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Real Estate Title Keeping

‘Generally speaking, land administration institutions in India are perceived to be inefficient, mismanaged, unreasonably costly, & prone to corruption’

– According to one of the USAID reports


Blockchain – an incorruptible technology – can invalidate this statement

CURRENT PROBLEMS

A large number of lands lack registration and for the others, registration documents reside in archaic land registries

Land disputes are a huge menace in India – According to USAID ‘Perhaps 8 million of the 20 million pending civil cases in India as of 2000 pertained to land. Cases drag on for years’

Cases of Government officials altering land titles of registered properties and allocating it to themselves (or to others in exchange for bribes) aren’t unheard of

Citizens lack access to records, which may provide conflicting information that can assist in defending themselves against infringement of property

Hacking of central databases containing land titles poses a major threat

BLOCKCHAIN SOLUTION

Land titles can be digitized and hashed. The hashes can then be stored in the blockchain as a transaction output, which belongs to the initial owner. When a property is sold or transferred, the transaction output which belongs to the previous owner is spent, and a transaction output that belongs to the new owner is created according to certain rules. Thus, one can go through the entire ownership history of the land instantaneously, without the possibility of fraud.

ADVANTAGES

Trustworthy Record of Ownership

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Improved Protection of Land Rights

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Incentivized Registration

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Enhanced Transparency

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Increased Integrity

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Instantaneous Audit of Land Title History

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