Blockchain and its Potential in the Digitization of Land and Real Estate Property Records

Abstract

A blockchain, is a decentralized digital ledger that is distributed across multiple computers, recording transactions in a way that cannot be altered without the consent of the network and the alteration of all subsequent blocks. In the context of land and real estate property records, a blockchain could be used to securely and transparently track the ownership and transfer of properties. Using a blockchain to digitize land and real estate records can have several benefits. For example, it can help reduce the risk of fraud, as all transactions are recorded on a secure and tamper-proof ledger. It can also make the process of transferring ownership more efficient, as it can automate many of the steps involved and reduce the need for intermediaries. Additionally, a blockchain can increase the transparency of the property market, as all records will be publicly available on the ledger. In this work, we examine the current situation and the related problems in registering land and real estate property records, especially in developing countries, and we state the challenges and opportunities of the application of blockchain technology in this field. We investigate whether blockchain has the potential to bring a positive change and play a significant role in the real estate market in the future and what are the prerequisites to achieve that.