Global Property Register: Leveraging Blockchain for Real Estate Register

Blockchain is beginning to be increasingly explored by different industries looking to benefit from the accuracy and speed that the technology can offer. We recently looked at the use of blockchain in banking and financial services and how it can enable faster business transactions while reducing back-office processes.

What is blockchain?

Blockchain is a form of distributed ledger technology (DLT) where data is distributed across a network of computers rather than being copied. Because it's distributed, rather than copied, the danger of copies being altered and differing across the network is removed. With blockchain everyone who has access to the network automatically receives any changes made to the data.

By way of an analogy, if a digital document were emailed to multiple people, all of whom were making their own amends, blockchain would be the mechanism synchronising these documents. This would ensure that whenever the document was opened, and no matter who it was opened by, everyone would see the amends that had been made previously by the rest of the group.

A smart contract built on blockchain is essentially a self-executing contract that uses automation. Rules are put in place so that if an event occurs it generates an action. For example, if blockchain was being used to coordinate the delivery of goods, a rule could be put in place so that payment is only released when an item has arrived and delivery has been confirmed.

What examples of blockchain being used in property registry?

The real estate sector is beginning to explore the benefits of blockchain; the technology is being considered for use in land registration due to its ability to manage financial transactions, asset transfers and regulatory obligations.

Global Property Register is an example of how blockchain is being adopted in the sector. It is building the world’s first global blockchain register platform on the blockchain. The platform is being developed as a tool to improve services to the existing and future clients, having identified weaknesses in the property market. Using third generation blockchain technology to modernise one of the most established yet antiquated industries in the world, Global Property Register is an international platform on which regulatory documentation for property is secured and easily accessible.

The Global Property Register aims to provide proof of ownership for the over 4.5bn people ($20trn value) around the world who are currently not covered and hence cut off from the real estate and financial markets. It will also provide a global property exchange. This platform will serve as an international digital real estate marketplace to all market participants. Moreover, analytical solutions and tools powered by Artificial intelligence will be provided to property owners enabling them make wise decisions and projection.

How is blockchain being used in Global Property Register platform?

The use of blockchain in property registry is primarily being explored to ensures the genuineness of property titles, the system also incorporates Artificial Intelligence and GIS (Geographic Information System). Future versions will include features like GPS (Global Positioning System). It presents an innovative, decentralized system where people will be able to enter their land registration information. This will prevent any other entity from claiming that property to be their own. In case a property registered on the platform goes uncontested, and following the required legal procedure, it will be assumed that they are the legitimate owner. Once titles are registered in this manner, ownership can be proven, and a whole host of options become available.

What are the benefits offered by blockchain based Global Property Register?

Global Property Register is based on the blockchain and on the basis of artificial intelligence. Thus, the company believes that the platform will offer benefits as followed:

1. Protecting the rights of the landowners by maintaining a global database of property rights.
2. Streamline processes enabling business transactions to be faster and more efficient,
3. Enhance trust between parties in transactions due to It is an immutable record with a full transaction history.
4. Records are safe and secure from natural disasters like floods, hurricanes and fires.

What will Global Property Register do?

The mission of the Global Property Register is to accomplish all of its global plans:

1. Create a global property registry.
2. Artificial intelligence based analytics to support property owners.
3. Creating a social platform for the promotion of modern solutions in the field of real estate.
4. Building a real estate exchange where people can buy and sell real estate.

In order to implement the mission, the team has developed the following innovative products on its platform:

• XRX - Socio: A social platform for property owners. Token Promotion System.
• XRX - Title: Blockchain for registering property ownership.
• XRX - AI: Artificial Intelligence for Property Owners.
• XRX - Sale: A cryptocurrency exchange that allows people to buy and sell real estate.

To get more details about the project, you can visit these following sources:

Website: https://globalpropertyregister.io/
Whitepaper: https://globalpropertyregister.io/wp-content/uploads/2019/03/revised-wp2.pdf
Facebook: https://www.facebook.com/groups/2197740737180635/
Twitter: https://twitter.com/GlobalRegister
Medium: https://medium.com/@globalpropertyregister
Telegram: https://t.me/globalpropertyregister

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