Blockchain technology, with its potential to transform the way transactions are conducted and completed, in addition to providing a safe, secured as well as fool-proof system, has touched upon different industries and sectors. One of its recent conquests is the real estate industry which has witnessed rapid digitalization and innovation due to virtue of blockchain technology.
The first to make a mark in this industry was Ubitquity, LLC registered in Wilmington Delaware, USA. Ubitquity was founded on September 15, 2015 and provides a simple and user-friendly SaaS (Software-as-a-Service) platform and API (Application Programming Interface) for improving the overall experience of real estate transactions. Ubitquity’s process adds value for different stakeholders in the real estate ecosystem.
With its patent-pending platform, Ubitquity introduced a recording and tracking system, which using blockchain technology, adds transparency to the process, ownership and property information, and reduced search time.
Its decentralized system of record keeping and information, helps increase the confidence in the information being recorded and the overall real estate ecosystem. With its blockchain platform it aims to strengthen and not replace its existing analog counterpart: the physical or paper records in real estate and its client base includes title companies, municipalities/land records offices, aviation, abstracting, and escrow firms.
Breakthrough in Brazil
Besides being the pioneers in the real estate blockchain technology, Ubitquity cemented its position in the industry when it partnered with Brazil’s Real Estate Registry Office in April 2017, called Cartório de Registro de Imóveis to improve on its land and property ownership recording process.
Brazil faces a high rate of corruption and fraud especially when it comes to land titling system; the lack of property rights and a missing centralized system for land ownership records has made the system easy to be abused.
Ubitquity’s pilot in Brazil added an extra layer of efficiency and confidence to the currently bloated system.
In the region where Ubitquity conducted its pilot, real estate records could be compared to their counterparts on the blockchain — an immutable record — and this check ensures all parties involved that the records are legitimate.
The successful pilot in Brazil was groundbreaking due to the fact it was the first time in history a blockchain and real estate recording ever occurred in all of Latin America.
This pilot lead to several LATAM PropTech Summit speaking events (in Chile and Miami in 2018). Our Founder & CEO Nathan D. Wosnack recently joined their Advisory Board.
Planes in the Air, Records on the Blockchain
Ubitquity achieved another major milestone when, in Q3 2018, it secured AIC Title Service as a client providing the company with a blockchain-based system for recording aircraft titles and registration documents for the aircraft company’s Aircraft Closing Room.™
AIC Title Service, based in Oklahoma City, is an industry leader in aircraft title search and escrow industry, facilitating with aircraft registration documentation, lien clearance, escrow services, and title services.
For Ubitquity this diversification from real estate industry is an important step in expansion of its blockchain platform and its services beyond the real estate industry.
The Uber of the Abstracting Process
Success and innovation doesn’t end at simply developing its platform and API for enterprise use; the company recently extended its expertise to building an abstracting application.
The application is called AppStract (licensed from the BlockSTRACT IP owned by Ubitquity LLC) in partnership with Atlanta-based Coast to Coast Title. With more than 25 years of title service experience, Coast To Coast Title is the leader in delivering title work that is accurate, timely, & affordable.
AppStract focuses on bringing innovation to the abstracting process in real estate deals, while maintaining records on the blockchain.
The application aims to increase transparency as well as add efficiency to the abstracting processes while making use of Ubitquity-provided platform and API to store the information or records generated.
Expansion into Cambodia
To finish off the year and decade strong, in Q4 2019, Ubitquity expanded to South East Asia when it announced a development partnership with E-Title Cambodia.
The system will allow for purchasers of property to check the status of titles, load data, and use smart contracts for the property conveyance process.
The expansion into this new market with E-Title Cambodia demonstrates the flexibility and adaptability of Ubitquity.
It will bring big benefits to the real estate development business, especially in emerging markets like Cambodia.
In early 2020 Ubitquity will be building a Car Park management system for solving Cambodia’s condominium parking lot dilemma of defining ownership.
Via a token product, tenants will be able to stake a claim of ownership on their parking lot or assign it to someone else via a smart contract.
Moving Towards the Future…
For Ubitquity, the driving force has always been innovation. From bringing technological transformation and blockchain database to the real estate industry to venturing into different industries and technology domains through originally developed SaaS platform and API. Now, it looks for global market penetration and for a continued improvement in user experience in transaction recording and management systems.
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