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Blockchain technology brings several solutions and advantages that we can exploit in the land domain. Here are some of them:
transparency and immutability
Elimination of intermediaries
Simplification of administrative processes
Security and resistance to fraud Facilitation of property transfers
Easy accessibility and verification
By combining these solutions, blockchain technology can transform the land domain by improving the efficiency, transparency and security of real estate transactions, while reducing costs and administrative obstacles. And therefore above all protect the real owners.
Several main actors will therefore generally be involved in this land title based on blockchain technology, which will facilitate the execution of the allocation of essential documents to the rights holders. These main players are:
Property owner: This is the person or entity that holds the right of ownership to the real estate. The owner can be an individual, a company, a government organization, etc.
Buyer/Seller: These are the parties involved in a real estate sale transaction. The buyer acquires the property from the seller and becomes the new owner. These roles can be performed by individuals or business entities.
Notary: The notary is a public officer responsible for verifying and authenticating real estate transactions. He is responsible for preparing notarial deeds, registering documents and ensuring their legal validity.
Land Registry: The Land Registry is the government agency responsible for registering and maintaining land titles. It keeps official information about real estate ownership, including transactions, restrictions, encumbrances, and mortgages.
Local government: Local authorities, such as municipal or regional governments, often have a role to play in managing land titles. They set the rules and regulations related to land ownership, set property taxes and provide land-use planning services.
Banks and financial institutions: In many cases, real estate purchases require financing. Banks and financial institutions can be involved as lenders, providing mortgages to facilitate the purchase of real estate.
Real Estate Experts: Real estate professionals, such as real estate agents, appraisers, and real estate lawyers, may be involved in land transactions to provide expert advice and services.
These actors work together to ensure the management, verification and security of land titles, as well as to facilitate real estate transactions in compliance with the regulations in force.
Blockchain technology is not just limited to cryptocurrencies. Although often associated with Bitcoin and other cryptocurrencies, blockchain is a technology that can be used in many other areas to solve different problems. The blockchain is essentially a decentralized, secure and transparent digital ledger. It makes it possible to record and verify transactions in an immutable way, without the need for a centralized trusted third party. This feature of distributed trust and transparency can be applied to various fields other than cryptocurrencies.
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