Peer-to-peer transfer agent Ubitquity (Ubitquity.io) has announced the release of its blockchain-powered real estate platform, which it says will “revolutionize” the US real estate industry.
Ubitquity: Blockchain Meets Real Estate
Ubitquity launched the prototype Thursday with the aim of adding full transparency to real estate transfer.
We're pleased to announce that our real estate platform prototype is officially completed! Official press is coming shortly with details.
— UBITQUITY (@ubitquity_io) March 3, 2016
In a press release issued the same day, CEO Nathan Wosnack stated the platform should ultimately influence the entire process of dealing real estate, rather than simply individual parts of it.
“Ubitquity will increase speed and accuracy of title search, along with helping to prevent fraudulent conveyance of property by adding overall transparency, “Wosnack said. “Our blockchain-powered platform will also improve the due diligence process for the industry.”
The result is the dramatic reduction of risks in every step of documentation, and a sense of confidence and security that can only be made possible by an immutable public ledger.
The platform will be unveiled and tested by a select group of real estate parties prior to the major roll-out across the US.
The benefits Wosnack highlights have been reiterated elsewhere, and not just within the blockchain industry. Experts have championed the ability of blockchain technology to influence and improve the classic pitfalls of the current real estate transfer process. These are namely speed, reducing risk of fraud and increasing transparency.
“By using a blockchain distributed database to prove authenticity, homeowners could legitimately transfer ownership immediately without the need to pay for third-party verification,” TechCrunch noted in a discussion of the issue in February.
The Dawn of Blockchain-Powered Industries
Ubitquity itself by no means stands alone in the blockchain governance market: several major players continue to announce innovations, with some, such as Pax, even utilizing other booming technologies such as the Ethereum blockchain and smart contracts.
Government involvement in this new arena has also recently come in the form of Honduras, which announced its decision to combat land title fraud using the blockchain.
In conjunction with blockchain tech companies Factom and Epigraph, both based in Texas, the Honduran government will create a “permanent and secure land title record system,” Reuters reports.
“In the past, Honduras has struggled with land title fraud,” Factom CEO Peter Kirby said. “The country’s database was basically hacked. So bureaucrats could get in there and they could get themselves beachfront properties.”
Kirby said the scheme would also give “owners of the nearly 60 percent of undocumented land…an incentive to register their property officially.”
How do you think real estate will profit from the blockchain? Get involved in the comments below!
Images courtesy of ubitquity.io, bandt.com.au
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