How secured is Bitland to prove ownership of a property?
Bitland uses MIT Graphene protocol to secure its blockchain. Using the Openledger Universal Platform allows Bitland to benefit from the combined processing power of everyone actively using Openledger. Since the system is utilizing a modified Proof of Stake approach, the security of the system is not only distributed, but more energy efficient than Proof of Work systems. By attaching a land title to the blockchain, it creates a time-stamped, immutable, transparent ledger of who owns land. This will be much more resistant to corruption and fraudulent transactions than the current system in place. It will also serve as a method to prevent anyone within the government from corrupting the process for nepotism or to execute an illegal land grab.
How does Bitland track properties?
Bitland uses a combination of GPS, Openmap, and other APIs to allow users to utilize their mobile device to enter a land survey. Whether a smart phone or tablet, the Bitland Application will allow users to plot land and submit requests directly to the government through the Bitland protocol.
Why would banks want to use Bitland?
Once the Bitland system is integrated within the community, it will make the process of mortgage lending much more efficient and resistant to fraud. Since the banks cannot give out mortgages on unregistered properties, this will also open up a considerable amount of land to be used as equity that was not previously possible.
If someone is using Bitland to prove ownership of an asset or property, could a malicious server steal my property?
The MIT Graphene protocol uses distributed and decentralized processing to make it nearly impossible for a malicious attacker to be able to modify any records. This prevents the data from having any single point of failure for an attack to succeed.
Why does Bitland use Smart Bonds?
Smart Bonds allow two parties to come to an agreement, while having a system act as a third party unbiased escrow. If a contract is agreed upon, the parties involved can set parameters and conditions to be met in order for the transaction to be completed on both sides. Utilizing a combination of milestone checks and automation, a Smart Bond can have many different types of agreements automated such as terms of service, land tenure, or financial agreement.