University students developed a blockchain prototype for property transfers that could streamline the title transfer process and increase information security.
SANTO DOMINGO.- A platform that would allow users to transfer property titles from a cell phone, in the same way they do with banks, was designed by a group of university students who participated in a project sponsored by the National School of the Judiciary, of the Public Ministry.
University students developed a blockchain prototype for property transfers that could streamline the title transfer process and increase information security.
“Hackathon Vision Justice” is the name of the project carried out by the Innovation Laboratory for Justice of the National School of the Judiciary (LAB ENJ), who presented the project to directors of the Real Estate Registry (RI), during a visit to the organization.
The RI delegation, headed by Jhonattan Toribio Frías, the institution's general manager, listened to the participants' proposal and its feasibility for implementation.
“Ivy, Your Virtual Assistant,” the project’s name, would allow users to transfer real estate from a cell phone in the same way as a bank transfer, avoiding lines and travel, explained Fanny Domínguez, while presenting the details of the tool.
The RI directors expressed their gratitude for using the institution as a model for this competition, and invited the young people to a second meeting to exchange ideas with the RI's Technology department and further explore the feasibility of implementing the project.
The technological aspects of the proposal were presented by Carlos Grisanty, a systems engineer and the programmer responsible for “Ivy, Your Virtual Assistant .” Also participating were Ámbar Cruz and Josaira de la Rosa; the project mentors were Ana Bélgica Güichardo , director of the School of Communication at the Pontifical Catholic University Madre y Maestra (PUCMM), and Diana Moreno, Judge of the 8th Chamber of the Criminal Court of First Instance of the National District.
About the competition
The “Vision Justice Hackathon” is an initiative designed to foster innovation in the justice system through collaborative proposals developed by students from educational institutions. It aims to have participants address real-world challenges facing the Dominican justice system through the use of technology.
About Blockchain
Today's businesses are turning to enterprise blockchain for transparency and security. According to SAP's website, blockchain records can incorporate a wide range of documents, such as loans, property titles, logistics manifests, and virtually anything of value. Big data can be shared in a multi-verification environment, ideal for secure, real-time information sharing.
Blockchain as a Service (BaaS) folds the blockchain distributed ledger platform into a cloud-based software and licensing delivery model already popular with businesses seeking to reduce costs while increasing security and efficiency. BaaS provides the aforementioned accountability, transparency, and security of blockchain without using internal resources, as service providers maintain the BaaS network in the cloud.
The push for blockchain technology is clearly growing, and it is estimated that blockchain will generate $3.1 trillion in business value by 2030.
