Blockchain Is Gaining Ground on Land Registry Systems
- Sweden, Brazil, India, and now Vermont: Blockchain-based land registry is common to all
Blockchain technology is steadily touching every sector of the ecosystem. For economies, their land registration systems can now make use of the technology to better maintain and more quickly operate their land and property registry systems. For retail buyers, blockchain-based smart contract portals such Propy, Inc. (PRO) offer end-user property buying and selling solutions at a global level. Here are few instances of land registration systems going on the blockchain.
Since 2016, Lantmäteriet, the land registry of Sweden, has been actively investing in blockchain technology. By March 2017, it had completed the initial phase of trials of its Blockchain-based land and properties registry platform. By July 2017, Sweden officially started using blockchain to register land and property.
In April 2017, news of the Cartório de Registro de Imóveis [Real Estate Registry Office] working closely with real estate blockchain startup Ubitquity LLC, came into the picture. The two have been working together to create the first-ever pilot programme for the region’s official land records. By using Ubitquity’s Software-as-a-Service (SaaS) blockchain platform, Brazil intends to bring greater accuracy and immutability to its property ownership data.
More recently, an Indian state, Andhra Pradesh, disclosed that it working with Sweden-based startup ChromaWay on a land registry pilot that uses blockchain to track the ownership of property. The pilot is a part of the state’s Fintech Valley Vizag initiative.
Vermont is amongst the latest countries to have revealed plans to launch their land registration systems on the blockchain. The Northeastern state in the U.S. is currently trialing a land registration system which uses blockchain as part of a system for recording ownership. It is partnering with blockchain startup Propy to store land record management data, according to its press release. The California-based blockchain startup will be working on the pilot project in collaboration with the City Clerk’s Office of South Burlington, VT, to utilize blockchain technology to record real estate conveyancing documents.
Propy (PRO) is a global real estate store, which allows buyers, sellers, and all other parties to come together through blockchain smart contracts. The venture is backed by TechCrunch founder, Michael Arrington, Alain Pinel of Intero Prestigio International, and Jeremy Gardner of Blockchain Capital.
Image Credit: Deposit Photos