Securing property rights and modernizing land administration is central to many developing nation’s social and economic development. Countries that would benefit from blockchain technology experience many issues related to contradictory legal and administrative decisions that contribute to land insecurity and undermine citizen’s confidence in state institutions. In Nicuragua alone, it was once estimated that over one third of rural land was held without a clear title.
Land conflicts due to overlapping claims are numerous. Long-term insecurity of land ownership poses particular challenges to agricultural growth, natural resource preservation, and social fairness and cohesion.
The Bitland Solution
The blockchain offers huge advantages in cost, transparency and reliability thanks to the “immutable nature of decentralized ledgers” according to one of the pioneers behind the new initiative, Ronny Boesing, CEO and founder of Danish cryptocurrency exchange CCEDK.
Blockchain technology is widely considered one of the most important areas of technology in the future. It is likely to become the key piece of infrastructure in an increasingly digital world. One area where blockchain technology can have a lasting social impact while also reducing costs and increasing revenue for governments around the world is with land registries.
A real estate transaction usually requires the signing of several physical documents (such as contract, bill of sale, credit documents) and those same documents are normally sent back and forth with mail (in some instances a scanned copy might suffice). On average this process takes several weeks to perform, but with blockchain technology this can be reduced greatly.
Read more at http://www.maxkeiser.com/2016/08/bitland-puts-land-rights-on-the-blockchain-with-the-cadastral-coin/