Advantages of blockchain solutions

Advantages of blockchain solutions for property registry, listings, and assessments are as follows: 

  • Efficiency: Deeds recording is expensive today. Bringing a property registry to blockchain platforms results in Property as an Asset service (PaaAS), where it is recorded immutably. Subsequent transactions such as change of ownership, assessments, and appraisals can be taken care of by smart contract, which adds efficiency; it is less error-prone and more efficient.
  • Real time: Property records are updated in real time. Transactions such as transfer of ownership, assessments, and reappraisal calculations can be performed by smart contracts almost immediately. Blockchain enhances the transparency and accuracy of public information in real time.
  • Immutable transactions: Since the digital asset registry and transaction records are on DLT, it is immutable, is prone to attacks, and is tamper-proof. Natural disasters such as the one that happened in Haiti, where land records were destroyed can occur. This cannot happen on an immutable ledger such as a blockchain.
  • Trust: Blockchain facilitates trust, transparency, efficiency, accuracy, and security to property registry and recording, records transactions on the property, listing, automated appraisals and assessments, ease of integration, and so on. This demonstrates that blockchain is a powerful alternative to centralized real property recording, ownership, and transaction systems.
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