Document Type

Other

Publication Date

2024

Abstract

Blockchain technology presents an opportunity to revolutionize the real estate industry by providing a secure and transparent method for recording deeds. The current process of transferring property ownership is complex and lengthy, and can greatly benefit from this technology.

This paper examines the importance of blockchain technology in recording and verifying real estate transactions and provides recommendations for policymakers, legal practitioners, and real estate professionals.

Part 1 of the paper will cover the current legal landscape of recording deeds, the advantages of using blockchain for recording deeds, legal issues related to the technology, and recommendations for the future implementation of blockchain technology in real estate transactions.

Part 2 will provide background information on traditional real estate and deed recording, including the problems that exist in the current system. This section will also introduce blockchain technology and its key benefits for recording deeds.

Part 3 will cover the legal issues surrounding the lack of recognition of blockchain technology in some jurisdictions, the enforcement of smart contracts, the successful implementation of blockchain-based land registries in California, Sweden, and India, and the challenges faced with this technology.

Part 4 will explore the advantages of tokenization as a means to promote inclusivity and broaden the investor pool.

Lastly, Part 5 will discuss recommendations and future implications for blockchain technology, including the potential for a legal framework for blockchain-based land registries.

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