[Correction: The article has been re-written to make necessary changes]

Ubitquity, a blockchain-secured platform for real estate transactions, recently announced the first real property ownership transfer recorded on the blockchain. This marked a “historic milestone” in digital asset management, the company said in a statement.

Founded in September 2015, Ubitquity set out to create a simple platform as a proof of concept for using the blockchain for "non-financial applications". By early 2016, the company had successfully developed a basic user interface for early users to pilot the system and start recording property records onto the blockchain.

According to the official release, a realtor in Norfolk Virginia, Marina Reznik, with Atlantic Sotheby's International Realty & the Kris Weaver Real Estate Team, is one of the first to pilot the system.

"A lot of meticulous work goes into doing a title search and ensuring ownership transfers correctly. Any title defects revealed must be cleared up and the sale is still recorded with the appropriate municipalities governing the transaction. We have simply added an extra layer of security by securing the record of transfer on the Bitcoin blockchain for permanent immutability. This is a huge step forward for blockchain and real estate," said Reznik.

Ubitquity offers simple user experience for securely recording, tracking, and transferring deeds with its SaaS (Software-as-a-Service) blockchain platform. The SaaS platform creates a ledger entry on the bitcoin blockchain, allowing anyone to view and verify the transaction occurred. Using the blockchain as a master ledger for transactions creates a permanent public record and reduces the possibility of fraud making the details instantly verifiable.

A new property transfer encompasses all the events in that property's history via the title search, the company explains. By recording this and all future documents/events in that property's future, a publicly accessible, immutable record is created, making future transfer easier and less costly to research.

"Our long-term goal is to digitise titles to all assets (in this case real estate) and provide an immutable record of clear ownership in perpetuity, powered by the Bitcoin blockchain. The first Real Property ownership transfer, facilitated by Ubitquity, can be easily viewed and publicly searched on the Colored Coins block explorer”, Nathan Wosnack, founder & CEO at Ubitquity, said.