Blockchain Solution for Efficient Land Title Management
Blockchain technology has the potential to revolutionize the real estate industry. This technology has a much larger role in building a transparent and secure ecosystem in CRE. From reducing instances of fraud to increasing security, blockchain solutions offer numerous advantages in commercial real estate (CRE). Land title management is among the most crucial aspects of commercial real estate. It covers title searches, title insurance, and more. Since a title serves as authentication for property ownership, it helps you know the legitimacy of an individual lending or selling the land. Despite the many benefits of land title management, it is one of the main areas where a majority of fraud and mistakes occur. Owners may face problems when there are inaccuracies in property deeds and misspelling errors in legal documents. These title defects can hamper any future sale of the property. Consequently, it can lead to disputes while selling property or in court. These problems arise due to manual documentation. Another challenge in land title management is the high title insurance fees. It is a result of a monopoly across the CRE. Blockchain can bring a change in the land title management system of CRE. It can make the title records and checks simpler, faster, and more efficient. Additionally, it can reduce any risks of fraud by eliminating the human factor. You can incorporate blockchain technology into land title management by creating a blockchain-based digital identity of properties. Then, the blockchain can save the titles of every property on the blocks, making it easier to monitor ownership rights. Consequently, blockchain technology led to transparency and high security that can help buyers and banks in the title assessment process. Additionally, it can address issues like lack of trust, corruption, insecure data, susceptibility to cyberattacks, and inefficient services. Blockchain stores the most critical data which is inaccessible to scammers. So, even if they get signatures and other data, they will not be able to complete any transaction. Bitland is a real-life example of using blockchain in CRE. It is a nonprofit organization that aids individuals and organizations to secure their property rights by using blockchain technology. In a nutshell, blockchain can increase security and lower the costs of title management by eliminating many issues. If you also want to enter this market, then Oodles Blockchain can assist you. Get in touch with our team to know more at marketing.blockchain@oodles.io