Brazil to Test Blockchain in State Real Estate Auction to Reduce Fraud Disputes
The Court of Auditors of the State of São Paulo will conduct Brazil’s first public real estate auction with all documents recorded on a blockchain to enhance transparency and reduce disputes.
Ten warehouses will be sold, with every document timestamped and registered on the blockchain, creating a public, tamper-evident record.
The auction is managed through Nordeste Leilões in partnership with blockchain firm InspireIP, as previously reported by Convergência Digital.
Nordeste Leilões has reported sales totaling 9.5 million reais ($1.74 million) across 65 auctions this year, demonstrating the platform’s scale.
This initiative aims to tackle issues such as document tampering, fake websites, and inconsistent public records in Brazil’s auction market and could lead to wider blockchain adoption.
Brazil’s broader push towards digital ledger technology is further exemplified by fintech Tanssi’s blockchain project to offer microloans to small rural producers in São Paulo.
Caroline Nunes, founder of InspireIP, highlighted that blockchain-recorded verification is public, traceable, and independent, with cryptographically sealed files and detectable alterations.
