Bringing a More Secure and Efficient Land Registry with Blockchain

first_imgToyBox and PlayTable Partner Together For Block… Tags:#Blockchain#blockchain technology#real estate Related Posts Why is Bitcoin Soaring? Tatsiana Levdikova is a Content Marketer at OpenLedger ApS, a blockchain development company. She is passionate about blockchain, IoT, health IT, natural language processing, web and software design and development, and more. Tatsiana Levdikova Blockchain – Impending Revolution in Glob… How Blockchain Changes Nowadays Business Security The land registration process is still mostly complicated and inefficient in many countries of the world. There are three major problems associated with land registration at the moment: time delays, fraud, and human error.First, it can take an extremely long time for title registrations to occur.Whether the lengthy timeframe is due to information being backed up or other internal issues, it is clear that land registration currently works on an outdated system.In some countries, the issue of the backlog is so significant that it causes the majority of the land to be left unregistered. Many African countries face these very issues. In Ghana, for example, real estate is almost invisible due to the backlog. The customary land tenure system accounts for nearly 80% of all land in the country and is usually unregistered.How Blockchain Can Solve Land Registry IssuesNotably, the issues of time delays are not “exclusive” to third-world countries. There are blockchain trends that you need to watch in 2019. Trends in blockchain can fix land registry issues, especially in first world country’s such as England and Wales, for example. Although the registration documents are now submitted through an online portal in Great Britain, the registration process itself is not automated and is still carried out in an “old way.” A group of fallible people, susceptible to human error — still operate with the same speed they’ve been working for years with paperwork. Additionally, the process of land registration gets tied up due to legal matters. Someone may refuse to move from the land. Who is responsible for running this individual off the property? The seller? The buyer? A government agency? Traditionally, a constable was called, or the police, but the responsibility has shifted.The second most prevalent problem deals with fraud and blockchain can solve this land registry issue. For instance, it’s pervasive in Brazil for people to take land either through bribery, intimidation, and other illegal practices. Once the property is taken over, a person or company will build farms or other “good” real estate, and then register the land as their own through Brazil’s outdated land registry system. The third ailment to land registry systems is human error. Many of title registration systems are paper-based and rely purely on the implementation of human action. Actions solely carried out by people means that the whole process is prone to failure, as humans are not as sophisticated as their digital counterparts. Blockchain technology can rectify all of these problems. How Blockchain Solves Land IssuesBlockchain technology can significantly enhance the efficiency of land registry systems. Land registration can be much more streamlined with automation provided through smart contracts. And these contracts don’t need any government intervention.Changes to blockchain occur, nearly real-time. Real-time drastically shortens the weekly and sometimes monthly time delays associated with the land registry system. Blockchain also can limit fraud by giving every legit member access to the blockchain. Everything available can be seen immediately blockchain dramatically increases transparency, and there is no means in which fraud can happen. Human error exponentially adds to the time delay associated with paper-based land registry systems. A blockchain-based system streamlines every operation through automation of contracts, and failure is reduced. Blockchain saves governments vast amounts of money because the blockchain-based systems are digital. Of course, some functions can only be done through paper, but a digital system saves money — and all kinds of government “money power.” The entire land registration as a whole is quicker and more efficient with blockchain.Blockchain Land Registry: Real-Life Use Cases Other names are entering the blockchain system. The company Corda is currently utilized in the UK for its “Digital Steet” program. The overall task of the Digital Street Program is to enhance current land registry systems in the region through digitalization. The goal is to digitize at least 95% of all of the UK’s land registry systems by 2022. Ultimately, the idea is to provide a minimum of a three-day turnaround by utilizing automation associated with blockchain. Natural Disasters and Efficient Land Registry with Blockchain in IndiaAfter the 2010 earthquake in Haiti, many were eager to get the small country back on its feet. However, there was one main problem standing in the way. Many portions of the land were not backed up by a registry, which meant that people were fighting over land. There is fighting over portions of land because there was no way of telling which piece of land belonged to whom. Land registration is a colonial idea and is often hard to implement in various places around the globe. Especially tricky are situations where there is only an “oral history” of who has resided or owns the lands in question. Due to high illiteracy rates in this and other developing countries, the land is often stolen from people who are unaware that registration was even necessary in the first place. This land problem a major problem in remote parts of India and has now gone on in history for decades. However, a real estate blockchain company can go into these underdeveloped countries to ensure that lands stay in the right owners’ hands by putting blockchain technology to use.Uploading land purchase data on blockchain will keep the data safe and secure at all times. As long as blockchain nodes are distributed evenly between blockchain members, there is no room for fraud or foul play. These same systems are used to protect the identities of landowners. Additionally, blockchain provides extensive security measures with near-zero hacking risks.Bringing Registry to Countries with BlockchainIn Brazil, vast amounts of rainforest are destroyed by nefarious actors. These “ghosts,” as they are known in the region, are continually destroying vast amounts of rainforest for uses associated with paper production, or various other goods. Illegal systems can thrive when there is improper handling of land registry in the banking, financial, and government systems. The rainforests becoming “deforested” happens purely because Brazil, at the moment, does not have the proper land registry system in place. With blockchain, a more transparent system can quickly be developed, which would benefit everyone in Brazil as a whole. A fast system of blockchain may be an answer to many ecological issues.Final ThoughtsBlockchain will provide protection globally to the land management systems. With the help of blockchain, fraud, intimidation, bribery, and acquiring or stealing land will stop in land acquisition. Blockchain will prove beneficial in most regions globally. In places like Brazil, India, and even in the UK and elsewhere — secure and efficient land registry with blockchain is possible. No more suffering from the illegal acts and takeovers of vile individuals, characters, and companies.last_img read more

