Blockchain property titles and land use recording – is it only about trust, or is there space for compliance and enforcement?
RMIT University, Australia
Blockchain can provide for an immutable recording of land ownership and land use interests. To date there are no accepted global standards for blockchain land transfers or recordings. The paper argues that guidance is available from traditional land management compliance and enforcement processes, and this is situated in the space where blockchain land recordings are shifting the paradigm from property law to the realm of private company participation with contract law establishing a need for good governance and global standards for blockchain transactions. The paper discusses global experiences to date of blockchain land recordings, with an emphasis on the need not to forget how compliance and enforcement processes have operated to date.
Smart contracts and land administration: a new framework for property conveyance
1ChromaWay, Sweden and United States of America; 2Land Title and Survey Authority, British Columbia, Canada; 3Swinburne University, Melbourne, Australia
Smart contracts on the blockchain can provide a secure, auditable, more easily distributable solution to support property record changes among buyers, sellers, the land registry, financial institutions, attorneys, and other parties connected to property transactions.
In the longer term, the approach supports reduction in transaction friction (including cost) overall and could lead to other ownership models potentially allowing citizens to participate in derivative markets including fractional property ownership and other unbundled property rights, restrictions, and responsibilities.
Built around active research, and utilizing multiple case studies, this paper reports on findings from pilot projects on the use of smart contracts on the blockchain in Sweden, Australia, and Canada. The paper explores models of trust, centralization vs. decentralization, data security, and cost and business dimensions of different implementation approaches
Blockchain for Land Administration: Smart Land Registries - a tangible model seeking value for all parties
1Ordnance Survey, United Kingdom; 2Trimble Land Administration Solutions Group, USA; 3IBM, United Kingdom
There has been much media excitement about blockchain’s potential to revolutionize commerce, trade, supply chains, and, indeed, Land Administration. But, is it real, and where is the value to our citizens, economy and society?
Trimble, Ordnance Survey of Great Britain, and IBM have come together to provide insight into the upsides, and into the risks associated with this technology-lead transformation. This partnership combines land administration domain experience, government technology and guardianship, and technology leadership to bring a measured perspective to the topic.
This paper will give decision-makers insight to 1) assist with understanding the value of blockchain for their particular jurisdiction, 2) place blockchain among the arsenal of other potential technical approaches that could be leveraged, and 3) put these technologies, a.k.a. Smart Land Registries, into the context of the problems that society and government need to solve.
Furthermore, we will propose a value-focused and achievable roadmap to their adoption.
Catalyzing innovation: Dubai real estate blockchain
Dubai Land Department, United Arab Emirates
Blockchain is one of the latest innovations that has been implemented in Dubai. The abstract illustrates many benefits to government sectors as well as private sectors in enhancing user experience when conducting procedures related to property, not only procedures related to registration or regulation in real estate sector, but also other procedures and services that are around real estate, Such as utilities, survey, furniture and moving to a new house. The term" Real Estate journey" is term we call when providing a unique experience to real estate services in Dubai. The abstract shows how Dubai is catalyzing blockchain technology to enroll property developers, managers, brokers and service provides to the new technology platform, and to how to address many challenges that face all entities, such as payments, Single-sign-on and laws related to real estate and transactions.
An example of the use of the Blockchain by the French Notariat: enforceable copies
International Union of Notaries (UINL), France
Presentation of the “proof of concept” established and validated by the French Notariat in 2018 to find a solution for processing enforceable copies of loans’ contracts in digital format, collateralized by land and real estate. These copies are not intended to be in digital format unless there is a means of demonstrating the authenticity, integrity and uniqueness of the enforceable copy held by a creditor who wants to assert his rights and compel a debtor to pay his debt.
This POC made it possible to approve the launch of an operational implementation project for this consortium blockchain, which will be used by notaries, banks and bailiffs.