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The last is the installation of cadastral documents on technology. Since its inception, blockchain technology has been constantly improved. It has passed into a serious point of discussion in almost all market segments. The integration of this technology has already taken place in several companies.
Blockchain Prospects In Land Recording
Many institutions have invested in research, in technology. Several revolutionary dApps are conquering the domain with full-blown speed of use. The realization of cadastral registers with blockchain technology makes the whole preservation of details unalterable.
Therefore, when a change occurs, it is annotated and recorded with timestamps. Afterwards, a change of ownership is immediately filed. Because of this, any manipulation in the registers can easily be traced with an appropriate study of the scientific.
The application of technology cuts down costs and inefficiencies in managing land records. Simply because it is a public accounting system, every record on the block can be validated.
Furthermore, the register can be managed more reliably. The record owner will also have a private key to make transfers, mortgages, leases and a number of other functions.
Government adoption
Numerous state governments have introduced blockchain technology into their systems. Some nations are already creating links between their departments to organize land registers. The use of blockchain technology can reduce the level of corruption and citizens will be more confident about land ownership.
Governments across Europe have already included the technology in their land registry maintenance platforms. The integration of this technology can stimulate change in the way commercial real estate deals are realized. It uses distributed ledgers that create a lot of trust in technology.
There are also immense administrative benefits when including this technology. The majority of the cadastral documents are kept at municipal level on paper. However, some transfer to digital documentation.
Nasdaq and Governance of the Medici lands
Nasdaq Overstock announced that Doctors Land Governance, its controlled blockchain focused on land management, has reached an agreement. This agreement is a Memorandum of Understanding (MOU) with Teton County, Wyoming. It will develop a land register and an information platform in 2019.
Doctors Land Governance (MLG) and Teton County expect to work together to create and implement the software needed for the county. It also expects to transfer and display information from its current land and property security system to the new blockchain system.
What is your opinion on blockchain technology in land registry documents? You can share your opinion on this topic and much more on our own chirping and the pages of Telegram.
Summary
Item name
Adoption of the blockchain technology for the land register
Description
Blockchain technology has become prevalent in many sectors of the world. Technology has become a force to be reckoned with.
Author
Ifeanyi
Publisher name
Coinpedia
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