Blockchain 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 on the genuineness of the concerned property reducing the risk of potential disputes as well as the cost and time involved in the process.
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. Moreover, the records can never be manipulated in the blockchain.
- Double land registration: There will be no case of double land registration as the buyer or interested party will have access to the particular property details necessary.
- Reduced corruption: The speed efficiency of the process will improve compared to the current process and there will be negligible cases of bribery since the whole system will be digitized. Most of the corruption happens in the stamp duty offices and since that process would be taken online, there will be full history of the stamp duty proceedings. Also, an automated process to calculate stamp fees involved can be implemented.
- Ownership: Most of the cases in Indian courts are ownership related disputes as people lacked access to documents or misplaced the same or due to the corruption and malpractices involved. Because of blockchain now, the owner can have all the necessary records of the concerned property and can access information at any time at his convenience.
- Transparency: One of the biggest advantage of implementing blockchain is the transparency this technology brings. One can have access the entire history of the concerned property along with all the registration details of concerned parties involved making the entire system trust-free.
- No technical error: Land registration gets delayed due to several technical errors in the system. Blockchain will provide a secure decentralized platform negating the risk of technical errors.
- Decentralization: The system will be decentralized, reducing the work load on the government thereby imp
- No land encroachment: Owner of the property has full rights stored in an immutable block making it impossible to tamper.
- Brokers: Blockchain allows the functioning of Broker system in land registration but will no longer assist malpractices and misguidance observed by corrupt brokers. Also, the fees a broker will charge will definitely be kept in check.