Blockchain Use Case Study: Dubai Land Registry
November 11, 2018
Many modern developed cities of the planet & parts of the real estate sector is beginning to explore the benefits of blockchain technology. Blockchain technology is being considered for use in land registration due to its ability to manage financial transactions, asset transfers and regulatory obligations. Some examples of how blockchain is being used in land registry and real is below:
The use of blockchain in land registry is primarily being explored for its potential to enable the “almost instant” transfer of property securely. With smart contracts enabling self-execution when certain conditions are met transactions could be completed faster. For example, a rule could be put in place to facilitate the title of a property being automatically transferred to the new owner when they deposit funds to the appropriate account.
There is also the potential for the registration gap to be removed. The use of smart contracts would speed up the process by automatically updating the ledger, instead of buyers having to transfer ownership through an application form.
Dubai Land Registry – Land Department Nodes & Blockchain Activity Feed Main Page
Dubai Land Registry – Public – Property Owner View
Dubai Land Registry – Public – Property Buyer View
Land Registry on Blockchain can:
- Reduce paperwork and potential fraud
- Have strong audit-ability for transactions with a time stamp
- Have a distributed system to help disaster recovery
- Have increased transparency
- Assist to build smart cities
To learn more about the future of land investments and regeneration efforts visit Quantaloop.com