Press "Enter" to skip to content

Bill in the Senate provides for the use of blockchain to register real estate in Brazil

Cryptocurrency

Photo: Shuttestock

The uses of blockchain go beyond bitcoin and the financial market. And a project already in progress in the Senate foresees the use of this technology for the registration of properties in Brazil.

Authored by Senator Acir Gurgacz (PDT-RO), PL 2876/2020 amends the Public Records Law of 1973. It states that “that each registration of title and document must also be made in the Electronic System of National Blockchain of Registration of Titles and Documents ”. This system, according to the proposal, would be under the responsibility of the National Council of Justice (CNJ).

Still according to the proposal, the same would apply to the registration of real estate itself, also changing the current legislation of 1973.

“We suggest the electronic blockchain system, which is a system of virtual registration of acts in its essence that has as its main feature its decentralization as a security measure. Among its most efficient applications of the electronic blockchain system, the registration of titles, documents, transactions and general effects on the assets and rights of individuals and legal entities stands out ”, says excerpt from the project's justification.

A Bill of Law (PL 3,444 / 2019), which provides for the use of blockchain in general in the public service, has already been underway in the Chamber of Deputies since 2019. The proposal, however, has been awaiting consideration by the House Plenary since February, although it is being processed under the so-called emergency regime.

With an eye on blockchain

It is already possible to see in the public spheres the use of blockchain in several opportunities. One of the most recent examples is Pier (Regulatory Entities Information Integration Platform), based on blockchain technology, maintained by the Central Bank together with the CVM (Securities Commission) and Susep (Private Insurance Superintendence). Its objective is to streamline the exchange of information between the three institutions, as well as the authorization processes of the financial system.

It has also been common to send federal public servants to various blockchain discussion events, in addition to hiring companies to advise on their implementation in public administration.

The technology that underlies bitcoin also draws the attention of regional government bodies. The states of Bahia and Rio Grande do Norte, for example, announced in July 2019 the use of a blockchain-based bidding application, SOL (Online Bidding Solution).

On the other hand, there are setbacks in the adoption of blockchain in public management. The TCU (Federal Audit Court) vetoed the use of technology by Ancine (Agência Nacional do Cinema) under the justification of having a high implementation cost.


Buy Bitcoin and other cryptocurrencies at the safest broker in Brazil. Register and see how simple it is, visit:

This source of this article is portaldobitcoin.com.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.