10 months agoREVEALED: Agents offer Lopetegui to Man Utd

first_imgTagsTransfersAbout the authorPaul VegasShare the loveHave your say REVEALED: Agents offer Lopetegui to Man Utdby Paul Vegas10 months agoSend to a friendShare the loveFormer Real Madrid coach Julen Lopetegui has been offered to Manchester United.Within hours of Jose Mourinho being sacked, representatives of Lopetegui were in contact with United intermediaries to alert them of his availability.Lopetegui was sacked by Real last month and replaced by Santiago Solari.It’s understood the former Spain and Porto coach was prepared to take the post on an interim basis.However, Molde coach Ole Gunnar Solskjaer is expected to be confirmed United caretaker manager today. last_img

10 months ago​Ranieri hopes Fulham’s leading scorer Mitrovic comes good against former club

first_imgTagsPremiership NewsAbout the authorIan FerrisShare the loveHave your say ​Ranieri hopes Fulham’s leading scorer Mitrovic comes good against former clubby Ian Ferris10 months agoSend to a friendShare the loveFulham’s top scorer Aleksandar Mitrovic will return to his former club Newcastle on Saturday.”I hope when a player goes back to his previous club he wants to show something more,” said Fulham boss Claudio Ranieri, whose team are currently bottom of the Premier League. “I hope everything for Aleksandar, believe me, I pray.”Aleksandar in Newcastle didn’t do a very good job because when a player comes from another country it’s not easy to adapt immediately to English football.”But in Fulham he’s adapted very, very well. And I hope he can do a very outstanding match.”I don’t know if they will give a warm welcome to Aleksandar but I hope Aleksandar will make a very good match.” last_img read more

Video: Jim Harbaugh Is Walking The Streets Of Ann Arbor, Mean Mugging With Recruits

first_imgHead coach Jim Harbaugh of the Michigan Wolverines reacts during the college football game against the Michigan State Spartans at Michigan Stadium.ANN ARBOR, MI – OCTOBER 17: Head coach Jim Harbaugh of the Michigan Wolverines reacts during the college football game against the Michigan State Spartans at Michigan Stadium on October 17, 2015 in Ann Arbor, Michigan. The Spartans defeated the Wolverines 27-23. (Photo by Christian Petersen/Getty Images)Michigan is hosting a contingent of recruits from the South Jersey/Philadelphia area today, including four-star tight end Naseir Upshur. It seems like the prospects are touring Ann Arbor with UM head coach Jim Harbaugh and offensive coordinator/offensive line coach Tim Drevno. Upshur posted a funny video on Twitter, featuring the group walking in Ann Arbor and a quick shot of Harbaugh with his hat pulled low, mean-mugging the camera. Four-star 2016 WR Ahmir Mitchell and four-star 2016 DE Ron Johnson are also shown, as is 2017 offensive lineman Cesar Ruiz.Once again, Harbaugh is a character.walking the Ann Arbor streets with coach Harbaugh pic.twitter.com/JcEfjI2my7— Pop (@NaseirUpshur) June 25, 2015Never change, coach.last_img read more

ExxonMobil Enters Preliminary Gas Agreement With AGDC

first_imgDNR commissioner Andy Mack: “This agreement continues to demand that our resources at Point Thomson are developed to the maximum benefit of all Alaskans, and also aligns the state and industry in a new way as the Alaska LNG Project advances.” Facebook0TwitterEmailPrintFriendly分享ExxonMobil, announced today, that the company has agreed to enter into a preliminary deal to sell its natural gas to the Alaska LNG project. State officials said the details of the agreement with ExxonMobil, including terms for price and volume, are confidential. According to a release from the AGDC it anticipates purchasing ExxonMobil’s share of 30 trillion cubic feet of gas from the two fields. Point Thomson contains approximately 25 percent of the North Slope’s discovered natural gas resources. The Gas Sales Precedent Agreement was signed by the Alaska Gasline Development Corp. and ExxonMobil, while a Letter of Understanding was signed by the Alaska Department of Natural Resources, ExxonMobil and BP to “better align the Point Thomson field production timeline with the Alaska LNG project, which is run by AGDC.”last_img read more