Bitcoin Forum

Blockchain tech for buying and selling, Do you think this is a possible approach?

Pros and Cons after implementing this method across the globe. What would be the impact in the market?

I am sure that China is already working on that kind of blockchain
Blockchain technology is priority in China
Chna has already use food tracking blockchain
There is 26 blockchain projects what are already supported China gov
Blockchain can solve a lot of problems add needed transparency and lower costs
Blockchain will be in mass use  in coming years in people daily life together with new technology  boom technology like AI VR AR etc
And still most people in the world will don't know what blockchain really is

Blockchain technology is the best for anything that has to do with trust. The technology is known for its immutability so when it comes to a case of land registration or property, then trust Blockchain. In fact, there are projects already using blockchain in property deals. https://propy.com/ This is one of the numerous projects already using blockchain in the real estate industry.

There have been quite a few ICOs about real estate although none have really set the world on fire. It is certainly possible but to establish trust it needs a big name to make it successful

It could be! Blockchain records are safe and unerasable which is great if you need to store any important documentation like laws, proofs of ownership, private documents like IDs, and you don't have to pay for being able to see it. All property documents should be made easily accessible. Many countries are making databases for it where you can find a piece of land on the map and check who the owner is. It's an important tool for people who are looking to buy or sell.

as far I know, Netherlands already tested this on blockchain. Also, this article might come handy to you https://www.lexology.com/library/detail.aspx?g=36641e13-b81d-48fc-95e9-3ea3bc9135aa

Blockchain would be an excellent way to record deeds.
You could then follow chain of title from start to current.

Blockchain can be implemented and used very beautifully in land record maintenance. Actually any data and record intensive sector can be benefited from blockchain's distributed ledger technology and land record is one of those data intensive sector where blockchain can bring excellent transparency.

Once of the Indian states called Telengana has started implementing the same in the land records department and the transition is still ongoing. Read the below news,

https://www.livemint.com/Politics/4IOMVhyOuK6k0LwSVGikZL/Telangana-govt-to-use-blockchain-tech-for-securing-land-reco.html

I wonder how big will the blockchain would be and what would be the consequences. Imagine that 1 person/land registration requires 100 kb, that means we need around 6 x 10^11 kb to store the blockchain.* The good news is, land registration/transaction doesn't happen very often, so the size won't increase day by day.

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* Do correct my math if I'm wrong here.

It can be done, only if the ones handling the deeds and certificate of registrations know their ways around the said system. As was always discussed here in the forum, blockchain can be an interesting tech that could handle data storage and accessing them, with top-notch security and easy access.

It's only a matter of time before we shift over to a fully-digitized recordkeeping system in our governments, and it's already starting to materialize in some parts of the world.

While most of them are centralised. Some day I would like to see all of the record keeping are using blockchain technology. Decentralized hence no one can alter the recored for their own interest.

I am interested to see blockchain based voting system.

If businesses are doing it with medicine and medical records why won't it work to other things like land and property? If businesses are patenting their own version of blockchain then it is a good sign that it is improving their businesses. The simple answer to your question is yes and it will surely affect the market but mostly it is a big boost on the internal performance of the system as blockchain will definitely improve the efficiency of the system as well as the transparency of the records this alone would cut costs by millions of dollars.

Haven't you seen developments in this area so far? Blockchain technology is already being used and implemented in many projects. It is a pity only until this direction has become so popular. The reason is always the same - the General decline of the market.

I think what you said is true, because we know that some government departments in China are now using the blockchain technology to apply their blockchain technology to their government platforms. For land and property certification, blockchains can be used to permanently record these. Information to prevent tampering, the relevant government departments are really interested in this.

As far as I know, the Russian Federation has already implemented blockchain technology in the land cadastre. Unfortunately I saw this information about 3-4 months ago and will not be able to give a link to the source where this information was registered.

In my country land records are typically kept at the county level, so if we were keeping with that structure to start off with it wouldn't be too unwieldy.

The world will be a much better place when land titles are all on blockchains.

For those of us in fully developed countries it's something we don't even have to give a moment's thought to.

There are many, many countries where the legal system and rule of law is pitifully weak and easily bent to a bent person's will. There are others with no formal system of registering ownership at all. That means generations can be kept in poverty when they don't have to be.

Blockchains for this area are one of its major selling points. It's an instant solve of a problem as old as the concept of property itself. And properly developed and implemented they'll save effort and money too.

Of course man, of course. For example I can tell you that the republic of Georgia with the help of Bitfury become the first country to integrate blockchain technologies for land/property registry. BC technologies add an extra layer of protection to stored data, if you know a little bit about bc, then you'll understand what I mean.
Read this two interesting article:
1. https://cointelegraph.com/news/georgia-becomes-first-country-to-register-property-on-blockchain
2. https://cointelegraph.com/news/georgia-records-100000-land-titles-on-bitcoin-blockchain-bitfury

I have heard that blockchain technology is perfect to solve the land and property problem, one of the country in Africa already try to implemented this technology and so far they claimed that it had solved a lot of dispute problem, some countries still in a deep research to used it, but the response so far is good

if all governments like China have used this system, land and property registration will be easier and safer, but unfortunately there are still developed countries that do not use it and even forbid it, over time they will realize how great blockchain technology is.

In my state (Ukraine) it is already implemented in practice. The data of the land cadastre, that is, the accounting of all land plots of the state and their owners is available online on the Internet and everyone can first see the information about any land plot and for a small fee can have a written extract from this registry. The blockchain technology in this case provides secure storage of large databases for online access.

