SOLVING THE PROBLEMS OF LAND REGISTRY, REGISTRATION OF LAND TITLES, REAL ESTATE, AND RELATED MATTERS WITH BLOCKCHAIN TECHNOLOGY
PREAMBLE Land registration generally describes systems by which matters concerning ownership, possession or other rights in land can be recorded with a government agency to provide evidence of title, facilitate transactions and to prevent unlawful disposal. Registration of land titles or instruments is carried out in each state land registry through computerization by using Geographic Information System (GIS) and Land Information System (LIS). These methods has actually aided and enhanced the former traditional method in the registry. The focus of this technology solution is land registration systems which include deeds recording and title registration. A deed recording could be said to be a system of giving publicity to land transactions and helping to prevent concealed dealings. In other words, deed recording notify the public of a claimed or vested interest in land and establishes priority against other possible claimants to the same interest. Meanwhile, there are numerous problems and challenges affecting the documentation process during land registration. These problems affect other sectors in the country including the court system, real estate, investment etc.
PROBLEM STATEMENT “Landowners/buyers among other stakeholders face a huge problem of verifying the authenticity of land titles and registration of the same which eventually lead to loss of money and property due to poor database management, complex validation process, costly fees, delay, shams etc.”
VALUE PROPOSITION (the core values you are delivering to your audience and their needs you are satisfying): Usage of the dApp This is where it becomes interesting; the simple model of the dApp can actually be utilized in so many special ways:
- The main design is for validating the ownership of a property before proceeding to transaction stage.
- At the transaction stage, the dApp will prevent defrauding the buyer as the digital land title/NFT will be transferred automatically immediately the buyer pays. This will eventually stem the crowding of the court with legal cases. In other words, there will be fewer cases in courts or opting for arbitration since breach of contracts would be reduced to the barest.
- Tenants can also verify the authenticity of a landlord’s title before renting an apartment to avoid been ejected or thrown out as a result of lack of real ownership.
PROPOSALS/SUGGESTIONS Use of story-telling to visualize the instant problem and the hardships prospective users ordinarily go through. Could you relate it with one or more of the UN SDGs? Business Model Canvas considerations: value proposition – a value proposition must describe quantifiable value and uniquely differentiating (what do you do?), key activities (how do you do it?), key resources (what do you need?), audience segments (who do you help?), audience relationships (how do you interact?), key partners, distribution channels (how do you help them?), cost structure (what will it cost?), revenue stream (monetization strategies)