Land Record

Blockchain technology is a peer-to-peer protocol that can be leveraged to keep track of transactions over the internet. Publicized for its use in the bitcoin revolution, the technology provides transparency and traceability that can be used in the management of

Project Title

Land Record

Project Area of Specialization

Blockchain

Project Summary

Blockchain technology is a peer-to-peer protocol that can be leveraged to keep track of transactions over the internet. Publicized for its use in the bitcoin revolution, the technology provides transparency and traceability that can be used in the management of land rights. When it comes to the formalization of land rights, blockchain technology promises to authenticate owners and other users of land and provides a fixed ledger of land use rights transactions. At present, blockchain technology is being explored as a proof of concept in several countries to track land titles.

We extend the idea to capture the granting of land use rights (individual to individual) making use of the decentralization, peer-to-peer nature of blockchain technology. This technology can offer an effective means to manage land transactions, provide digital documentation to actors in the informal land rental market and reduce inefficiency in land systems. However, the uptake of the technology in land administration is limited by human-related factors. These limitations include but are not limited to, the accuracy of data being entered into the system, the ability of the system to facilitate data preservation, pre-existing institutional and legal pillars, and the digital divide across communities. Part of overcoming these barriers requires the political will of governments to invest in digital technologies and develop institutional capacities to overcome current limitations to bring land management into the industry.

Project Objectives

The main objective of using blockchain in the Land Registry System is that it will allow you to upload the title documentation to the blockchain network where signers can sign the document and other users can verify it when needed. By keeping an immutable record of transactions, blockchain can prove that you are the owner of the land title and prevent from forgery of documents.

Project Implementation Method

Since this is a long project involving many changes to accommodate the end user's preferences, the agile methodology will be most appropriate. Four sprints will be implemented during the project. In order to maintain efficiency, the work for this project will be divided according to the team members' capabilities, and an appropriate timeline will be followed. In light of the fact that blockchain is a new technology and a trendy issue in this era of the technosphere, there may be some risks associated with this project. Therefore, a flexible time frame will be the goal for each module.

Benefits of the Project

• Accelerating the process:

You may not have access to information held by middlemen in the land registry process, or you may not have the license required to function in the property transaction ecosystem. The blockchain land registry platform, on the other hand, can provide you with a distributed database where anyone may record and access data without the need for a centralised authority. At the moment, a property's or land's title is nothing more than a piece of paper. To transfer the property, you must fill up the blanks on the deed, sign it, get it notarized for rubber stamping, and send the documents to the government. The procedure appears to be outdated and slow. However, using a blockchain land registration technology to create a digital title can speed up the process.

• Reducing Fraud Cases:

Imposters can now fabricate documents and impersonate title ownership in today's digital environment by using editing software. The blockchain land registry platform will enable you to submit title documentation to the blockchain network, where signers can sign it and other users can verify it if necessary. Blockchain can verify that you are the owner of the land title and avoid document fabrication by retaining an immutable record of transactions. As a result, the blockchain land registration platform might be used to prove ownership, existence, exchange, and transaction.

• Smart Contracts

Only a few people purchase real estate directly. Due to administrative obstacles, the loan or mortgage process is significantly slower. Smart contracts, on the other hand, can simplify the process by automating validated transactions. As a seller or buyer, you can generate a digital, decentralized ID using the blockchain land registry platform. This would make the transfer of ownership more seamless and faster than the current process. Smart contracts are triggered to change ownership for a new buyer as soon as the registrar certifies the transfer of land title, and the transaction related to it is stored on the blockchain. It is always feasible to trace the history of ownership documents in this way.

Technical Details of Final Deliverable

There will be 3 stakeholders involved in the Land Registry System:

1. Buyer: A person who purchases land and uses the platform to look for it, request access, interact with the seller, and obtain ownership of the land title.
2. Seller: An individual who sells land and utilizes the platform to manage properties and transfer land titles to buyers.
3. Land Inspector: A person who utilizes the platform to manage property requests, view reports, confirm, and initiate the transfer.

Final Deliverable of the Project

Software System

Core Industry

Legal

Other Industries

Core Technology

Blockchain

Other Technologies

Big Data

Sustainable Development Goals

Decent Work and Economic Growth, Sustainable Cities and Communities, Life on Land, Peace and Justice Strong Institutions, Partnerships to achieve the Goal

Required Resources

If you need this project, please contact me on contact@adikhanofficial.com