Blockchain holds huge potential to revolutionize industries beset with inefficiencies like corruption, human intervention, or human error.
One of the use cases ripe for blockchain adoption is land registry. The existing land registry process is archaic and involves multiple intermediaries. In addition, it is a challenge to track the ownership of land pieces due to thousands of land records to maintain. Even the paper records are plagued with inefficiencies like forged documents, counterfeit titles, and lost records. All of these often result in court battles between parties involved.
The current land registry system has the following challenges, which make the blockchain based land registry system an ideal solution.
Given that real estate is a large industry, property buyers and sellers prefer dealing with middlemen since the latter are well aware of market offerings. They take care of different things for property buyers and sellers (or traders), such as facilitating the execution of real estate transactions, identifying errors, and more.
Given that real estate is a large industry, it involves a large number of players, including intermediaries, brokers, and local governments, thereby making the entire land registry ecosystem expensive.
The real estate market has witnessed various cases where the imposters posed as the seller of the property. If someone deceives as a property owner, they might get successful in fleeing with the full amount of money. In most cases, the buyers and sellers are not aware of the fraud until identified by the land registry.
The existing land registry process is time consuming, which is one of the reasons it needs to switch to a blockchain-based land registration system. The large gap between the initial stage and registration leads to various legal problems.
The existing land registration process depends on human intervention, which means that the records are prone to human errors.
Blockchain for land registration can offer the following benefits:
As per the current scenario, the title to land or property is just a piece of paper. The parties involved in a land deal are required to complete the deed, get it notarized for stamping, sign it, and then forward it to the government to transfer the land or property. It requires a lot of time.
The blockchain based land registry platform can provide a distributed database that eliminates the need for any centralized authority to record and access information. Consequently, it expedites the overall process.
The blockchain-based land registry system can enable the traders to upload the title documents to the blockchain, where both parties involved in the transaction can sign the document and verify it when required. Furthermore, blockchain provides an immutable record of transactions that serves as a proof of the land title and prevents forgery of documents.
Blockchain-based land registration system serves as a proof of ownership, exchange, and transaction.
A smart contract is one of the most useful components of blockchain. The blockchain-based land registry platform can create a decentralized, digital ID as a seller and buyer. It can lead to seamless and accelerated transfer of ownership, as opposed to the conventional method. As soon as the transfer of land title is confirmed, the smart contract triggers an action to update ownership for a new buyer, and the transaction associated with the ownership is stored on the blockchain. It leads to easy and quick traceability of ownership records.
At Antier, we are backed by a team of 600+ blockchain experts who leverage their experience, expertise, and domain knowledge to help you integrate blockchain into your existing land registry ecosystem. We comprehend your business use case and create a coherent roadmap to navigate and accelerate your blockchain based land registry platform development journey.
Connect with our subject matter experts to share your business use case and embrace a revolutionized land registry process.
