• Albany Flores

DelNorte, the technological solution to prevent real estate fraud

The recent investigation by the newspaper El Mundo published on May 17 revealed that a Panamanian company had swindled the Spanish investment groups Olloqui and Boluda after selling them the same property on the Panamanian coast. The amount of the swindle would amount to around seven million dollars.

Apparently, the facts date back to 2006, when the company Sociedad Caribbean Paradise Panamá, owned by the Olloqui Group (of Spanish origin and with U.S. investors) signed a promise of sale contract with the company Ganadería Panameña S.A., owned by a Lebanese-Colombian family.

On May 7, 2007, when both companies were about to close the purchase and sale agreement for which Sociedad Caribbean had advanced a millionaire amount, the representatives of the Panamanian counterpart did not show up at the notary’s office.

Only one day later, on May 8, Sociedad Caribbean learned that the Panamanian company had signed a purchase and sale agreement with Caribal S.A., owned by the Boluda Group.

But the Olliqui and Boluda case is just one of millions of real estate frauds, duplicity of registrations and alteration of property titles around the world.

In Latin America it is a serious problem. In 2019 alone, for example, the Mexican Association of Real Estate Professionals reported that fraud in the sector reaches around 600 million pesos each year.

Some of the most common means of fraud in the region occur through impersonation, the offer of non-existent assets (houses, buildings, land), conditions not specified in the contract, forged documents and advance payments to reserve a property.

To prevent the continuation of a crime with serious consequences for the economy, legal security and democracies of States, at DelNorte we are innovating with services and technological solutions to digitize millions of movable and immovable assets around the world and contribute to the eradication of real estate fraud.

Thanks to our state-of-the-art blockchain technology, we are pioneers in the generation of NFT certificates in the real estate sector and, through our Title Management protocol, we guarantee the digitization of properties and property titles that cannot be duplicated or altered, thus preventing real estate scams.

Our multifunctional platform offers transactions such as title and property registration, taxation, brokerage and sales, advanced investment DeFi and crowdfunding, fractional title ownership, mortgage issuance and title insurance.

Every transaction is stored in our hybrid storage system — a sophisticated secure encryption hardware— making it almost impossible to hack.

In the words of our founder and CEO, Anton Glotser, DelNorte “is the only company in the world that develops products for real estate title management with blockchain technology, generating security for investing, transacting, managing, tracking and securing legal ownership of properties.”

For that reason, we are transforming the digital economy with real estate NFT certificates and we offer the best digital solutions for the eradication of real estate frauds such as the one reported by Olloqui and Boluda.

At DelNorte we are committed to creating a system of financial inclusion that, through digital real estate platforms, also allows the poorest communities to prove ownership of their assets, order their territories and participate in the benefits of the global banking system.