Blockchains, Trust and Land Administration – The Return of Historical Provenance

Year 2017
Author Lynden Griggs, Rod Thomas, Rouhshi Low, James Scheibner
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Bitcoin / Cryptocurrencies / Trading

Electronic Conveyancing is here. But how will it evolve with the development of blockchains being touted as one means by which fraud in relation to land can be minimised, if not eliminated? With centralised land registries requiring expensive risk minimisation strategies such as a government-funded assurance fund, or the taking out of private title insurance, can blockchains provide a systemic level of security that can improve the land titles system, and lessen the need for other forms of risk minimisation? Advocates of blockchaintechnology are high on hyperbole with what it can offer to support smart transaction types in a number of fields. For others, blockchains have no great advantage when applied to physical assets such as real property, and is limited in its utility.