Brazil will conduct its first public real estate auction using blockchain technology.
Convergencia Digital reports the Court of Auditors of São Paulo (TCE-SP) will sell off 10 warehouses, with every document and photograph involved in the process to be timestamped and registered on the blockchain. The sale will be conducted through auction platform Nordeste Leilões in partnership with blockchain firm InspireIP.
The Brazilian auction market has been disrupted with altered documents, fake websites, and inconsistent public records. The blockchain technology is being used to add new layer of verification lacking in paper-driven systems, with each file is cryptographically sealed and any attempted alternation becoming immediately visible.
The date of the auction has yet to be announced.
“The adoption of blockchain in public auction processes represents a leap in transparency for a sector historically vulnerable to fraud and documentary disputes,” said Arthur Nunes, official auctioneer at Nordeste Leilões. “In the TCE-SP auction, we inaugurated a model in which no file can be changed without leaving a trace. This gives the buyer, the public agency and the auctioneer himself indisputable technical proof. It is a new level of confidence for the market.”
