For blockchain, its applications are boundless. It cuts across industries with varying use cases. Interestingly, this emerging technology will set the stage for a new method of documentation in the public sector. In real estate, it will serve as a platform for, transfer and recording of ownership rights. 5ire is a blockchain ecosystem built with sustainability as its vision. It offers a robust environment for development of blockchain solutions in the private and public sectors.
Revolutionizing Land Registry With Blockchain
Ever since the distributed ledger technology was birthed into existence, the world realized with amazement the potentials of this nascent technology. While bitcoin pioneered the emergence of blockchain, its use cases have penetrated through the borders of fintech, and poised to transform other sectors.
Quite unexpectedly, blockchain has the potential to revolutionize land registry and the real estate industry. Currently, the transactions involving land and real estate are largely paper-based in parts of the world, even in developed countries. As innovations in information technology nudges the world to the digital way of doing things, blockchain is here to push the boundaries even further with peer-to-peer technology and cryptography.
The underlying technologies running the blockchain confers it with favourable features that makes it a good case for public registries. With blockchain, the world is set to eliminate trust and adopt a transparent information database devoid of errors.
How will Blockchain Revolutionize Land Registry
With a distributed ledger like 5ireChain, lands and real estates can be registered alongside their owners and method of acquisition. In the event of purchase or change of ownership by other means, the ledger will be updated with metadata containing the details surrounding the change of ownership. With the parties involved acting as nodes, these data could be signed, verified and added as a new block to the chain.
As strange as it may seem, a link exists between property rights and poverty. With land and legally backed ownership, landlords can secure loans or lease off their land. This alleviates poverty and increases the earning power of landowners. In rural areas however, proper land titling is lacking. This could lead to denial of loans and hence the inability to utilize the lands as a source of income.
Ease of Administration
Blockchain-backed land registry enables ease of administration by reducing the time required to process land titles and ownership records. With blockchain, sluggish paper works are eliminated from the system while enabling transparency in the system.
Land Dispute Solved
The current paper-based registry is prone to issues like loss of data, human error, forgery, lack of trust. Blockchain offers a secure alternative to paper databases. It provides a means of resolving land disputes which is a major source of disputes in developing countries like India. With ownership recorded on-chain, land ownership can be traced back to its origin. Furthermore, blockchain serves as verifiable proof of ownership of properties, eliminating frauds in land sales.
If utilized, 5ireChain technology will change the face of the public sector. All forms of data and documentation will be easier to handle over the chain, with improved security and ease of administration.
In the case of land registry, it eliminates fraud and helps in poverty alleviation by conferring ownership rights to the unregistered lands in the rural areas, increasing the economic power of the poor.