The main benefit of blockchain is that it is a decentralized secure system. Implementation of blockchain will create a single source of truth of ownership and history of the property. The buyer will be assured that the land brought is correct plot and the seller is unequivocally owner of the land reducing the potential disputes as well as cost and time in the process.
Some main advantages of blockchain in land registration:
- Security: Blockchain could reduce the risk of manual errors while creating more secure processes for transferring ownership of documents and the records can never be manipulated in the blockchain.
- Double land registration: There will be no case of double land registration because buyer will know everything about the land, that is all the different registrations of the same land.
- Less corruption: The process will be very fast compared to the current process and there will be fewer cases of bribery since the whole system will be digitized. Most of the corruption happens in the stamp duty and since the process is online, there will be a full history of the stamp duty in the different registrations of the land. Also, we could implement a software that will calculate the stamp fee automatically.
- Ownership: Most of the cases in Indian courts are about ownership of the land because people don’t have easy access to documents or they lost it or due to corruption but because of blockchain the owner has all the records of land and can access the information at any time when he wants, this will prevent these cases and no one can alter the records in blockchain.
- Transparency: The major profit of blockchain is transparency, you have the full history of your land, all the registration are proper (without any manipulation) and all the records are official blockchain. Hence it’s transparent.
- No technical error: Land registration also gets delayed due to technical errors since the system is centralized and error in central server halts about 500-600 land registration, blockchain will provide a secure decentralized platform hence there will be no risk of technical error.
- Decentralization: This is one of the major profits of blockchain. The system will be decentralized, it will make government work easy. The only work of government is to ensure the smooth flow of the system.
- No land encroachment: These cases won’t happen after the implementation of the blockchain, you can’t snatch anything from someone since it is in the blockchain and the owner have full proof of his house.
- Brokers: Its a debate problem, blockchain can’t remove the broker’s system in the land registration. The fees a broker will charge are definitely reduced by blockchain, but a broker is still required (who is a must need in some cases). It will also help the real broker and secure the customers from fake ones.