When we talk about scopes of the blockchain, the first thing that comes into mind is the immutability factor. An absolute immutability bind with security, in order to attain a level of technological advancement. Land registration is now rolling over a large number of fraudulent activities and a negligible amount of human error. The main problem which is associated with the land registry is the usage of the printed document. Agree or not, we all know that this paper documents can be easily replicated, tampered or even destroyed. So, this technological era has started thinking about implementing blockchain for land registrations.
Blockchain Land Registry
In the present scenario, the land registration mainly faces three major problems. And a quick resolution for the above concern is the blockchain land registry.
Current challenges in land registration
a) Forgery
The paper document used in land registration is replicated and this counterfeit will create a real threat for the landowner.
b) Human error
A large amount of human interaction occurs during the land registration process. Eventually leading to a large number of human prone errors.
c) Wear and tear of documents
As we all know printed documents won’t last more than a decade. Due to this wear and tear, most of the traditional documents are unidentifiable.
d) Traceability
Through paper documents, we can only know the current owner, it doesn't allow us to find who else owned that land before.
BENEFITS OF BLOCKCHAIN IN LAND REGISTRY
The land registration simply means transferring ownership of a property from one person to another person. The property will not perish but the person will. So a permanent record is mandatory in order to track the ownership of a property as well as the change of origin of that property. Blockchain allows the end-user to keep all records immutable as well as the updates associated with a particular record.
Document verification using blockchain (blocktick)
1. The blockchain is a tamper-proof ledger which is a perfect solution for land registration. Blockchain deteriorates the usage of fake documents and thereby enhances the credibility of each deal. Each land registered through blockchain technology thereby becomes unique.
2. Blockchain Land registry will last for generations and it won't get destroyed like printed documents. Also its act as a perfect solution for wear and tear of printed documents.
3. With the help of blockchain, one could trace the origin of a land. Current land registration won't allow us to find the chain of origin, but when it comes to the blockchain land registry, one can find all the updates happening with respect to the current property.
4. Usage of blockchain land registry will reduce maximum human interaction. Hence it eventually decreases the rate of future corrections needed in the document.
OWNERSHIP TRANSFER:
Ownership transferring of land or land registration is a hectic process since printed documents come into underplay. Till now, there was no other option for the ownership transfer of land. The invention of blockchain technology is thus providing immense possibilities for ownership transfer of land. It allows people to safely register their land under an immutable and unending ledger called blockchain.
The blockchain technology is simply not a digital ledger, it’s an entire distributed database which stores data in multiple nodes. So if a single node is active, till then it's unbeatable. The main reason why the blockchain land registry is called the perfect solution is the safety of documents. In case of natural disasters like flood or wildfire, the threat is not only prone to mankind, but also to losing of document ownership of the particular land they own. In that case, blockchain can be called a smart solution for preventing the loss of valuable documents.
Blockchain land registry provides an immense possibility of keeping the valuable records for longer shelf life say lifelong and also forging of land documents made impossible. So the landowner doesn’t need to keep the hard copy of the land documents. Moreover, government officials can keep track of the land handover from person to person. Furthermore, land registration on blockchain makes the real-estate business international.
KEEP IT SIMPLE:
We all are aware of the hectic process behind a single land registration. It's a long time process that lasts for months or even years. Moreover, it’s unthinkable human interaction with a decade-old traditional printed paper documents.
Also, land registration requires a lot of service charges and bribery is unavoidable when it comes to land registration. If we integrate this long-term process with blockchain technology, it will be a technological revolution for the entire real estate field. It ’s going to avoid the long-term process and unnecessary service tax. Moreover, it avoids the middlemen and makes it an unforgeable and everlasting document.
For eg: if a person A wants to sell a property to person B, then both of them can go to the govt office where blockchain-powered land registration available. The government official will do the transaction of ownership transfer in front of both parties and the ownership will get transferred from one person to another.