First Purchase and Sale Deed and Real Estate Registry

Cyrela has closed, in partnership with the startup Growth Tech, the first real estate transaction in Brazil through the Blockchaindigital transaction registration system. The service, supported by IBM’s Blockchain, allowed the reduction of time involved in the real estate sales process, which usually takes about a month to 20 minutes.

THE GREAT TECHNOLOGICAL CHALLENGE OF THIS INNOVATION WAS TO INTEGRATE ALL THE PLAYERS INVOLVED IN THE PROJECT, ENSURING LEGAL SECURITY THROUGH THE TECHNOLOGIES USED.

We performed, remotely, 100% digitally, and with the necessary legal security and notary validation, the first purchase and sale deed and the first property registration, in Blockchain. Besides Growth Tech and its solutions, this project involved the 15. Ofício de Notas, the 9. Registro de Imóveis (both in the city of Rio de Janeiro), the Incorporadora Cyrela and the buyer of the property.

IMPLEMENTED SOLUTION

Growth Tech’s Notary Ledgers platform was used, through which the buyer of the property formalized his purchase intention with Cyrela, and then went to the 15. The notary office involved verified the requirements for the deed, according to the stipulated conditions. The notary involved checked the requirements of the act, and once they were met, “sanctioned” and officially performed the transaction. Sequentially, the process went on to validation and other procedures carried out by the 9th Civil Registry. Registro de Imóveis. Concomitantly, smart contracts in pools of notaries of the same competence validated the transaction and registered it in the Blockchain. All actors were widely identified on the platform before their acts, and the Blockchainframeworkused was Hyperledger.

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