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How European countries are using blockchain to reform the land registration process

Several European countries, including Poland and Georgia, have already taken steps towards commercializing blockchain technology to bring security and transparency to land registries.

Buying and selling a home is said to be one of life’s most stressful experiences. It’s worse than finding a job, planning a wedding, and having kids.

But blockchain, the technology behind cryptocurrencies, could streamline the process.

Land registry is a topic most people have probably never heard of unless they work in the real estate sector or are involved in real estate transactions. you can’t.



Blockchain technology is already being used in European countries. Sweden began testing the use of blockchain technology in the national land registry in 2016 to address a number of security issues.

Since then, the Swedish government and other European countries have made great strides in incorporating blockchain technology into their land registry systems. The use of blockchain technology in will save the government US$106 million annually.

So far, Sweden is the most advanced country in terms of integrating blockchain with the current land registry system and could serve as a blueprint for other countries within Europe to enhance their land registry systems through blockchain technology. There is a nature.

Poland has also introduced an infrastructure to ensure public online access to land registers and to initiate land registration procedures electronically using qualified electronic signatures. In 2016, the state of Georgia created a blockchain land registry system to allow the public to securely verify ownership of real estate deeds. In 2018, the Netherlands formed a specialized unit aimed at studying the future of blockchain in terms of legal issues, economic implications and ethics.

The European Union is also moving towards adopting smart regulations such as blockchain.

In 2018, 22 European countries signed a declaration to share blockchain experience and expertise across Europe and launch an EU-wide blockchain application. The declaration aims to adapt blockchain technology across the continent, create a European ecosystem for blockchain services and applications, and pave the way for the launch of EU-wide blockchain applications across digital markets. In addition, the Declaration will serve as a vehicle for future discussion and cooperation across Europe.

Like any modern technology that is in the early stages of adoption, blockchain has the potential to thrive as long as policymakers develop an effective regulatory framework.

But legislation can also be dumb. His Omid Malaken, a professor at his School of Columbia Business, said: The best regulations leverage the unique advantages of blockchain technology, such as full transparency and the ability to automate critical activities to reduce human error and potential fraud. “

Decentralization

Since it is difficult for fraudsters to replicate the blockchain, using this innovative technology to conduct land registration can avoid illegal activities associated with land transactions.

Contract and ownership details are stored in a decentralized manner. It is easy to trace data transactions from any blockchain implementation as it eliminates the need for physical intervention and enhances the overall security of users of the system.

Blockchain offers an opportunity to establish a powerful system of digital identities. Using blockchain, each block in the network contains details such as the latest transaction details such as property identification, property number, owner details, transaction amount, payment method and amount paid for it. A transaction that represents data related to a land transaction.

The land registry involves gathering details such as ownership and size of the property. Currently, the entire land registry management process in most governments is too complicated as it involves keeping large volumes of land registers in writing and secure.

Also, the traditional methods used in the land registry process are considered less secure as the process is not transparent, the system is slow and exchanges of title deeds may not be recorded accurately.

It’s time to refocus on information systems

Many attempts have been made to automate the maintenance of land registry data by eliminating bookkeeping processes such as storing data in huge databases.

Unfortunately, such methods are inefficient in terms of data security as they open the door for data tampering, which can easily occur if the data content is easily compromised and the database is poorly maintained. is. This ongoing problem has led experts to come up with and develop other means of securing data in virtual capacity, such as blockchain technology.

Blockchain’s potential to revolutionize the land registry system will benefit consumers and save taxpayers money that will benefit future generations amid the rapid development of digital technology.

Current initiatives undertaken by Sweden and the European Union offer governments an excellent opportunity to refocus their information systems, promote consumer trust, protect personal data, and improve the consumption of the current generation. Enables more business opportunities that benefit people.


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