Blockchain land registry systems transforming real estate

blockchain land registry system

Roadblocks in traditional land registrations

Use of blockchain in land registry systems

  • Reliable Databases: Eliminates property fraud since every piece of land can be uniquely coded and linked to a smart key. Thereby limiting land registry frauds to a great extent. Furthermore, concepts such as Smart Contracts make it possible to automatically transfer ownership once the purchaser transfers funds to the owner’s bank account.
  • 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 to Government Departments: All departments can use a single window portal to view information, issue licenses, update or revoke a license, etc.
  • 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 is an enterprise solutions development company focusing on AI and Blockchain technologies, based in Virginia, USA. https://accubits.com/

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Accubits Technologies Inc

Accubits Technologies Inc

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

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