the Securities Commission, and the Superintendency of Private Insurance, to develop a regulatory sandbox type model targeting new technologies including blockchain.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,150.20 (-5.00%)
  • Ethereum (ETH) $188.11 (-4.70%)
  • XRP (XRP) $0.264600 (-3.77%)
  • Bitcoin Cash (BCH) $300.81 (-5.63%)
  • Litecoin (LTC) $71.99 (-4.77%)
  • Bitcoin (BTC) $10,150.20 (-5.00%)
Aug 21, 2019 (Wednesday)
Thailand’s Siam Cement Group seeks to expand Corda-based ‘Procure to Pay’ solution to 2,400 suppliers by 2020
Crypto Technicals: BCH/USD rejected at cloud, violation at 200-DMA to open up downside
Blockchain settlement startup Fnality adds former UBS and IMF executives to management team
Austrian telecom giant A1 to offer cryptocurrency payment option
Japan's Amaten, Aelf to revolutionize gift card market using blockchain
Crypto Technicals: Monero (XMR) recovery falters at major trendline resistance, slips below cloud
Blockchain securities issuance platform iownit.us obtains approval from FINRA
Crypto Technicals: ETH/USD struggles to extend gains beyond $200 mark, bias bearish below 200-DMA
Square Crypto hires Blockstream co-founder Matt Corallo to boost bitcoin adoption
Commonwealth Bank of Australia develops blockchain-based marketplace and token to protect biodiversity
Crypto Technicals: Bitcoin fails to take out $11K mark, tumbles below 55-EMA support (10428)
EMURGO inks MOUs with South Korean trade associations to boost Cardano adoption
China may launch its central bank digital currency ahead of Facebook's cryptocurrency Libra
Winklevoss twins may partner with Facebook on cryptocurrency
Malta-based crypto exchange CGEX to shut down after less than a year of operation
Bank of America files patent for multi-tiered crypto wallet
Aug 20, 2019 (Tuesday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
HSBC inks agreement to tap Identitii’s blockchain-based information exchange platform ‘Overlay+’
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: XRP/USD fails at 21-EMA, resumes weakness with 'Doji' formation
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.