The pilot program is an effort to move away from paper-based records toward a 100% computer-based solution. The startup recordkeeping system will embed hashes of detailed information like property address, owner, parcel number and zoning classification into the blockchain using the Colored Coins protocol.
Ubitquity has been given an exclusive contract by the Cartorio de Registro de Imoveis (Real Estate registry) to provide the registration services. If the pilot is successful, the startup plans to franchise its software to other municipalities interested in migrating records on the blockchain.
According to CoinDesk, a similar land registry initiative is being pursued in Sweden where the Lantmäterie land registry authority is partnering with blockchain startup ChromaWay to record property deals on a distributed ledger.
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