I am sure this is undoubtedly possible, because thanks to the blockchain, our world can be completely changed for the better. And I think it will soon be done.

jes but you cant claim holding property over something just because its on the blockchain, it has to be supported, by a state or other military power so you have the legal backing that its your property otherwise you simply live of the mercy of others.

Very likely, not even just the land sector. I believe, someday. There will be many sectors in our lives, which will apply blockchain technology

Area of usage of bitcoin technology is limitless and it can be applied to any field. We will see and use many applications in the near future.

Cryptocurrency has a limit too. Though it is broad to explain and its process is too still it has a limit to use. Personally, I do not think if it could be used for registration of land property unless if you convert your coins into your national currency and used it for registration or maybe it depends on their country if they allowed to used cryptocurrency for registrating.

The Factom blockchain (and company) is one of my favorite blockchain projects that has discussed operating as a land registry database/legal record.  I'm not sure if they've started using thier blockchain for this, but an idea was - In many countries in South America corrupt government officials will reassign private land owned by individuals to themselves.

They've changed the land registry's of farmers, and then taken their land. Frustratingly when the farmers challenge the impostors legal claim to the farmers land, the Courts unfortunately often rule in favor of the corrupt politician that has stolen land for themselves or often their extended family.

(At least when I read about the company some time ago-) Factom plans to operate as a 3rd party land registry system. That way Countries where land is confiscated and the courts/officials prove they can't be trusted, a third party system, like Factom, can provide a trusted independent land registry/records system. 

This sounds like a great system, especially the fact that anyone can obtain a physical copy of the digital record system at any time. It would be interesting to try and encode say a private key, some way to have a printed record, like say a property deed operate similar to a paper wallet, where maybe the system only lets 1 physical version, or a limited number exist for a limited number/types of parties. That may help deal with forgeries, but might also bring in more questions about how to verify personal identification.

This blockchain technology is used to record all data that occurs when making transactions, so when registering land and property it should be very suitable because it can record to the blockchain database and everyone can see it without anyone being able to delete or change it because it is a patent .

Yes, it's possible might be some countries like China who are already working on it.

Pros would be like accessible to everyone if blockchain is public. Data can't be altered or doctored.
Cons no more money to the wallet of corrupt public officials. lol.

The blockchain technology is great where you need to keep large databases online safely using the Internet. Therefore, land registration, registration of land plots and data on their owners may well be used and are already used for access of citizens to this information. Many ICO projects use exactly this opportunity offered by the blockchain technology and even here the field for the implementation of this technology is very wide. It can also be not just databases, but any systematic useful information, especially if it goes beyond the limits of one country and is used for individual sectors and types, but on a global scale. Blockchain technology is perfect for combining and using any useful information on a global scale.

Yes, that is very possible. Blockchain technology can be used for registration of land or property.
I've heard Blockchain technology has been used in the education sector. In my opinion, all sectors can be developed with Blockchain technology.
In fact, many countries have begun to implement Blockchain technology. Yeah, I think Blockchain technology is a good development and can be applied in all sectors.

I think one of the strongest reasons why the Blockchain must be used to record land ownership and title deeds, must be natural disasters. Lets say for instance a category 5 tornado hits a city or town or even a whole country and their archives of this information are destroyed, then proof of ownership of land will become an issue.

A decentralized data archive on a global scale, must be the best redundancy for natural disasters.  ;) It can be something as simple as a name and surname and ID number and satellite coordinates of the land owned by that person.  :P

I know there are some blockchains being used for this. There is one in India called ZEBI chain, they are using this blockchain technology for everything, between land registry, police filing report and all kinds of data collection, gathered up in different states for different purposes. Dubai also has created it's electronic dirhum stable coin and is going to go totally on the blockchain, including the government itself is going to be on it. They will use the Blockchain as a public ledger for everything and I think their approach is good and dynamic in the way that it may delete corruption on a large scale and also reduce bureaucracy to the minimum. The more people and governments adopt this technology, the more efficient we will become.

before you have to be able to understand how to use blockchain technology and you need to know the function of the blockchain, while for simpler, this blockchain technology can be used to record very much data and can be seen by many people, but this data can save with a number of characters very much data. so that for recording land size and on behalf of landowners it might be implemented using blockchain technology.

A few countries including china is using Blockchain for such service, Switzerland even tested Voting on Blockchain.

The real estate sector is now aware how blockchain good is. so that, some real estate sector is currently using blockchain technology for land registration due to its ability to manage financial transactions, asset transfers and regulatory obligations.
The beauty of this system is that citizens engaged in buying and selling property will neither require any blockchain accounts or wallets nor will they experience a change in the way they currently interact with the land registry. The blockchain engine simply works quietly but powerfully in the background. Anyway, They should scrutinized this kind of system before it will be totally implemented all over the world.

I think that blockchain technology can be applied in any field. And everywhere it will provide transparency and openness. This is its main advantage and therefore I think that it can be used for registration of land or property.

some developing countries and have good economic conditions have applied blockchain technology to record all transactions that occur even for property companies like that there are already several countries that use it.

the possibility of being used for buying and selling property seems unlikely because we know the buying and selling of different properties such as buying and selling in general, this requires such a legal letter and notary at the time of the transaction, for market ? i dont think it will give such impact

I think this is a difficult and controversial issue. I would compare the blockchain with the Internet. This is something that everyone uses and at the same time has freedom. This technology can not belong to a particular country, because this is an idea of freedom!

I don't see why not. If you want to store records that nobody can to change later, blockchain is for you...
I think of it as a write only secure and decentralized database, tho it could be centralized by using few nodes but that would weakening its security significantly...