Blockchain-based real estate startup Ubitquity has announced a strategic partnership with blockchain infrastructure company ChromaWay.
Based in Sweden, ChromaWay last year announced a new product, Postchain – a consortium database that offers highly resilient distributed database management with distributed control. The open-source platform works together with the most widely used database systems, meaning that with Postchain, a blockchain solution can be implemented by a SQL developer.
Ubitquity launched Ubitquity Labs in July 2017 and announced the innovation division was experimenting with Postchain to see its potential to offer a more efficient and innovative solution than its existing Colu/Colored Coins-powered platform. In its latest announcement, Ubitquity said that will add the Postchain software to its list of supported chains to continue delivering seamless blockchain agnostic experience to its customers.
“We began quietly testing and exploring Postchain via our Labs division in July 2017, and so it is exciting for us to announce our partnership with ChromaWay one year later. We are confident our partnership will also serve to benefit Ubitquity and ChromaWay’s global reach,” Ubitquity Founder, President/CEO, Nathan Wosnack, said in a statement.
The Ubitquity SaaS Platform and its API, which complements its existing platform, utilizes blockchain and off-blockchain data storage. This 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 encrypted metadata regarding transactions, among others contents of all the formulas, are stored in a decentralized manner via Filecoin (IPFS) or StorJ, Ubitquity said.
“We are extremely excited to be partnering with Ubitquity, as we believe that Postchain can provide a more secure, faster and more efficient solution to traditional databases. Our solution, combined with Ubitquity’s technology, can develop future projects for real-estate on the blockchain” says Or Perelman, co-founder and COO of ChromaWay.
