Blockchain-based Property Ownership Recording System Essay
Excerpt from Essay :
Buying land in Palestine, especially outside the cities, is problematic. In the cities, it is very expensive. Outside the cities, there are few title deeds or evidence of legal ownership, which is a factor that can be utilized by Israeli settlers seizing property on the West Bank. While Palestinians may like to own property, the cities have priced them out, and the outer regions are risky. To address the risk, blockchain technology can be used to verify ownership and the history of ownership so that the threat of settlers seizing the property at a future date is reduced.
What is blockchain technology? Blockchain is a technological revolutionary data chain that essentially tells the history of any asset to which it is attached. It is used in everything from smart contracts to cryptocurrencies like Bitcoin. As Alex Mizrahi notes, “For any kind of a high value property (real estate, cars, art) it is important to have accurate records which identify the current owner and provide a proof that he is indeed the owner. These records can be used to protect owners’ rights (e.g. in case of theft), resolve disputes, make sure ownership is correctly transferred to a new owner after
sale, and prevent sale fraud.” In other words, blockchain-based property registry is the ultimate title deed: it can never be lost, counterfeited, stolen or changed.
Blockchain can be used to develop a smart contract that will not only enable the transfer of titles but will also enable a payment method so that the actual sale and transfer of payment is recorded in the blockchain’s history too. A blockchain-based property ownership recording system would act as a ledger that contains all the relevant information pertaining to property ownership, property history, payment, settlement, and so on.
How does blockchain work? Blockchain works autonomously: that means it is not dependent upon a third party or a middle man to oversee the transaction process. The technology records everything and secures it for posterity. Essentially, it consists of lines of computer code within a program that runs blockchain. The blockchain ledger acts as a digital file which records all transactions on the blockchain. Everytime a new transaction is made, it is added to the chain—just like pages in a book. A new owner of property becomes the next chapter in that property’s story. Whoever holds the blockchain, holds the title—and the special thing…
Sources Used in Documents:
Mizrahi, Alex. “A Blockchain-based Property Ownership Recording System.”
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