For the first time in history real estate was sold through blockchain system

In the middle of July, 2019 the first transaction on property sale by means of blockchain technology took place. She was imprisoned in Brazil.

The local construction giant Cyrela Brazil Realty involved a startup of Growth Tech thanks to which the project under the name Notary Ledgers was implemented in cooperation. That allows to request and monitor notarial services in a digital format.

Growth Tech started for Cyrela Brazil Realty service, based on IBM Blockchain technology. It helped the builder to reduce significantly terms of property sale — from 30 normal days to 20 minutes.

For the first time in the history the real estate was sold through a blockchain system

We look for blockchains-applications for the market of legal services for a long time. End of this transaction enhances our openness to use of technologies for improvement of a business environment in the real estate market in the country — the director of legal issues of Cyrela Rafaella Carvalho says.

Physical persons and legal entities will be able to use the Notary Ledgers platform for obtaining different documents, such as certificates of birth, death and defects. However, for this purpose still it is necessary to enter administrative provisions, allowing the Brazilian notarial bureaus to work fully with this technology.

According to the founder of Growth Tech Hugo Pierre, the Brazilian notary offices will have to transfer the processes to a blockchain service.

The document with the digital signature on our platform will have the same validity period, as personally signed in notary office as transactions are also checked by network of notaries. Besides, these transactions have the high level of security and transparency that will help to fight against fraud and to reduce terms of provision of services — Pierre noted.[1]

The project in Cyrela showed that the blockchain can accelerate and simplify real estate transactions.

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