Blockchain land registry systems transforming real estate

blockchain land registry system

Roadblocks in traditional land registrations

From the beginning, land registrations procedures are carried out through the land registry documents (written in paper). As a result, loss of this document, falsification, changes in agreement clauses and un-lawful claims create disparities and disagreements between both the parties.

Use of blockchain in land registry systems

Blockchain is relatively a young technology and its potential use cases have escalated at a disruptive pace since the inception of the technology back in 2008. It was only a matter of time before it embraced land registry management under its purview.

  • Enhanced search process: With Blockchain, data is distributed across a peer-to-peer network to allow listings to be more freely accessible. Since network participants have more control over their data, this affects both transparency and trust. Such a system would include clearer property details such as Property address, Comparable rental rates, etc.
  • Seamless property management: Managing ongoing lease agreements, property operations, and cash flows is a mammoth task. Smart Contracts do away with many of the associated challenges with what can be known as a ‘smart tenancy contract’.
  • Fast and cheap financing: Since Blockchain reduces inefficiencies and increases transparency in the whole ecosystem, financing becomes a breeze. Digital identities of lands assist all sorts of processes such as loan applications, documentation, due diligence, and property servicing.
  • Ease of involved entities: Users can interact with the government through the portal for uploading documents, license and other requisites for KYC.
  • A decrease in fake certificates and illicit documentation: Anybody can verify the authenticity of the documents by scanning the QR code or by entering the unique ID of the document.
  • Efficient governance: Since the solution cuts down the interface time between the user and the government, the efficiency of governance in different departments can be improved.

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Accubits Technologies Inc

Accubits Technologies Inc

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Accubits Technologies is an enterprise solutions development company focusing on AI and Blockchain technologies, based in Virginia, USA. https://accubits.com/