Client Overview
The client is a software development company headquartered in the Netherlands that develops enterprise-grade applications for customers by adopting new technologies like AI/ML, Blockchain, IoT, Cloud and Mobile.
Business Challenge
In the real-estate industry, it is very important for the land- a high-valued asset, to have accurate records which identify the current owner and as much of the ownership history as possible.
Land Title Registry and Transfer involves number of intermediaries to trust the system. The existing solutions in place were out of date. Storing, organizing and tracking all the information of property ownership records was challenging for the land registry agency when there are thousands of land records to maintain. It is quite common to confront discrepancies within the paperwork such as counterfeit titles, forged documents and a complete loss of the record. Also it is tricky for property buyers to get the historical information of all property owners. Such situations lead to expensive court battles between conflicting parties to overcome the following challenges:
- Repeated incidents of documents alteration or loss
- Delay in creating proof of asset or property ownership
- Inefficient identity verification
- The involvement of middlemen and brokers
- Delays due to cumbersome document-signing process
- Increased number of identity theft and fraud cases
- Time taking process for land title registration and transfer
- Human intervention/error
Solution Highlights
Gateway Digital developed a Land Registry Platform through which property registration and title transfer workflow process was developed using smart contracts technology. The platform is built to deter fraud and improve transaction integrity, efficiency and transparency.
The solution developed is a scalable decentralized application that enables buyers and sellers to deal directly without intermediaries. The solution ensures immutability, auditability and traceability that enable governments to implement decentralized technology in the land registry and title transfer process.
The following features are part of the proposed solution:
User Registration: User portal with specific features for buyer, seller and land inspector. The information stored by users is stored in the Blockchain network.
Sellers Portal: Seller portal to upload property details, images and related documents. GPS location of the land (with map feature) is available for all registered buyers.
Buyers Portal: Buyer can request access to all information about the property, view the historical ownership records, send request to purchase it and request for title transfer.
Notifications: Property seller will get notifications when buyer shows interest on property, requests for details, completes purchase and transfers title. Buyer also gets notifications on approval to access the property and then can accordingly proceed with view of other related information.
Smart Contracts Triggers: When seller approves land ownership transfer request, the land inspector can initiate transfer of ownership. Smart contract triggers provide land documents’ access to the land inspector. Once transfer process is successfully completed, the smart contracts system initiates transfer of funds to the seller and ownership title to buyer.
Land Inspector Portal: Land inspector verifies documents and initiates transfer of property. The meeting scheduled between buyer and seller to finalize the transaction is recorded on the Blockchain (to resolve property related disputes, if any).
Electronic Signature: Sellers and buyers sign the property ownership transfer documents through cryptographic signatures. Signed documents are stored in Blockchain.
Transactions recorded in Blockchain: Transactions corresponding to the requests, made by both sellers and buyers, are recorded in the Blockchain to ensure authenticity and traceability.
Benefits
- Reduced auditing and assurance costs
- Reduced land title fraud conveyance
- Incorporation of record integrity protection
- Automated land title registry and transfer process
- Eliminated cost of middlemen and brokers
- Accelerated land registry and title transfer process
- Delivered transparency with Smart Contracts
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