Blockchain Solution for Property Title

A blockchain solution for property titles will positively change one thing before everything else: trust between the buyer and the seller. Since records will stay permanently stored in a secure manner, there will never be any dispute, eliminating the need for 3rd party title companies of Blockchain in Real Estate.

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Overview

Construction projects getting stalled for years and years, ownership issues cropping up the time of payments, land registry system full of corruption and inefficiency, lack of trust between the seller and the buyer, multiple legal and compliance issues; such issues have become far too common in Blockchain in Real Estate an occurrence these days, disrupting the property title system altogether. This is where Blockchain technology comes to the rescue. How?

  • Records are stored over a decentralized network instead of paper.
  • This is a secure storage method which is fraud proof and allows constant tracking as well. Hence, there is no risk for manipulation.
  • Mitigates involvement of all third party title companies, reducing costs.
  • Eliminates the need for peer-to-peer conversations and negotiations.
  • Blockchain based property title solutions are based on immutability and traceability.
  • Users involved in the system don’t require Blockchain accounts or wallets themselves.
  • Induces a healthy customer experience, building trust along the way.

The beauty of this system is that citizens engaged in buying and selling property will neither require any blockchain accounts or wallets nor will they experience a change in the way they currently interact with the land registry. The blockchain engine simply works quietly but powerfully in the background. The solution will also increase citizens’ confidence in the government and make the overall customer experience less cumbersome. Most importantly it will enhance data security and ensure authenticity of land records.

Key Features

Peer to Peer Transactions

Unlike conventional means, a Blockchain based property title system doesn’t come with a complex peer-to-peer transaction system. Blockchain empowers you to carry such transactions with ease eliminating the need for any third party.

Immutable Property & Mortgage History

The Blockchain solution will automatically integrate fragmented property and mortgage history into an immutable distributed chain, which is the premise of Blockchain technology. Unlike typical centralized solutions, any fraudulent access or activity can be instantly detected and acted upon.

Efficient Searching

Looking for property related documents manually amongst a big pile of other vendors and suitors is one of the biggest challenges, which often requires the need for a third party company. All of this is eliminated thanks to Blockchain, as anything can be searched in a matter of seconds, provided at one single place.

Tokenized Approach

All properties will be present in a tokenized manner over Blockchain, allowing peer-to-peer asset transfer to be undertaken in an efficient and faster manner. Also, every movement and activity can be traced without any hassle.

Document Verifications

Apart from users having the capacity to submit multiple documents, there’s an option for both manual and automatic document verification, saving ample time, manpower and other resources.

Value Proposition

Prevent Fraudulent Transactions

Blockchain technology for property title ledger management will ensure that fraudulent behavior is a thing in the past. Since every string of data is stored in an immutable manner, transaction info and overall history can never be tampered with, having been stored in a decentralized network.

Elimination of Paper Work

There’s the environmental aspect to this as well, in the sense that the presence of Blockchain will eliminate the need for paperwork altogether. Be it property transfer, the process can go through seamlessly through Blockchain’s tokenize approach over the network.

Get rid of third parties

There will be no need for third parties for property based transactions, ensuring that you will never be duped. All peer-to-peer transactions for property title registration and insurance can be handled over the decentralized network with relative ease.

Cost Effective

All in all, leveraging Blockchain for property title management will reduce costs by eliminating the need for paper and 3rd party companies. Also, since the process in itself is efficient and automatic, you can use your important resources elsewhere.

Technologies Behind Solution

Python

Business Layer

Node.js

Blockchain Integration Layer

Web3.js

Smart Contract Integration

Ethereum

Ethereum Public Network

React.js

Presentation Layer