The transaction led by local construction giant Cyrela and startup Growth Tech uses IBM Blockchain technology. The first real estate transaction through blockchain technology has been completed in Brazil.
Local construction giant Cyrela and startup Growth Tech under the Notary Ledgers project, which enables users to request and track notary services in a digital environment. The service is based on IBM blockchain technology, which shortens the time scale of the property sales process, typically taking about a month or so, up to 20 minutes.
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Blockchain explains in simple English how the blockchain works and the power to identify its power is the first step in developing blockchain technology. We have been looking for blockchain applications for legitimate markets. The completion of the transaction strengthens our openness to using technology to improve the country's real estate business environment," said Rafaella Carvalho, Cyrela's head of legal affairs. Individuals and businesses will be able to use the notary ledger platform to publish other documents such as birth, death and The civil partnership certificate, once the regulations are in place, the Brazilian notary office can fully operate through this technology.
According to Hugo Pierre, founder of Growth Tech, the process currently used by the Brazilian notary office needs to migrate to a blockchain-based digital service. “The digital signature files on our platform have the same effect as the documents personally signed in the notary office, as the transactions are also verified by the notary network,” Pierre said. “These transactions are also highly secure and transparent, which will help resolve fraud issues and improve service delivery schedules.” Last month, France announced its first such real estate transaction in Europe, where local company Equisafe passed Ethereum The blockchain sold a luxury building in Paris for $7.37 million.