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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.
