the first blockchain real estate transaction was signed in Argentina

The blockchain was conceptualized by an anonymous person or group, not yet known, known as Satoshi Nakamoto, in 2008, and implemented in 2009 as a core component of Bitcoin.

However, it is a "fundamental technology, with the potential to create new foundations for global economic and social systems", as defined by Harvard Business Review.

Because? It offers the ability to record any type of digital file, inheriting the security of the base platform, and allows transfer of value in the form of shares and title deeds. To do this, it consists of block strings, designed to prevent their modification once published data, thanks to a reliable timestamp and a link to a previous block.

Blockchain thus represents an accounting book in which each sheet is linked to the previous one and a decentralized network, with thousands of copies across the planet.

Its potential seems to be infinite and beyond:

– Distributed file storage in the cloud to digital identity management

– from the registration and verification of data to the automatic execution of contracts

– monitoring supply chains to notary services

– automated security systems to the collaborative economy

from liquid democracy to an electricity market without intermediaries

-micropayments to the decentralization of the Internet of Things

But perhaps as important as this set of objective conditions for the Blockchain revolution, which seems to come, is that Argentina could help to spotlight it.

In fact, at the local level, lies the fifth Bitcoin community on a global scale. An eloquent example is that this Wednesday, November 28 was signed, with the help of Blockchain, the first purchase ticket for a property registered in Latin America.

In particular it is a plot of 600 square meters, belonging to the company Ayres de Larca, located in Villa Larca, in the province of San Luis, 20 minutes from Merlo. Marketed by Terraloteos.com, the lot was sold at 480,000 pesos, financed in 60 adjustable installments.

Guillermo Navarro of Bildenlex Abogados, who led the operation, explains: "In collaboration with our legal innovation laboratory and signature technology, we have developed a process to facilitate the purchase of purchase and sale tickets. units they market. In this way, we can sign faster, via a Blockchain certified digital ticket, which parties can access at any time. We verify the identity and add confirmation processes. "

In this regard, he adds: "In addition, being digital, the purchase ticket gives us a series of integrations, such as hyperlinks to maps, information, videos, photos and legal and regulatory schemes. "

"For us, it's the first experience with a ticket.Although there are other government initiatives, compliant with Regulatory Decree 962/2018, which allows you to register tickets for Purchase directly into the property register, we could not find in a specific form any other previous uses in companies", Keep on going.

"The main challenges are the need to determine which digital documents were signed, when, and by whom." The Blockchain, as a technology that gives confidence without third party, allows us to identify the parties involved in the operation. and the signed document, as well as give it a specific date by uploading it into the Bitcoin blockchain, "says Gonzalo Blousson. , co-founder of Signatura, a provider of digital signing technology and Blockchain certification, established in Buenos Aires in 2016. By the way, The company has already raised $ 450,000 from funds such as NXTP Labs, Cygnus, BIND, Primary Ventures and ArFintech.

Navarro emphasizes here the importance of understanding the difference between a digital signature, such as the one described, and a simple electronic signature, such as the token used in the judicial system of the province of Buenos Aires.

"The digital signature is a mathematical procedure that is added to the document in question, giving it its own characteristics.The person who signed it has control of this document, knowing the keys." In addition, third parties can check whether the the person who signed is what he claims to be and nothing has been changed, but in the case of the electronic signature, it is up to the person who uses it to give it the necessary validity " , did he declare.

According to the representative of Bildenlex, the use of Blockchain technology is a comparative advantage. "We use it in proxies, authorizations, trademark use agreements, intellectual property registers, to guarantee evidence, in intellectual property infringements, of payments of agreements." And our counterparts also see the benefits, because the signing of contracts without technological tools generates very high costs and wasted time, in which case we thought it was a good one. way to facilitate the process and make the shopping experience satisfactory, "said the lawyer.

From Signatura, its founder states that "if necessary, these documents can be presented to the court, using the digital support that Signatura prepares for this purpose, with the indication of the whole technological process behind the operation ".

At the same time, it also considers that this type of development constitutes an important potential market.

"Almost all in-house legal departments are looking for ways to simplify their processes for celebrating, preserving and preserving digital documents, and we have particular expertise in this market, which is not operated by other companies providing solutions from Anglo-Saxon countries ", concludes Blousson.

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