“Establishing A Chain Of Title: Leveraging Blockchain For The Real Estate Industry
by Jeannette Lim and Melanie Lim
(…). Uncertainty in property ownership globally may be responsible for the loss of up to US$9.3 trillion in value. (…) Land registries powered by blockchain technology may possibly bring this lost value into the mainstream economy(…).
Furthermore, (…) the application of “smart contract” technology on a blockchain platform to automatically transfer land ownership upon certain conditions being met, could substantially enhance its real estate sector. (…)
While some cities are moving quickly to adopt blockchain technology (…) others have adopted a wait-and-see approach. In Singapore, the financial services sector has been quick to begin testing the applications of blockchain technology – and the real estate sector may not be far behind.
Below, we (A) briefly explain what makes blockchain technology particularly useful for land registries, (B) discuss some ways in which this technology is being implemented in various jurisdictions, and (C) explain expected benefits and challenges when implementing this technology.
(…)”