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Blockchain to Be Adopted For Property Registration in Mexico
American real estate behemoth RE/MAX has recently teamed up with Blockchain-powered company XYO Network, the San Diego Union-Tribune reports. The purpose of this partnership is to make it easier to buy and sell property in Mexico.
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A modernized land registry
XYO Network (which was earlier called XY Findables) is behind the first decentralized location-verification system. RE/MAX has recognized the potential of this San Diego-based startup, currently working on a hack-resistant land registry to disrupt the Mexican real estate market.
The modus operandi of this startup is rather straightforward — each parcel of land is pegged to a unique digital token. All property transactions are conducted in a secure and transparent way while land ownership data is recorded on a distributed ledger.
A Mexican property lawyer Jose Larroque claims that the majority of Mexican land registers are already digitalized, but they still have problems with ejido (areas with communal ownerships in Mexico). He also claims that Blockchain technology could tackle the issue of duplicated titles that complicate the task of finding a specific piece of property. The XYO location network allows anyone to effortlessly pinpoint any property object.
Blockchain’s romance with real estate
While Blockchain and real estate are still in the courting stage, other countries are also creating their decentralized land registries. Back in June, Sweden's land registry authority conducted the first transaction on Blockchain while the Netherlands started testing their own decentralized system for monitoring the national real estate data. On top of that, the UK is trying to modernize Her Majesty’s Land Registry with the help Corda.
Meanwhile, as U.Today reported earlier, an increasing amount of realtors are now accepting Bitcoin around the globe. A chic mansion in Sydney is currently on sale for 570 BTC.
Urvashi Verma
Arman Shirinyan
Dan Burgin