Land Records on the Blockchain TechnologyDecember 24, 2018
Blockchain technology has transited from being a buzzword to a serious point of discussion in almost every market segment. Integration of this technology has already happened in several enterprises.
With increasing numbers of institutions investing in the research, several breakthrough dApps are making their market presence with full-blown velocity in usage.
Putting land records in the blockchain technology makes the entire storage of details immutable, and when any change takes place, it is noted and recorded with the time stamps. A change of ownership is immediately filed, and any manipulation in the records can be easily tracked down with due study of the forensics.
This technology can bring down the cost and inefficiencies in land record management. Being a public ledger system, every record on the block can be validated. And the register can be maintained more reliably.
Several state governments have introduced blockchain technology into their systems. Several nations are already coordinating between their departments to organize the land records. Using blockchain technology can bring down the level of corruption and citizens will feel more empowered about land ownership.
Governments across Europe and Sweden have already included this technology in their land records maintenance platforms.
Integration of this technology can improve change the way commercial real estate transactions are taking place. The distributed ledger creates a lot of trust in the technology. There are immense administrative benefits when including this technology.
Most of the land records are maintained at the municipal level on paper, and some have been transferred to digital documentation. This technology can be used to set the transfer of property rights at an electronic level far efficiently at a lesser cost to citizens. This system is more secure and cost-effective. Since the different computers will validate every change made on the records on the network, these records are secure and tamper-free.
The owner of the record will have a private access key to carry out transfers, mortgages, lease and a range of other transactions. This typically is like a smart contract and when the conditions programmed in the smart contracts are triggered using the private key, the transactions take place automatically. Thus this will help to track fraud. Land records can be destroyed during a natural disaster and electronic records can be deleted due to threats like cyber-attacks. Blockchain technology records the history intact. The details will be transparent and will be available instantaneously. Purchasing property remotely can get a lot easier with this technology.