Maven Realty LLC
Arielle Biscayart, Maven Realty LLCPhone: (305) 303-1218
Email: [email protected]

How Blockchain Revolutionizes The Process Of Land Registry

by Arielle Biscayart 08/27/2021

Blockchain has become quite popular over the past few years, especially this last year, due to the impressive rise of Bitcoin, followed by the growth of other digital currencies, however financial transactions and cryptocurrencies are just one of the applications of Blockchain, which can include the storage of transactions of value for good and services, medical records or steps within the supply chain. 

There are various applications for the real estate market and one of them is land registry or deed recording can be one of it.

In most countries, land registries started in the 19th and 20th centuries ( 1862 in the United States ). The main purpose has been to be able to trace and record land and property ownership.

Most of this was solely based on paper support for decades, exposing records of land administration to risks of destruction due to fire, natural disasters ( such as the 2010 earthquake in Haiti, which destroyed 60 years of land registry ), intentional damage or falsification by those manipulating the information. Later on, when the process was digitized appeared the risks of fraud and hacking.

The blockchain technology has been recently attracting the attention of many researchers and developers such as Propy ( which is a real estate transaction software that I work with, which uses the blockchain technology to record every step of the transaction ) as it allows to safely and quickly store digital data for real estate transactions, transfers of ownership, deed recording, mortgage registration and survey activities that help define the boundaries of a parcel or a building.

This technology will surely allow cities and counties to save so much of the time and energy used in scanning property and land related legal documents, computing data entry, while reducing the risks of data entry errors, manipulation and falsification of the  information. 

Blockchain being a decentralized and immutable digital database storing transactions of value, using the algorythm of smart contracts, once a new transaction takes place, a new block is added to the chain ( hence the name blockchain ) which can hardly ever be modified, therefore tremendously reducing the possibility of fraud and improving property ownership traceability.

The photo above shows the recording of a real estate sale on the Blockchain; the long series of numbers and letters is the transaction ID or hash. It shows the date of the transaction, however some information will remain private such as the name of the new owner and the price paid to purchase the property.

The real estate transaction management software Propy uses the blockchain technology and provides a transaction ID and QR code once the transaction is complete. 

Then the QR code can be sent to the title company that worked as the esrow and title agent in the transaction to issue the traditional paper deed document for the new owner.

You can record your next transaction on the blockchain even if you have not purchased the property with cryptocurrency.

As I work with Propy and I have been trained to help coordinate residential and commercial real estate transactions on the blockchain ( traditional transactions and transactions involving cryptocurrency ), feel free to reach out to me to discuss this and potentially record your next real estate purchase on the blockchain.

If you have any questions, connect with me :

Arielle Biscayart - Maven Realty

About the Author
Author

Arielle Biscayart

Arielle Biscayart was born in Rome, Italy, raised in Paris, France, and moved to the Miami area in 2004.
Since becoming a South East Florida resident, Arielle has been a Florida licensed real estate agent, involved in the growing local arts community. She has been offering her real estate consulting and sales services in the Fort Lauderdale, Hollywood, Aventura, Miami Beach, Miami, and Allapattah areas since 2005.
Speaking four languages ( English, Spanish, French, and Italian ) helps her market her service a portfolio of local and international clients.