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The versatility of blockchain means it is being widely considered as a way to manage financial transactions, asset transfers and regulatory obligations. In particular, blockchain is now seen by many as the future of land registration.
Why use blockchain for Real Estate?Blockchain has been touted as the future of land registries due to the myriad of benefits it offers. Firstly, it has the potential to greatly reduce property fraud at a time when this has become a growing concern for Land Registry. Each property would be uniquely coded and linked to a smart key which would be held only by the owner. Blockchain technology also underpins ‘smart contracts’, which are programmable contracts that self-execute when certain conditions are met, and offer the possibility that transactions could complete much more quickly when combined with a blockchain registry. For instance, title to the property could be transferred to the purchaser automatically on receipt of funds into the vendor’s account. The result would also be to speed up the registration process. With the ledger updating immediately, the registration gap would be eliminated. This, in turn, would also lead to greater efficiencies and cost savings for land registries. Finally, the use of blockchain to record property transactions could also produce more effective property management as information could be reviewed in real time with less on-going management time required.
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