Blockchain Technology and the Future of Land Registries

Land-registry-featureRegistration information has long been used to show evidence of land ownership, possession and claims. These registries are tasked with accurate record-keeping so that rightful owners can be identified and fraud can be prevented when land transactions occur.

Traditionally, landowners have had to rely on third-party intermediaries such as government agencies to manage land registration information. With the development of blockchain technology, however, its transparent and secure online ledger system is able to bring greater efficiency to the land title record-keeping process. Advancements here could prove particularly valuable in many parts of the world where people are unable to secure legal documentation of their land assets.

Amid potential blockchain applications in this space, questions abound on a number of different fronts: Is it feasible to manage property ownership via a distributed system that doesn’t rely on trust? What sort of logistical maneuvering would it require? And how best can we validate and identify who the current landowner is?

The blockchain offers a compelling case model for addressing these and other concerns as it allows for landowners to be identified through the use of public key cryptography. Moreover, when property transfers are confirmed in this

Read more ... source: TheBitcoinNews