First blockchain real estate transaction has been completed in Brazil
Brazilian construction giant Cyrela and startup Growth Tech have completed the very first real estate transaction using blockchain technology in Brazil.
Brazil is going strong with crypto and blockchain adoption.
After creating a blockchain app to track public bidding on government contracts, and a coffee supplies-backed cryptocurrency, as reported just a couple of days ago, Brazil has now completed its very first real estate sale using IBM Blockchain technology.
According to zdnet.com, the local construction giant Cyrela and startup Growth Tech completed the real estate sale under the project Notary Ledgers, which enables users to request and track notary services.
By using IBM Blockchain technology, the time needed to complete the property sale process, a process which otherwise can take up to a month, was reduced to just 20 minutes.