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Group 6 - IBB - Leveraging Blockchain in Land Registry - Real Estate Sector
Group 6 - IBB - Leveraging Blockchain in Land Registry - Real Estate Sector
Blockchain For
Land Registry
Submitted By Group 6:
⬥ Land registries perform very similar functions, i.e. they provide a secure
and validated store of property and ownership data for use by buyers,
sellers, lawyers, surveyors and governments in the administration and
management of real estate.
Actors In Land
Registry Stack
⬥ Owner/Seller/Landlord and Buyer/Tenant :Bundled together here are
the legal entities of owner, seller, landlord and buyers and tenants
⬥ Realtor/Real Estate Agent. The realtor or real estate agent is appointed to
represent the owner/seller/landlord in real estate transactions including
rental collections.
⬥ Auditor: The role of the auditor is that of independent audit of the land
registry’s accounts, books and records, and cash handling (if relevant).
Whatever the technology used to underpin the land registry, it is
assumed the role of auditor remains
Problems Identified
⬥ The current land system in India does not fix the "double
spending" issue.
⬥ The current system suffers from the security aspect as all the
papers are centrally stored in a government database which can
prove to be vulnerable.
⬥ Admin will enter the Aadhar number or the PropertyId and hit the
search button.
⬥ Hence we will get the list of all the property owned by the owner.
⬥ BUYER : The buyer will be able to contact the Government Land Registry
System to verify whether the property belongs to the seller or not.
⬥ SELLER : Seller is the person whose property details will be stored into the
system and any buyer who wishes to purchase land will contact the Government.
⬥ The IPFS network will generate the hash of document. This hash will be securely
stored into the Ethereum blockchain after satisfying the conditions of the smart
contracts.
⬥ The smart contracts will validate and verify the documents from the government
authorities. This will create a decentralized, tamper-proof ledger from which we
can retrieve the stored data easily.
European Countries Using
Blockchain For Land
Registry
⬥ According to an estimation from one of the Swedish government’s project
partners, utilizing blockchain technology within the government’s land registry
system will save the government 106 million US dollars annually as it will help
eliminate paperwork, reduce fraudulent activities, and speed up transactions.
⬥ Poland has also guaranteed public online access to land registers and is introducing
an infrastructure to initiate land registration proceedings electronically, with the
use of qualified electronic signatures.
⬥ In 2018, the Netherlands formed a specialized unit intended to research the future
of blockchain in terms of legal issues, economic impact and ethics.