Land Registry in Several Countries Implementing Blockchain To Protect Sales

5 Oct, 2018 10:55
source: Singularity Financial 奇點財經

The U.K.’s national land registry is moving into the second phase of its ongoing blockchain research effort.

The HM Land Registry announced Tuesday it was partnering with blockchain company Methods, which plans to build on R3’s Corda framework to develop a platform able to store land registration information and streamline the process for buying or selling properties, according to a press release.

Dubbed Digital Street, the HM Land Registry’s research began last year when it first announced the project. In addition for its desire to streamline the buy-sell process, the agency said it hoped to store more “granular information” using a blockchain platform.

In a statement Tuesday, HM Land Registry Chief Executive Graham Farrant said the agency aims to become “the world’s leading land registry,” citing “speed, ease of use and an open approach to data” as areas he wants to excel at.

At the mean time, another Blockchain project called Bitland has been named to Time Magazine’s “50 Most Genius Companies” list. Time asked its global network of correspondents to nominate businesses that are inventing the future, then evaluated candidates on originality, influence, success, and ambition. The companies are listed in alphabetical order.

Bitland, under the leadership of Ghana resident Narigamba Mwinsuubo, uses blockchain technology to create immutable public records of land ownership. The International Monetary Fund (IMF) has estimated that 90% of the land in Ghana is unregistered, providing little legal recourse to people if their land is stolen.

Bitland creates a cryptographic token which represents the land using colored coins on the Bitcoin blockchain. Tokenization allows land, like any asset, to be used as a tradeable instrument.

The project also creates smart contracts governing purchase, lease, and rental of the assets that can be executed automatically for escrow accounts, savings accounts, wills, and shareholder contracts, according to the company’s website. Resource rights protected by land rights include water, shared wells, shared sewage, mining, community land, shared cattle, and other resources.

To create titles on the blockchain, Bitland uses GPS coordinates, a mapping system, PGP keys, and a timestamping service.

The platform currently operates in seven African nations and India. It also supports Native American communities in the United States.