Brazil Witnesses First Real Estate Transaction On a Blockchain

Blockchain has been trying to find a legitimate space in the real estate market for a long time now, and finally the technology has found its application in the country of Brazil.

Renowned construction giant in the country, Cyrela, has joined hands with startup Growth Tech to enable the very first blockchain based real estate transaction in the country.

The sale of the property was completed under the project Notary Ledgers, which is designed to allow users to request and track notary services. The sale was completed in just 20 minutes, as opposed to a month, which is the average time taken for a sale of this nature to be complete.

The technology that was used in this transaction was none other than IBM’s blockchain technology, which has found application in so many diverse fields.

Rafaella Carvalho, who handles legal affairs at Cyrela,, said that:

‘The completion of this transaction reinforces our openness to using technology to improve the real estate business environment in the country.’

The real estate industry is one that is continually growing, given the planetary urbanization that is happening around the world. Growth Tech founder Hugo Pierre, reaffirmed skeptics about the validity of a digitally signed document in their platform. He also added,

‘These transactions also have a high level of security and transparency which will help tackle fraud and improve service delivery timescales.’

It’s definitely a progressive step towards blockchain technology finding more acceptance in the mainstream real estate business.

Also Read: Blockchain In Real Estate