Thank you and here is more info and happy to help:
So why move property and land titles to the blockchain?1.Going digital
Land and title registries in most countries remain paper-based. Sure, most also run online databases with digital copies but imagine how time-consuming and prone to errors this manual recording is.
Blockchain enables digital identities of people and properties. This can reduce the costs and personnel needed to maintain physical archives.
2. Saves time with near real-time updates
With the current state of systems in use, any information must be checked manually. Most importantly, it takes a long time to verify the parties involved including checking the signatures of the individuals.
On the contrary, blockchain is capable of verifying the identity of the individual based on their digital signature — and doing so very quickly.
3. Disintermediation opportunity
With property and land titles moved to the blockchain, transactions will be simplified because escrow agents will no longer need to store and validate records. With fewer parties in the transaction, it’s going to be easier to close deals faster and at smaller costs.
4. Eliminate fraud
Concerned about your inheritance or recent property purchase? You're by no means alone as real estate remains a lucrative target for fraudsters.
Blockchain is a more secure way of transferring real estate ownership. Right now, this process is not entirely transparent and the information can be modified or removed.
On the contrary, blockchain massively reduces the risk of data manipulation. Its records are incorruptible and no fraudster has the computing power to hack the records stored across the decentralized network of millions of computers.
5. Foster transparency
There is a considerable time lag between when the contract is signed and when the property ownership is actually registered by the government and transferred to the new owner.
Getting back to Sweden’s experience, it’s obvious there’s huge potential for a positive transformation here:
Even though according to the WSJ the Lantmäteriet already functions in a “highly digitized and paperless” system, the time from signing a contract to registering a sale can take between three to six months.
With the Blockchain system, “it could be hours,” Jörgen Modin, chief solutions architect at ChromaWay, tells the WSJ. Modin added that the buyer and seller don’t even have to be located in the country for the deal to go through.
[Source: Cointelegraph]
