If you have a job before the title deed directorate; probably you have seen that the process of registering property rights is both burdensome and inefficient. Today, a physical deed must be handed over to a government official at the land registry office, where it must be entered manually in the central database and public index of the district. In case of property dispute, claims for property are reconciled with the public index.
This process is inefficient not only because it is costly and time consuming, but also because it is susceptible to human errors. Every single mistake here makes tracking property ownership less efficient. Blockchain has the potential to eliminate the need to scan documents and track physical files in a land registry office. If the property ownership is stored and verified on the blockchain, property owners can be confident that their title deeds are correctly and permanently recorded.
Proving ownership of a property can be almost impossible in war-torn areas, with no government, or with little or no financial infrastructure, and certainly no "Land Registry". If a group of people living in such an area can benefit from blockchain, transparent and clear timelines for property ownership can be created.
- CandleFocus Editor
Records of Property