Blockchain Land Registry May Lead to New Global Financial Crisis
A Blockchain-based land registry may help create new toxic assets and lead to a new financial meltdown. Across the Third World, from Honduras to the Republic of Georgia, efforts are underway to establish land titles via the Blockchain. Proponents of this system advocate it as a mechanism to enable marginalized residents of the world's slums to take out loans using this newly recognized property as collateral. The commodification of people's homes for use as financial instruments was at the heart of the financial crisis of 2008. The correlation between those toxic assets and the....
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Authorities in Sweden have announced that the government is exploring the implementation of blockchain based land registry in the country. The use of blockchain based registries has now spread to Sweden. The European country may soon be implementing a new land registry based on distributed ledger. With the number of people around, it is hard to keep track of all the things they had ever owned. However, it is not that hard when it comes to land ownership. For starters, it is not easy to hide a piece of land, as it has to be under the sun where everyone can easily see. However, over a period....
Sweden could become the first country to put the country’s land registry on the Blockchain, the Swedish Land Registry said. With a population of just under 10 million people, it can be hard to keep track of who owns what when it comes to land ownership in Sweden particularly over a period of time, unless some reliable form of record keeping is maintained. The distributed ledger technology, which happens to be the backbone of Bitcoin, is the perfect solution in keeping track of land ownership, with the Scandinavian country being the latest country looking into how Blockchain can help. Proof....
The Republic of Georgia’s National Agency of Public Registry, renowned Peruvian economist Hernando De Soto and Bitcoin company BitFury announced a partnership to design and pilot a blockchain land titling project, Forbes reports. The announcement was accompanied by a signing ceremony at the Georgian Ministry of Justice. “By building a blockchain-based property registry and taking full advantage of the security provided by the blockchain technology, the Republic of Georgia can show the world that we are a modern, transparent and corruption-free country that can lead the world in changing....
Sweden could become the first country to have a blockchain-based land registry. A team of technology players is working with the country’s land registry on a system that could possibly go live this fall, according to Reuters. ChromaWay, a Swedish blockchain company, consulting firm Kairos Future, and telecommunications service provider Telia, have developed “proof of concept” demonstration of how the Swedish land registry would work. Blockchain Brings Benefits. The blockchain ledger can allow clearing and settlement on one database that provides an easier-to-use and more reliable system....
Bitcoin mining company BitFury has inked a deal with the Georgian government to develop a system for registering land titles using the blockchain. BitFury will help develop the platform for the National Agency of Public Registry, an office of the Georgian Ministry of Justice. Economist Hernando de Soto will assist in the development of the platform. Today de Soto is set to give a lecture on related issues during an event in Georgia's capital, Tbilisi. Papuna Ugrekhelidze, chairman of the NAPR, said in a statement that the project can boost title transparency and reduce the prevalence of....