Categories: Crypto

Bitcoin Blockchain’s First Property Ownership Transfer Settled by Ubitquity

Distributed-ledger based real estate platform Ubiquity has successfully utilized the Colu Colored Coins Protocol to settle the Bitcoin blockchain’s first property ownership transfer.

The settlement of the transfer was handled by Atlantic Sotheby’s International Realty chief real estate officer Marina Reznik, who integrated her recent real estate purchase onto the Bitcoin blockchain through a class of methods called Colored Coins.

The term “Colored Coins” refers to a variety of methods that are commonly used to represent and manage real world assets on top of the Bitcoin blockchain. Users or platforms can use Bitcoin’s scripting language to store metadata onto the blockchain network, which is unalterable and impenetrable.

While a number of blockchain-focused startups have attempted to use the Ethereum protocol and its smart contract platform to record real estate data and identities, Ubitquity has officially become the first startup to represent a real world application of the Bitcoin blockchain network in the real estate industry.

Related Post

“A lot of meticulous work goes into doing a title search and ensuring ownership transfers correctly. Any title defects revealed must be cleared up and the sale is still recorded with the appropriate municipalities governing the transaction. We have simply added an extra layer of security by securing the record of transfer on the Bitcoin blockchain for permanent immutability. This is a huge step forward for blockchain and real estate,”

explained Reznik.

Despite the complicated process of utilizing the Bitcoin network for identity storage, Ubitquity believes that the Bitcoin blockchain’s greatest asset is its security and irrefutable ledger and thus, it is more reliable to record data onto the Bitcoin blockchain network rather than other alternative ledgers.

As stated by Pete Dushenski in the past, the security of a blockchain network is represented by the hashrate. “The more petahashes the network maintains, the more secure the network is to attacks,, that is, the more costly attacks become,”

explained Dushenski.

In an industry like real estate, security comes in as a huge factor which alters the entire process of purchasing and selling properties. The use of the Bitcoin blockchain network will optimize many of the industry’s time consuming and expensive operations.

Joseph Young

Joseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

Share
Published by
Joseph Young

Recent Posts

Crypto Whale Sparks 8x Surge In $OPK Price with Massive Buy-in

A mysterious crypto whale, who previously invested 9,600 SOL into tokens $Pnut and $FRED, has…

22 mins ago

Early ENS Investor Transfers $2.47M To Binance Amid Upcoming Token Unlocks

An early investor linked to the $ENS token recently transferred 154,000 ENS tokens, valued at…

25 mins ago

Wintermute’s Memecoin Strategy: BABYDOGE Ranks Among Top 3 Holdings

In a surprising turn, $BABYDOGE has climbed to the top three in Wintermute’s memecoin holdings…

32 mins ago

$Pnut’s Meteoric Rise: How A Tragic Squirrel Inspired A Memecoin Sensation

The $Pnut memecoin recently soared past a $120 million market cap, creating unexpected wealth for…

38 mins ago

Political Memecoins And High-Stakes Bets Surge As Election Approaches

With election season heating up, political memecoins like $PEOPLE, $MAGA, $HARRIS, and $TRUMP are surging.…

44 mins ago

TRX Price Prediction: Tron Network Fee Cut to Spark New ATH?

Back into Spotlight: Tron Network Fee Cut Could Push TRX to ATH, But This DeFi…

10 hours ago