Blockchain Technology for Land Registries
"The versatility of blockchain means that it is widely considered as a way to manage financial transactions, asset transfers, and regulatory obligations. Blockchain is seen by many as the future of land registration. Blockchain has been touted as the future of land registries because of its myriad of benefits. The technology has the potential to significantly reduce property fraud. Each property would be assigned a unique code and linked to a smart key, held by the owner only.
Blockchain technology also underpins ‘smart contracts’. A programmable contract self-executes when certain conditions are met, accelerating the registration process of land if a blockchain registry is used. Titles could be transferred automatically upon receipt of funds in the vendor’s account and ledgers updated immediately, thus eliminating gaps in the registration process and allowing greater efficiency and cost saving for land registries. Furthermore, blockchain could reduce many of the ongoing costs and demands for the management of land registries because property transactions and management information would be updated automatically and viewable in real time.
Several countries including Russia, India, Sweden, Brazil, Ukraine and the UK are currently developing blockchain technology for their respective national land registries." (https://terrafina.org/assets/pdfs/v0.1.0.4_White-paper_A-global-blockchain-land-trust-framework.pdf)