API integrates with existing systems to allow for parallel recording of property transactions on the Blockchain
Wilmington, Delaware, May 9, 2018 — Ubitquity LLC, the first blockchain-secured platform for real estate recordkeeping, is pleased to announce the release of our updated 1.0 Software-as-a-Service (SaaS) API.
In 1994, Nick Szabo, a legal scholar, and cryptographer, realized that the decentralized ledger could be used for smart contracts, otherwise called blockchain contracts, or digital contracts. In this format, contracts could be converted to computer code, stored and replicated on the system, and supervised by the network of computers that run the blockchain. This would also result in ledger feedback such as transferring money and receiving the product or service.
The new Ubitquity API, which complements its existing platform launched in March 2016, utilizes blockchain and off-blockchain data storage. This enables enables users to ensure the authenticity of information related to the land or property in question, in particular its current ownership and all the historical transactions. In addition, the non-encrypted metadata regarding transactions, among others contents of all the formulas, are stored in a centralized database.
The system is built using state-of-the-art solutions. The API was developed in Python programing language, utilizing Django REST framework as well as web3.py interface for interacting with the Ethereum blockchain and ecosystem. The user is able to verify contract authenticity with or without the API. The storage and full access, however, is only available through an API. This is because we only store the fingerprints of particular form fields using a cryptographic hash function publicly on the blockchain.
About Ubitquity LLC
UBITQUITY, a blockchain-secured platform for real estate recordkeeping offers a simple user experience for securely recording, tracking property deeds and land records. The company is partnered with academia, municipalities, and title companies. A private beta version of their platform is now available.
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