The future BLOCKCHAIN
Blockchain is likely to be adopted by countries with no, or limited, centralised land recording looking to attract external investment by making property ownership more reliable and secure. However, even for those countries with well-established land registries, the potential cost savings and improved speed of transaction is likely to be enough to engage the relevant authorities.
According to a recent survey carried out by IBM, nine in ten governments say they plan to invest in blockchain technology to manage financial transactions, assets and contracts by next year. With the benefits on offer, it is hard to look past blockchain as the future of recording land transactions.
Nonetheless, it is still likely to be a number of years before blockchain is widely adopted by land registries given the various complexities which need to be overcome. The question, therefore, seems to be not if, but when.