03 June 2019
Deploying the Blockchain for Real Estate Transfers
Dharma Sadasivan
Among the many possibilities that blockchain technology presents, there are few as exciting, promising, and perhaps even fashionable, as the use of the blockchain to facilitate transfer of title to immovable property (real estate). The blockchain affords many advantages – for countries that do not use the Torrens system, a fraud or tamper-proof, auditable ledger that records every transaction would be an ideal way of digitizing title deeds, leases, and encumbrances. It promises faster and cheaper property transactions with far reduced paperwork. It could potentially allow automated testamentary transfers of property pursuant to wills. Tokenizing real estate would lower the barrier-to-entry for ordinary investors to invest in property even if they cannot afford to purchase an entire property on their own, giving lower income families the opportunity to purchase and own property – an opportunity from which they may otherwise be precluded.
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