User:Richie567

LAND AND PROPERTY REGISTRATION

CURRENT SCENARIO

As we know in Land Registry, systems have the records of the owners and possession of land, which is actually paper-based. Some areas are now implementing an online environment. But also, in these areas huge volumes of paper correspondence (including signed documents) are generated, with many still retaining the physical documentation in hiding at various locations.

1. Which can result in information going missing, sometimes its mislaid and therefore not entered into the online database.

2. It is time-consuming as all documentation must be checked manually, including the signatures of the individuals concerned.

3. For many land registry organizations, there is a significant time lapse between contracts being signed and the sale being registered, meaning there is no visibility on the transaction.

WHAT BLOCKCHAIN CAN DO

Cialfor by using a Cialforchain solution which includes smart contracts, land registries can both reduce the need to retain physical archives and create greater, faster visibility.

Smart Contracts: Smart Contracts not only define the rules and penalties around an agreement in the same way that a traditional contract does, but also automatically enforce those obligations.

With the help of this it will reduce fraud rate

The information on a Cialforchain cannot be tampered with, while its transparency means that all parties with permission to use the ledger can check the information in it, which will definitely reduce the scope for fraud.

HOW WILL IT WORK? (AS CIALFORCHAIN)

1: A new method of recording of the land transactions was generated.

2: Here, the transactions will be controlled and validated by the central authority overseen by specific government officials.

3: The records will be maintained in the green card, which is a highly secured document containing the lock and key by the land registry.

4: It will save all the original records till date in it since the land was purchased.

5: This method replaced the traditional way of maintaining the paper records.

BENEFITS:

1: There won’t be land corruption anymore.

2: The records will be maintained and will be safe.

3: There won’t be any paper work and this will be more cheap and fast.