Blockchain For Land Registration In England

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Land Registration. Plans for privatization of land registration in March last year in the UK many protests. In fact, has anyone made a petition to the plan was terminated. The reason, if the land registration was done by the private sector, then they have in mind the company's only a matter of profit.

The petition, addressed to George Osborne, Chancellor of the Exchequer, the Department for Business, Innovation and Skills. Who reject the petition, this time has produced 316 064 signatories of the target of 400,000 signatories.

In the description of the petition, it was mentioned that perhaps there will be a requested rate increase, or may decrease if the standards do have to lower the price. Registration of land is a public service that should be self-financed. No need to drain the public finances. So felt no need to sell it to the highest bidder.

Meanwhile, written in citymetric.com, the competition authorities and the market rate, that the privatization plan that will be detrimental to consumers. Meanwhile, according to a technology company, DealX, provides an overview of the privatization of land registration should follow the example as in Sweden. There, the Swedish government has been testing the system using a smart contract Blockchain.

Blockchain technology use for land registration, can be done at lower costs for users. In addition, more transparency, impartiality and accountability can also be maintained. Blockchain so as to maintain public interest.

The application for registration of land blockchain technology is not new. Smart Contract can enable it, and then stored into blockchain. Mentioned in citymetric.com,

Georgia and Honduras have conducted experiments using this technology. In Africa, startup Blockchain Bitland also use the technology for land registration. The hope, to reduce the level of corruption over land in Africa.

Basically blockchain used to be able to eliminate the third party verifying the transaction, in this case, like the need for a notary. The data has been stored into it, into the database, complete with historical transactions to be carried out. So it can be a proof of ownership as well as land registration documents.

Because Blockchain not use a centralized system, security can be maintained. Blockchain database, it can be stored and spread across thousands of devices, and can also be accessed publicly. These characters are not centralized security makes it difficult to be cracked, or manipulated..