chepicap.com
Brazilian construction giant Cyrela and startup Growth Tech have completed the very first real estate transaction using blockchain technology in Brazil.
Brazil is going strong with crypto and blockchain adoption.
After creating a blockchain app to track public bidding on government contracts, and a coffee supplies-backed cryptocurrency, as reported by Chepicap just a couple of days ago, Brazil has now completed its very first real estate sale using IBM Blockchain technology.
According to zdnet.com, the local construction giant Cyrela and startup Growth Tech completed the real estate sale under the project Notary Ledgers, which enables users to request and track notary services.
By using IBM Blockchain technology, the time needed to complete the property sale process, a process which otherwise can take up to a month, was reduced to just 20 minutes.
The service, underpinned by @IBMBlockchain technology, enabled the reduction of timescales involved in the #property sale process, which usually takes about a month, down to 20 minutes.
— rneelmani (@rneelmani) July 16, 2019
Legal affairs director at Cyrela, Rafaella Carvalho, said that they 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', he said.
Growth Tech founder Hugo Pierre, added that a digitally signed document in their platform will have the same validity as a form manually signed in person at a notary office since transactions are also validated by the notary network.
'These transactions also have a high level of security and transparency', he said, 'which will help tackle fraud and improve service delivery timescales.'
People will be as well able to use the so-called Notary Ledgers platform to issue documents such as birth, death and civil partnership certificates, once regulation is in place to allow Brazilian notary offices to fully operate through the technology.