Replacing the Government in Real Estate: Application of Blockchain Alternatives for Land and Title Registry
How to create a digital alternative for government land and title registry. Plan of world change from International Bitcoin Real Estate Association.
The governments of the world don’t have much interest in using the blockchain in the land registry and real estate markets. Will they come around? Would it provide a better solution than that provided by the government?
It is a great undertaking to integrate Bitcoin and Blockchain technologies into the real estate industry.
Our Cointelegraph correspondent talked with the president of the International Bitcoin Real Estate Association, Ragnar Lifthrasir about the potential of Blockchain technology for development in the real estate industry. His team wants to create a digital alternative for government land and title registries.
“If a buyer and a seller of a property both agree to use Bitcoin Blockchain solutions instead of government solution, nothing will stop them as long as they both agree to use it”, states Ragnar Lifthrasir, the President of International Bitcoin Real Estate Association.
Ragnar shared with Cointelegraph his ideas about the exact ways of integrating innovations into the real estate industry to make it safer and simpler.
CT: How exactly is the Blockchain being integrated into Real Estate? Will it be simple for common users to work with these technologies?
Ragnar Lifthrasir: There are three ways we could use Blockchain technology in the real estate: purchasing real estate; escrowing real estate; recording the transfer of ownership of real estate onto the Blockchain.
Right now, none of those being commonly done but we are working on it to change the situation.
One of our goals is to make Bitcoin easy to use for common users. We are working on creating companies and applications that would use Bitcoin in such a way that users would not even know they’re using it.
Right now our company focuses on real estate titles. We plan to do the record of ownership and put it on the Blockchain. In that case the users wouldn’t know they are using Bitcoin at all. It would be similar to uploading documents to DropBox or GoogleDrive – all simple and familiar.
In terms of escrow we are working on it but that’s a little bit in the future. That would be very similar to making a bank transfer. You put in the amount you need to transfer, then buy the needed amount of Bitcoins and then the Bitcoins will be put into escrow. So it will be very similar to transferring via banks.
CT: How exactly does the Blockchain