Second paragraph says bitcoin blockchain - very big deal!

First Real Property Ownership Transfer Recorded on the Blockchain with Ubitquity

The Blockchain-powered real estate platform Ubitquity announces first real property ownership transfer recorded on the Blockchain.

FOR IMMEDIATE RELEASE

Dover, Delaware, USA - July 13, 2016 - Ubitquity LLC, a company offering a simple user experience for securely recording, tracking, and transferring Real Property deeds on the blockchain, is excited to announce a historic milestone in digital asset management: the first Real Property Ownership Transfer recorded on the blockchain.

Ubitquity's Software as a Service platform creates a ledger entry on the distributed public ledger known as the bitcoin blockchain, allowing anyone to view and verify the transaction occurred. Using the blockchain as a master ledger for transactions creates a permanent public record and reduces the possibility of fraud making the details instantly verifiable. The data is not stored on centralized databases which can be easily compromised, nor traditional paper ledgers prone to damage or loss.

"Our long-term goal is to digitize titles to all assets (in this case real estate) and provide an immutable record of clear ownership; in perpetuity, secured by blockchain technology. The first Real Property ownership transfer, facilitated by Ubitquity, can be easily viewed and publicly searched on the Colored Coins block explorer." said Nathan Wosnack, Founder & CEO at Ubitquity.

In 2015, Ubitquity set out to create a simple platform, as a proof of concept, for using the blockchain for 'non-financial applications'. By early 2016, a basic user interface was ready for early users to pilot the system and begin recording property records onto the blockchain. One of the first to pilot the system is a REALTOR in Norfolk Virginia, Marina Reznik, with Atlantic Sotheby's International Realty & the Kris Weaver Real Estate Team.

"The blockchain registration functions in a manner that cannot be duplicated; promising to transform titles, ownership, and authentication in a way that is easy to prove and verify. This will make real estate sales more efficient and title insurance less expensive since the savings on research and curing errors will trickle down to the consumer. We have already recorded existing parcels of real estate using basic information by our early users, however this is the first real estate transaction recorded and secured on the blockchain. This was done as an added value gift for the purchaser," added Wosnack.

Ubitquity is creating a clean, digital record of ownership and, in a way, the start of a digital abstract of title. A new property transfer encompasses all the events in that property's history via the title search. By recording this and all future documents/events in that property's future, a publicly accessible, immutable record is created, making future transfer easier and less costly to research. Ubitquity aims to create an immutable complete record of ownership for its customers.

"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," said Marina Reznik of Atlantic Sotheby's International Realty.

"We are always looking for ways to provide our clients more value. We recognize that securing a new property transfer on the blockchain is a historic moment for the real estate industry and we love being at the forefront of innovation. We're excited to be working with the team at Ubitquity to make this happen," said Kris Weaver, Broker/Owner of Atlantic Sotheby's International Realty, the premier luxury real estate firm in the Virginia Beach/Norfolk area.

About Atlantic Sotheby's International Realty

Atlantic Sotheby's International Realty is a Sotheby's International Realty global affiliate, with access to the finest marketing platform in the luxury real estate space and an impressive global network of agents. Their mission is to provide their clients the best possible experience in buying, selling or leasing real estate. This has positioned Atlantic Sotheby's International Realty to be #1 in sales and satisfaction in the Hampton Roads, VA area. (757) 340-5555

About Ubitquity LLC

UBITQUITY, a blockchain-secured platform for real estate transactions offers a simple user experience for securely recording, tracking, and transferring deeds. The platform prototype was released in March 2016, and the alpha version of the software is slated for a summer 2016 release.

Here is link to article

*For further information on computational trust follow this link for an article I wrote.