There is very little uniformity in the way centralised databases of all Urban/Land records are maintained. As such, most of these records are maintained in silos (different systems) with very little interoperable information accessible to stakeholders on other platforms. This complicates the problems associated with updating and verifying records.
Due to the absence of a platform to maintain uniform records, there is a lot of autonomy amongst various stakeholders. Further, these stakeholders do not coordinate with one another in order to verify the authenticity of their records. In many cases, they may be dealing with inaccurate data along with other inefficiencies associated with such record keeping.
Thus, it can be inferred that one of the key issues in land registration is the lack of authenticity of land records in the public domain. Blockchain technology can be leveraged to establish trust, transparency and accuracy in maintaining land records and building a robust land record management system. Putting land/urban/city records on a blockchain would make them immutable and tamper-proof, thus securitising them and building a firm pillar of trust in the system. The resulting blockchain enabled DB system would be a public ledger spread over a distributed/private network that records each and every transaction associated with a land parcel/property in an autonomous and efficient manner. All land records and their associated data would be immutable , thus saving a lot of money on land-related litigation. The cost of storing these records physically and the voluminous paperwork associated with verifying details about any property would reduce. This would, in turn, save time and promote transparency in the land record Blockchain DB system.
The business goals and objectives for this project will focus on implementing Blockchain DB Ecosystem that:
Land and property registration
Property registration on a blockchain can eliminate problems associated with tenuous land titles while creating a digitised process to automate property registration, thus eliminating cost and time taken. Such a system will increase the trust in the system, thereby improving the economy. Specifically for new developments in a smart city, such a blockchain- based system can be piloted and then slowly integrated in the rest of the city.
Approvals for buildings design/construction and Inspection/self-certification
As a subset of land/property registry, all approvals, inspection reports and self-certification can be recorded against the land/property, thus providing an immutable asset.