São Paulo, Brazil Holds Public Real Estate Auction Using Blockchain

The state of São Paulo in Brazil will conduct a public real estate auction using blockchain technology. The goal is to increase transparency and reduce disputes that may arise during the auction process.

On the 16th (local time), according to CoinDesk, a virtual asset (cryptocurrency) specialist media, the São Paulo State Court of Accounts decided to introduce Brazil's first blockchain-based public real estate auction system. The auction will target public real estate assets managed by the state government.

In this auction, all documents and records related to the bidding process will be stored on the blockchain. This allows the auction procedures to be publicly verifiable and strengthens the traceability of transaction histories and tamper-prevention functions.

The São Paulo State Court of Accounts expects that adopting blockchain technology will raise administrative credibility and minimize post-hoc disputes and legal battles. It also expects overall efficiency in the public asset disposal process to improve.

Brazil's public sector has recently accelerated digital transformation, and this move is seen as a representative case of applying blockchain to administrative and asset management areas.