Land Ownership verification on the RecordsKeeper Blockchain
For any high-value property (such as real estate, cars, or artwork) it is essential to have accurate records which can identify the owner. These records are used to protect owners’ rights in various situations: for example, in the case of theft, in resolving disputes, or in the transfer of ownership after a sale. Thus, it is necessary to maintain not only the accuracy but also the completeness of this information to prevent unauthorized and fraudulent actions.
Currently, people have to rely on a trusted third party. For example, a government agency might be responsible for keeping track of ownership information. Sometimes, these records are not preserved systematically. RecordsKeeper solves this problem entirely, as it provides a way of sanctioning, approving, and saving all sorts of asset information which can never be falsified or altered.
The current process for clearing a land deed is very complicated and requires house buyers to hire an intermediary to clear the land deed for them. This is a complete waste of resources, both human and monetary, to accomplish something that can easily be done with the help of a public blockchain such as RecordsKeeper’s. In addition to making the process a whole lot more efficient, registering land deeds on a public blockchain also ensures that owner information cannot be manipulated in any way, adding another layer of security for homeowners.