Blockchain-for-land has gained a lot of traction over the past few years, and it’s quite impressive. Firms and companies are now working in tandem with each other on a global scale.
A handful of projects are constantly being worked on and developed in places like Georgia or Dubai, while these, in theory might seem like the only projects being worked on, in reality there are plenty more projects made around the world. In places like Vermont, Brazil and Ukraine. The fact behind their irrelevancy is a growing epidemic per se, called “Pilot-itis.” A few of these projects were replicated in hopes of achieving what the others couldn’t, but alas, these projects didn’t reach out to the masses.
A land registry firm needs to think about their needs, ecosystem and what they’re capable of. They need a few recommendations before thinking about implementing a Blockchain. Some suggestions are given below:
Tech And Land Experts Need to Communicate
Higher Ups need to understand that people aren’t the jack of all trades, they have their strong points, as well as weak ones. A tech expert may know a lot when it comes to setting up an ideal Blockchain environment but may not know how to judge or strategically plan according to the land. Meanwhile a land expert is aware of al risks and consequences that can be avoided while also having a strategic vision which can be beneficial in the long run. That’s why a tech expert and a land expert need to be in perfect harmony to achieve their goals.
Determine The Cause of The Issue at Hand, While Making Sure That Getting a Blockchain Would Get Rid of It Entirely
Land registry firms and stakeholders need to figure out the cause behind the limited everyday functionality of the specific land registry.
A Blockchain doesn’t solve problems revolving around inaccuracy, obsolete or insubstantial data. Plus, the technology behind these blockchains isn’t capable of rewrite land-based laws or increase the capacity of a specified registry.
Blockchains can have quite a bit of applications. Varying on the use in the intended market. Some of these uses are mentioned down below:
Banks across the world have shown interest in this technology because it has the potential to speed up their bank office settlement systems.
Global Organizations are interested in Blockchains due to the fact that it will help speed up and efficiently manage the company’s supply chain logistics and/or the supply chain management.
Blockchains in Space
Mankind has even managed to implement this tech into its space related endeavors. It’s mainly used to decentralize data files in space, but the main goal is to ensure reduced reliance on big corporations like Google or Facebook, who’re currently in the process of making internet available in space through the uses of Satellites.
These Smart contracts are Blockchain-based which means that their main objective is to dispatch a contract that can be enforced and executed, fully or partially without human interaction. A recent report from a very credible source stated that, smart Blockchain-based contracts might achieve a reduction in moral hazards while optimizing the use of contracts in general.
As with most complex matters and problems in the world, there isn’t a fixed solution. At this point In time, technology isn’t really self-sufficient. Land registering firms need to consider the people while making sure that reform processes are an on-going effort, because at the end of the day, the people and organizations responsible, need to make sure it’s developed and successfully deployed.