It is stated that land registries across most parts of the world are “badly kept, mismanaged and/ or corrupt”
Have you ever gone through the process of buying land? Have you spent sleepless nights wondering if all the titles are intact? Well there seems to be a solution in place that is bound to give you some peace of mind.
A blockchain-secured record-keeping process will collect, store and provide access to information quite differently than a conventional process. After reaching consensus on what constitutes a valid record, market participants use cryptography and consensus algorithms to create or modify records.
In a public blockchain like bitcoin, all participants are allowed to create or modify the blockchain, while in a private blockchain, like what has been envisioned for land records, only select participants are given that responsibility. New information is chained to the old entry, ensuring that a trail of changes to a record is established since its creation.
There is no need for a central authority to keep records as they are distributed across a system of networked computer nodes. All participants can see and use the latest version of the record without relying on anyone else. In short, data stored using blockchain is secure, transparent, easy to access, and hard to dispute.
To summarize, Blockchain in Land records can ensure that
- Consensus is established using the blockchain (which keeps records of previous
transactions) and proof of work which makes changing historic records prohibitively costly
- Correctness of data is guaranteed by protocol rules
- Owner can be identified using public key cryptography
Learn how eMudhra’s emBlock can make blockchain right for your business by getting in touch with your account manager.
If you’re a Government Agency looking to adopt blockchain for record management, we can arrange a demo of emBlock to showcase how it can help you.
View the brochure here, or get in touch with us to learn more
Do visit www.emudhra.com