summary

profilezezy690
Blockchain_Technology_Use_Case_Real_Estate_v01-en.txt

Real estate is another industry being revolutionized by blockchain, primarily when it comes to land rights. Blockchain land registry projects have cropped up all over the world, from Sweden to Ghana to India. Current systems rely largely on paper deeds, which are extremely frustrating to keep track of and are often lost for good, especially in the wake of national disasters. Additional problems arise when we consider forged signatures, improper paperwork, and many other details that become important the moment one wants to prove ownership or change it. Lastly, corruption in governments and corporations can interfere with property rights as they exist today in many countries. What good is a land title if you can’t be confident that it is available, persistent, and valid? The blockchain solution is to create a hash of every land registry and store that hash on-chain. Only the person with the corresponding private key can claim ownership of the corresponding land title. The tamper-evident nature of cryptographic hashes and of blockchains makes it impossible to change any part of a land title without alerting the entire system. Additionally, since the registry data is replicated in every node, accessing to land titles cannot easily be blocked, be it by a malicious attacker or a natural disaster. Lastly, a blockchain land registry could drastically decrease the amount of time it takes to transfer land. Sweden’s Lantmäteriet, in conjunction with blockchain startup Chromaway, said that their prototype cut a digital land registry’s lag from 3-6 months to a few hours. Some other companies looking into this include Propy, whose pilot with a city in Vermont was launched earlier this year, and Zebi Data, an indian blockchain startup partnering with the states of Maharashtra and Telangana.